Zionsville Redevelopment Commission (ZRDC)

ZIONSVILLE REDEVELOPMENT COMMISSION (“ZRDC”) REGULAR MEETING MEMORANDA FOR Monday, November 27, 2023 at 6:30 PM In-person and Video Conference Meeting Members Present: (In-Person) Jaclyn Spillane – President, Sanjay Patel – Vice President, David Ober – Secretary, Amanda Rubeck, & Katie Aeschliman (Via Zoom) Kent Esra (Absent) Also Present: (In-Person) Corrie Sharp – RDC Executive Director, Brian Crist – Legal Counsel of Ice Miller, Michael Dale – Community & Economic Development Director, Owen Young – Economic Development Manager, & Zach Lutz – Associate Planner (Via Zoom) 1. Call to Order: Jaclyn Spillane called the meeting to order (@ 6:30 PM; YouTube 00:01:00) 2. Recognition of Attendees who request to be noted: John Tousley & Sally Zelonis. 3. Resolution to Adopt New Officers (YouTube 00:02:55) Recent legislation of the Indiana General Assembly and legal review indicated that the Redevelopment Commission (RDC) is required to elect RDC officers in such a manner that the president and vice president are not from the same appointing authorities. Motion: Sanjay Patel made a motion (seconded by Kent Esra) to: Appoint Jaclyn Spillane as President of the RDC, appoint David Ober as Vice President of the RDC, and Amanda Rubeck as Secretary of the RDC. The motion passed unanimously 5:0. 4. Reports A. (YouTube 00:05:20) Director’s Report: Corrie Sharp offers status updates for the RDC. At their December meeting Ms. Sharp will be presenting a Year-End Recap and future goals for 2024. The RDC will be hosting a RDC 101 for the public and new elected officials at Town Hall in Room 105, Council Chambers on December 11, 2023 at 6:00 PM. Page 1 of 3  Podell Partners Development Agreement is changing and may only include Lots 4 and 5 within the Creekside Corporate Park. This is removing Lot 3 from their offer as detention. This is still under negotiations. Kendell Property Group has withdrew their petition to extend their closing date which renders their Purchase Agreement expired. B. TIF Report: No discussion. 5. Old Business None 6. New Business A. (YouTube 00:08:20) Approval and Adoption of Minutes: October 23, 2023, Regular Meeting Jaclyn Spillane introduces the matter and opens for discussion. Motion: Kent Esra made a motion (seconded by Amanda Rubeck) to: Approve the regular meetings minutes from October 23, 2023. The motion passed unanimously 5:0. B. (YouTube 00:08:40) Claims for Approval Jaclyn Spillane introduces the claims for November 2023. Sanjay Patel asks about the timeline on policy expiration. Ms. Sharp states that the insurance sunsets three months after this policy expires. This is a year long policy. Motion: Amanda Rubeck made a motion (seconded by David Ober) to: Approve the Claims for November 2023 as presented. The motion passed unanimously 5:0. C. (YouTube 00:10:15) Zionsville CDC – 2024 Request Amanda Rubeck offers an overview of the Zionsville CDC’s mission statement, history, progress of transitioning from a 501(c)(4) to 501(c)(3), and previous grants issued over the last few years. Ms. Rubeck also highlights that grants may not have an immediate impact on a community but over time, their impact will compound creating a tax impact after five plus years. Ms. Rubeck highlights two projects which received grant funding from the ZCDC, Frances + Parke and Tipsy Mermaid displaying before and after imagery showing these revitalization projects. Looking forward to 2024, the ZCDC still is looking for support from the RDC in the form of $250,000 similarly to prior years. The ZCDC has created parameters to limit the grantees from requesting more than 40% of their project costs or $100,000 whichever is the lessor. Page 2 of 3  D. (YouTube 00:17:35) Tax Increment Financing – Year-End Report Becca Zakowski begins the presentation with the overview of the allocation areas; impact discussion; and budget, long-term Plans, and Allocation Area highlights. On an annual basis, RDC’s are required by State ordinance (IC 36-7-25-8) to present for each Economic Development Area/Allocation Area the RDC’s budget, long-term plans, and impact on the overlapping taxing units. She offers a general overview of the allocation areas and their relevant dates to each including their expiration dates. Ms. Zakowski then highlights the historical Net Assessed Value (NAV) for each area displaying the base AV and incremental AV over time to show revenue increases for each. From that data the TIF revenue collections over the next five years is demonstrated showing the increase over a five-year period. It is estimated that the RDC will collect about $2.8 million in 2023 in TIF Revenue. The outstanding TIF debts and obligations are summarized and explained with allocation area each is paid from. Ms. Zakowski also highlights the impact on taxing units and how TIF incentives often stimulate development that otherwise would not be possible. Ms. Sharp then gives an overview of the approved RDC 2024 budget which was also presented to the Town Council for comment. She also gives an overview of long-term projects that the RDC will likely see. These include the South Village District Investment, Holliday Farms bond issuance to support a sanitary sewer capacity improvement, and the Wild Air Development and TIF Request. E. (YouTube 00:32:55) Bond Disbursement Request, Harris FLP Mr. Crist expresses that this is a standard request associated with their developer backed bonds within the Michigan Road Economic Development Area (EDA). The RDC has some questions about the “Schedule A” which is the outline of the invoice amounts. Motion: Amanda Rubeck made a motion (seconded by David Ober) to: Approve the Bond Disbursement Request by Harris FLP. The motion passed unanimously 5:0. 7. Other Business: None 8. (YouTube 00:36:45) Adjourn Motion: Jaclyn Spillane adjourn the meeting. Meeting Adjourned at 7:07 PM (YouTube 00:38:09 meeting duration) The next meeting of the Redevelopment Commission is scheduled for: Wednesday, December 20, 2023, at 5:15 pm. Page 3 of 3