Zionsville Town Council

Zionsville Town Council June 3, 2024 ZIONSVILLE TOWN COUNCIL MEETING MINUTES FOR JUNE 3, 2024 AT 7:00 P.M. EST ONSITE MEETING 1100 West Oak Street This meeting was conducted onsite. All Councilors participated in person. Council Members Present: Jason Plunkett, President; Brad Burk, Vice-President; Tim McElderry, Craig Melton, Evan Norris, Sarah Esterline Sampson, and Joe Stein Also Present : Heather Harris, Town Council Attorney; Mayor John Stehr; Deputy Mayor Kate Swanson, Cindy Poore, Director of Finance & Records; Lance Lantz, Director of Department of Public Works; Corrie Sharp, Director of Economic Development; Amy Lacy, Municipal Relations Coordinator; and other Town Department Staff OPENING A. Call meeting to order B. Pledge of Allegiance Plunkett All right, good evening. I will now call to order the Monday, June 3, 2024 Town Council meeting. If you would please, stand and join me in the Pledge of Allegiance. All Pledge of Allegiance. APPROVAL OF THE MEMORANDUM OF THE MAY 20, 2024 REGULAR MEETING Plunkett All right, first on the agenda is the approval of the May 20, 2024 Town Council meeting memorandum. A copy has been posted. Are there any questions from Councilors? Norris I’ve got one very minor edit. On page 6 of 13 where it says under my name – “And I think like what could, we could do is at the next meeting will be the big TIF onto this package.” Onto this should be omnibus and that’s – Page 1 of 35 Zionsville Town Council June 3, 2024 Lacy Oh, okay. I’ll – Norris That’s my only. Lacy Okay, I can change that. Norris Thank you. Sampson It didn’t register your vocabulary. McElderry Enunciate. Norris Right. With that – Plunkett Any other questions or any other amendments? McElderry Move to approve. Plunkett I got a first from Councilor McElderry. Burk Second. Plunkett Second from Vice President Burk. All those in favor signify by saying aye. All Aye. Plunkett All those opposed same sign. [No response] Motion passes 7 in favor, 0 opposed. APPROVAL OF THE MAY 2024 PAYROLL CLAIMS Plunkett Up next is the approval of the 2024 payroll claims. Are there any questions from Councilors? Otherwise, I would entertain a motion. Stein Move to approve the 2024, May 2024 payroll claims. Plunkett I’ll second that. I got a first from Councilor Stein, second by President Plunkett. All those in favor signify by saying aye. All Aye. Plunkett All those opposed same sign. [No response] Motion passes 7 in favor, 0 opposed. Page 2 of 35 Zionsville Town Council June 3, 2024 APPROVAL OF THE JUNE 3, 2024 CLAIMS Plunkett Up next is the approval of the June 3, 2024 claims. Questions from Councilors? Sampson I have a question – okay, so Mia sent – I’m sorry you guys, I really keep telling myself that I need to contact you before this so I can ask you the question and then the meeting pops up and I want to make sure I at least address it. Mia sent the appropriation report and so I was just scanning that and kind of comparing to the claims that have come across and there’s just two that jump out at me and one of them is for, I believe, the Finance Department consulting through Crowe and it came from a July ’23 general consult – $11,661 – Poore Right – Sampson And so that got me, I mean I can understand you’ve been telling me some of these fees you go back and forth on – Poore Yes – Sampson It seemed a little long from July – Poore So, they went through a transition on their billing system and so they last year instead of billing us monthly, they billed us twice, six months and six months, but they inadvertently did August through December instead of July through December so this is just getting that July to them. Sampson So they left off. Okay so – Poore Yes. Sampson The way it affects us though because we’re cash basis – Poore Yes – Sampson As far as – Poore Yes, yes – Sampson Tracking for our budget so then I go back to – and this is, you know, for anyone who’s wondering where I’m going with this – this would affect if we hit our budgeted amount – Poore Yes – Sampson And then we end up being asked for more so I’m just like pointing that out like was that amount known and included when you were budgeting – Poore No. Page 3 of 35 Zionsville Town Council June 3, 2024 Sampson Because when I look at the appropriation report on percentages, and I’m sorry, I had to print my own appropriation report and – Plunkett Hold on one second – did you say no, Cindy? Poore No, it wasn’t budgeted. Plunkett It was not? Poore No. Sampson It was not. Plunkett Okay. Sampson But, so when I look at our appropriation report, I think we’re around 30% left – Poore Yes – Sampson And we’re at the – Poore Right. Sampson Fifth month. Poore Right. Sampson When I take these claims in it so I’m just – Poore So, part, part of that too is that going into the year we have been still using Baker Tilly on some of the stuff when we were transitioning from ’23 and with our annual report and, unfortunately, the budget was already set even before that decision was made so since the budgets are set back in October, that’s the reason why it’s running a little bit short. Sampson Okay, cause I am looking at finance contractual services – would that come there or consulting would that amount fall in? Poore Uh, which one? Sampson For, would Crowe’s – Poore Honestly, it could – Sampson Be consulting? Poore It could fall in to either one. Sampson Okay. Page 4 of 35 Zionsville Town Council June 3, 2024 Poore Yes. Sampson Well both are at the 34 and 30% remaining of the balance that we had – Poore Right. Sampson Budgeted for the year. So it’s just – Poore Yes, and, and I watch those just to make sure that when we get close if we need to have an ask or something like that I’ll make sure that happens. Sampson I wasn’t sure if there’s some way we have another amount of this that is transferrable between – Poore Yes – Sampson That’s what I was trying to – Poore Right. Sampson Look in the appropriation report for – Poore And that’s – Sampson A “slush fund” of sort – Poore The first thing I usually do too is to see if there’s anything that can be transferred to cover. Sampson Okay so that was one concern I just was pointing out that that eat, that that – Poore Right. Sampson Kind of eats into your budget for this current year, right? Poore Yes. Sampson I wasn’t sure at what point we’re going to keep retaining their – Poore Yes – Sampson Between Baker Tilly and Crowe’s expenditures because this says it was Crowe that was from July ’23. Poore Correct. Sampson Okay. I guess just more making a statement at this point that – Poore Okay. Page 5 of 35 Zionsville Town Council June 3, 2024 Sampson Now that you’ve clarified that. But the same thing is also happening and I am done with you but Mike Dale’s area the same thing is happening with the engineering and I had been told that we were bringing more in-house engineering – Poore Yes – Sampson Expenses and I still see us – it’s going to take me a second to find it – but I still see us having a claim, a substantial claim, for engineering fees and when I look at – here it is – it’s in Planning and Zoning on page 4 if anybody wants to play along on the accounts, accounts payable register. It’s $35,800 that were for engineering fees for 2024 and when I go to Planning and Zoning’s engineering on the appropriation, I think that’s another percentage that we’ve used a lot of what was budgeted and I’m just, yes, we’re down to 28%. Poore So usually with that two things: First off, I know I don’t, I don’t believe Mike is here – Sampson He’s not here, unfortunately. Poore But, and Lance might be able to correct me if I’m wrong on this, but they are transitioning out BLN but there are still projects that BLN is working on so – Sampson Right. Poore They’re, they’re finishing out the projects that they’ve already been assigned to and they’re transitioning out. Now, as far as what is budgeted, that is one thing that every year because, you know, we bring in those fees as well so every year an additional appropriation does take place because what we’ve, what we’ve brought in on the engineering fees then we appropriate those back to the line so it’s kind of a passthrough and it does usually end up going into the red before the end of the year and then just the fees that we’ve brought in we reapprop or appropriate those to the line. Sampson Okay. I think what concerned me was more the percentage left – Poore Sure – Sampson Just when I’m scanning the appropriation report. Poore Sure – Sampson I’m sorry – I think I only got this recently so – Poore She sent it out today. Sampson Yes – that’s what I thought. I was like wait, I didn’t have that. Okay. Poore Yes. Sampson All right, well, then that’s just my question is – Page 6 of 35 Zionsville Town Council June 3, 2024 Poore Okay – Sampson That we’re scanning those – Poore Right, yes. Sampson So that we don’t end up in an ask situation when we could maybe have said hey, let’s not use those – Poore Sure. Sampson Consulting firms if we don’t have to. Poore Oh yes, I understand. Sampson Yes, okay. Plunkett Any other questions on claims? I’ll make a motion to approve. Melton Second. Plunkett Second from Councilor Melton. All those in favor signify by saying aye. All Aye. Plunkett All those opposed same sign. [No response] Motion passes 7 in favor, 0 opposed. REQUEST TO SPEAK Plunkett Up next on the agenda is a Request to Speak on Agenda Item. I have one here. Amy, do we have anymore? Lacy No, we do not. Plunkett All right. We have Brad Gressel – we’re at request to speak right now. Stehr Oh we do? Plunkett Did I say Mayor Update? Burk No. Stehr Oh. Plunkett All right, so we have Brad Gressel. Brad, you’ve got three minutes and what I’ll do after two minutes is just kind of – Page 7 of 35 Zionsville Town Council June 3, 2024 Gressel Okay. Plunkett Give you a sign there. Gressel Yes, good evening Council. McElderry Good evening. Gressel I just wanted to make a few quick – Plunkett I’m sorry Brad – if you would just state your name and address. Gressel Address? You got it. Brad Gressel, 3668 Evergreen. I just wanted to make a few quick comments on the Sentry TIF or the, and bond ordinance that you’ll be reviewing here shortly, specifically, the pathway portion of it and a caveat – I know it’s possible that some of these details might be in some of the legal documents that are attached. I am not a lawyer but I’ve been involved alongside my neighborhood in Hidden Pines and as well as Bridlewood and Brittany Chase in working with this so I just wanted to make a few comments so. We worked with the developer, Sentry, to basically figure out a way to use this project to fund the connections for the missing multi, multi-use path from the new Appaloosa Crossing down to Willow Road which would be beyond their minimum requirements that’d be right in front of the property. So to do this $650,000 would come off the top of, of the TIF at the beginning to be used towards constructing this path. The benefits is it would bring connection to 3,000 and growing plus residents down to Willow Road, bring connection to District 5 which would be great, we don’t have a lot of that. Last meeting, last Town Council meeting a few things were still missing around the concern of to ensure these funds are kind of protected for this specific path so now at this meeting we do have the Developer or Project Agreement with the developer stating the intent to use their contractors to build the construction of this path and the Trust Indenture now has the, what’s called the Michigan Road Trail Account that shows the amount and the location which is great as long as everything goes as, as planned. So the question is, is this fund and these dollars protected as, as much as we can protect them? So I have some questions – like, for example, what happens if the pathway portion of the Project Agreement doesn’t materialize as stated, what happens, like specifically what happens? What happens if the Town doesn’t procure the land? Doesn’t secure it in time in that window or the design plans aren’t agreed to? Is it clear what happens to the funds? What happens if the developer’s obligation window expires? Do the funds remain in this specific account for this specific location? The concern being if, if not, they’ll get gobbled up immediately so. I also thought like the, I was hoping to see the word like only in there so it only goes to that. So just a thought but, again, I just, it, it’s more, again, some of these may be in there or maybe they could be a little bit more robust to, to make this airtight to protect these funds. It’d be a shame to lose these after everything we’ve gone through so just kind of hope you guys can talk Page 8 of 35 Zionsville Town Council June 3, 2024 through those questions and maybe answer them as you’re looking through it. Thank you. Plunkett Brad, will you do me a favor real quick and just repeat those questions one at a time? Gressel I can sure try. Umm – I mean, they’re all under the window of are they, are they protected but – Plunkett I mean, did you write them down? Norris I– Gressel You got them all? Norris I summarized it as what if the pathway doesn’t materialize, what happens to those funds? Gressel Yes, there’s kind of the, ideally, it happens as the Project Agreement states within that 12-month from commencement. If it doesn’t, the land is not there, the plans aren’t in place and it doesn’t happen, is it, is it crystal clear what happens those funds? Do they go back to that fund? Is it, is it very clear they go only to that location and only for a, for a path? Plunkett Okay. Gressel Does that help? Plunkett It does. Gressel Okay. Plunkett Thank you. Gressel Appreciate it. Thank you. MAYOR/ADMINISTRATION UPDATE Plunkett All right, up next is the Mayor and Administration Update. Mayor Stehr – Stehr Sorry I was a little overanxious there before but good evening everyone. It’s good to see everybody tonight. McElderry Good evening. Stehr The first thing that we in the Administration report tonight is a banking RFP that we’re going to put out this week in which we’ll invite other banks to make us an offer to house our accounts. We have 12 separate accounts with the three major ones covering payroll, wastewater and our general fund. Now, it’s a good practice to go through this every 3-5 years. The last time we did this was in 2020 but we didn’t act on it because we had problems with OpenGov and we had Page 9 of 35 Zionsville Town Council June 3, 2024 COVID and before that it had not been done since 2018 so we’re overdue on doing this. The goal is to make sure that we’re getting the best deal on fees and general banking expenses and I expect to be able to report back to you on the RFP responses at your July 1st meeting. Also, I have an update on the discussions between us and Whitestown for us to take over the Town Court docket in Whitestown. We have an agreement in principle to the arrangement. Attorneys from both sides have signed off. The agreement is now on Judge Spencer’s desk for her approval and then after that both Town Councils will have to agree and by the way the calendar falls over the next several weeks, we expect Whitestown to vote on it first and if their Council approves, we will bring it to you on July 1st is the plan right now. And also as promised, I want to offer you an economic development update at the first meeting of each month. There’ve been – yes sir? Plunkett Can, can I ask a question real quick on the banking RFP, RFP? Will that also include P-card usage or no? Stehr That’s, that’s a separate arrangement. Plunkett Okay. Stehr So we are thinking of moving P-cards from Chase to another bank because the state has switched and that will be a way for us to maximize our rebates through that program. Plunkett Thank you. Stehr You’re welcome. Okay, I’ll move on – the economic development update. There have been some positive movements at Creekside Corporate Park and Corrie Sharp is here to talk more about that. Sharp Thank you Mayor. Good evening Councilors. The RDC over the last couple of months has taken some action involving some lots in Creekside. I believe we have a map of the Creekside – no? No, I believe this is in his slide deck, the Mayor’s slide deck. Okay. There you go – thank you Joe. First, I want to discuss Lots 4 and 5. They are on the northeast side of the park. The Commission has entered into a Development Agreement with Behforouz Vision for the purchase of Lots 4 and 5 which is approximately 5 acres for $359,060. Their plan is to build an office/healthcare facility and they are currently working through their due diligence phase. So, the process for us to sell land in Creekside has been we enter into an, an LOI that highlights a very broad layout of a purchase, then we enter into a more formal agreement that lays out their due diligence timeframe, some commitments on both sides, who’s responsible for closing costs, things like that. Then once they work through their due diligence and make sure that their site, the site meets their potential, then we will work towards closing. Our hope is to close in 2024. The primary tenant of this office building will be Center for Sight and their services relate to eyes and the face regarding medical, surgical and aesthetic procedures. Page 10 of 35 Zionsville Town Council June 3, 2024 Sampson Corrie, can I ask you a question? You said 4 and 5 but on here those are marked as available and not active interest – Sharp This is a, this is a map that is just a standard map that we have been using. It’s – Sampson Okay. Sharp But we will – Sampson So, we still have active – Sharp We can update it on the website. Sampson Interest in 2 and 3 as well? Plunkett And 7? Sampson And 7? Sharp Let me keep going. Sampson Okay. Sharp So, Dr. Michael Behforouz is the sole owner of Center for Sight and he plans to practice for another 10-15 years. He does have two other partners, one, one that, two other practicing members, one that is a similar age and one that is almost 30, so plans to practice for many decades to come. The reason why they chose Creekside is to have access to enough parking and square footage to grow their business. They are currently not located in Zionsville and they are both limited, they are limited by those factors today. They cannot grow and there’s not enough parking. So they plan to build a 15,000 to 20,000 square foot building and the business plans to expand with the building growing to, from 50, from 25 to possibly 50 employees with an average salary of around $70,000 annual. As I mentioned, they are working through their due diligence time, timeframe and our hope is to close in 2024. So, let me move on to 7 and 8 – we, the RDC, has received a letter of interest from Exclusive Land, LLC. We, they have accepted the broad terms, the high- level terms of this LOI which is to purchase Lots 7 and 8 totaling 3.35 acres for $294,800 to construct a motorsport office building. In that LOI, they have also expressed interest in Lots 2, 3 and then 4 and 5, if 4 and 5 fall, fall away so just for first right of refusal on, on those lots for the future. So we’re currently working on developing a Purchase Agreement with them and expect to take that up in our June meeting which is the last Tuesday of the month 9 a.m. Our last couple meetings we’ve also taken up some Project Agreements, Development Agreements, and then also the last meeting we adopted RDC Bylaws which have never been put in place. We assigned roles to our officers and then created two standing committees, a finance committee and a governance committee. Page 11 of 35 Zionsville Town Council June 3, 2024 And then I’ll touch on the Sentry Project Agreement when the Sentry agenda item comes up but also we approved a Development Agreement with Wild Air and this is really to put in a hold on what our bond documents say, specifically associated with the transfer of the 10 acres of land, the dedication of that land at Marysville Road and Oak Road. We wanted to have in strong language to make sure that that land will be dedicated in a certain timeframe and so that’s basically the outline of the Project Agreement, the big, significant part of it. It also lays out in addition to the bond documents, the bond terms of the developer receiving 100% of the proceeds and that generally what the development economic impact is. So that concludes my update. I’m happy to take questions. Plunkett Corrie, I’ve got a couple questions about Creekside. I didn’t have any of the documents or anything on all the other stuff so I’ve just got the Creekside – Sharp Yes – Plunkett Stuff here. So if I’m hearing you right, the medical facilities in Lots 4 and 5, Exclusive Land, LLC is in 7 and 8 and if 4 and 5 goes through with the medical facility then Exclusive Land will then move on 2 and 3 also? Sharp Exclusive Land has a specific offer for 7 and 8. That is their primary preference because that’s what’s available. If 4 and 5 falls through, then they have first right to take or to purchase 4 and 5 instead of 7 and 8 – McElderry Instead of – Plunkett Okay. So I guess I thought, I thought you said that 2 and 3 was also of interest from Exclusive Land. Sharp They are, they are and so they included options on – if their due diligence, during their due diligence they would like to have the first rights on Lots 2 and 3 and I don’t know if the Commission will accept this first right concept in the Development Agreement. In the letter of interest it’s a non-legally binding letter and it basically highlights the terms. Plunkett Okay. So, so I guess just to, again, kind of to backup and just to be clear – they’ve offered on 7 and 8 – Sharp Yes. Plunkett And if 4 and 5 doesn’t go through, they would rather have 4 and 5 – Sharp Yes. Plunkett But either way whether 7 and 8 gets sold to them or 4 and 5, they still want 2 and 3 also? Sharp Their offer is, the – Norris I’ve got the same confusion because I don’t know if they want – Page 12 of 35 Zionsville Town Council June 3, 2024 Sharp Okay – Norris Two lots, four lots or six. Sampson And the price changes. Sharp Their offer for $294,800 is for Lots 7 and 8. Plunkett 7 and 8, yes. Sampson Right. Sharp They have not made a price offer for any other lot other than stating they would be interested in these lots if something should fall through on 4 and 5 – on 7 and 8. The reason why they’re interested – Plunkett Well, hold on – you were saying if something fell through on 4 and 5 – Sharp 5– Plunkett Yes. Sharp Yes. Plunkett So they’re, so they’re in, they want 7, they have an offer for 7 and 8. If 4 and 5 doesn’t go through, they would rather have 4 and 5? Sharp Right. Plunkett But where does the 2 and 3 come into play? Sharp So 2 and 3 come into play for actually both of those properties dealing with stormwater. So 7 and 8 in their due diligence timeframe they will investigate if there’s adequate stormwater space on that property. If there is not, they want the option to put stormwater management on Lot 3, potentially Lot 2. Lot 2 drains off and Lot 3 is very narrow and so these are items that both buyers are contemplating to be able to put stormwater on their site which is our preference and the preference of the existing codes. So they’re going – Plunkett Yes, I was just trying to understand – Sharp Yep, that’s – Plunkett If they’re shaded as, as active interest. If that’s the active interest – Sharp That is, that is the active interest. Plunkett Okay. Sharp It’s dealing with stormwater management. Page 13 of 35 Zionsville Town Council June 3, 2024 Plunkett And then do you know – two other questions I guess. What’s the Subarea F that shows active interest where, where GRP is? What’s the – Sharp That is GRP. Plunkett Yes, so what’s the, I guess, why, why would it be active interest and what does Subarea F mean? Sharp Subarea F is part, is a code associated with the PUD today as it’s written and then Subarea C is also associated with the land use code. Active interest it should be a sold and a star in there – Plunkett Okay. Sharp Instead of a hash. Plunkett All right and last question, I promise – Sharp Yes sir. Plunkett 7, so 4, 5, 7 and 8 – let’s say all, let’s say both of those go through – 7 and 8 and 4 and 5. Will they both require a change to the PUD? Sharp Lots 7 and 8 Exclusive Autosports would not require a change to the PUD. Lots 4 and 5 would require an amendment to the PUD because of medical office and the way this, the current PUD is written is that medical office can only take up 30% of the building square footage. So that’s, that would be the amendment. Plunkett Okay. McElderry Can I ask a question real quickly? So – Plunkett Thank you, by the way. Sharp Yes. McElderry Lots 2 and 3 sound like they are destined for stormwater retention regardless of what happens here and I guess my question is from a tax revenue standpoint is that what we want if those lots are sitting there without anything constructed on them don’t we generate a lot less tax revenue if it’s just holding stormwater? It just doesn’t seem like a great use of that land for us. Sharp I would say that it’s not destined for that because we have entertained offers on, on these two, two properties. In fact, we’re talking with another company that is thinking about making an offer on Lots 2 and 3, however, in the process of figuring out how they can manage stormwater, this is an option. It is definitely not our preferred option because certainly we want a building office, whatever there, employees. We want an active corporate park but we also know that the challenges of Creekside are directly associated with how these lots are laid out and Lot 3 is a very skinny lot which basically gets us into a very narrow building Page 14 of 35 Zionsville Town Council June 3, 2024 that is very difficult to park and then you have to put stormwater on top of that which makes Lot 2 a stormwater facility for Lot 3 so it is kind of all an ebb and flow of figuring out how best we can create some activity in Creekside to the highest and best use. Either way we’ve got to solve stormwater and it might end up being underground so. Sampson I’m still a little stuck on the shading of 2 and 3 and 7 but not 8 and 4 and 5. So this is just an old map? Sharp We will update the map. Norris It’s just an old map. Sampson Okay. And I was hearing that 1 was a difficult build as well. Sharp One is a very difficult build. Sampson So is there any way to like replat those so that 2 becomes more of the green area and we grow? Sharp Absolutely. We have contemplated a lot of different options. Our first priority right now though is to bring in jobs to Creekside and so we continue to have conversations with potential buyers and if they are willing to work with us on the complications of the site then we’re certainly willing to negotiate with them. Sampson Is this a standard pricing for these acreage? Sharp No, it’s a discounted pricing. Sampson It seems like it. Melton So it’s already discounted? Sharp Yes sir. Melton Okay. So it’s kind of like you’re prepping us for underwater storage usage and that potential as we move forward on these lots? Sharp Yes – Melton That cost to go up, therefore, maybe the price of the lot to go down? Sharp No, we fully expect these prices to be locked in. We also fully expect that there not be any further requests for assistance from TIF, for example. Melton Great. Sampson Right. Sharp None of the projects in Creekside have been TIF’d thus far and we’ve been able to stand firm on that because we have a bond obligation payment out of the TIF Page 15 of 35 Zionsville Town Council June 3, 2024 funds and we have an agreement with the school to split the TIF 50/50. In fact, if we’re able to close on this land before the end of the year, we’ll have cash funds to be able to make up some delayed payments for the school split agreement because there were not enough cash funds available in the Creekside TIF area so there’s not much to go around as far as TIF incentives there. Sampson And how many more years are on this TIF? Sharp Umm, you know what – when I come back up I will have that answer for you. Sampson Thank you. Sharp Yes. Plunkett Any other questions from Councilors? Stein Corrie, I mean I’m kind of with some of you guys, stuck on the stormwater issue and thinking back to when I was involved with Creekside a little bit, I mean, I’m looking at the green areas which I assume are greenspace, probably wooded. Are retention ponds or anything like that a consideration or is that a no based on what it used to be? Sharp The green is actually owned by the Community Development Corporation. It is ravines and trails today. It, it, very hilly and beautiful. If you haven’t been out there, I would encourage you to walk the trails out there. When we were working with Graham Rahal on Lots 10 and 11, one of the things that we amended in the zoning ordinance was to allow an open detention basin because it is more cost efficient to go that route rather than underground detention. We also want to have the aspect of sustainability and being able to filter naturally through an open system rather than a closed system using mechanical units is also something that allows us to think about this. It is the space that is very difficult to manage, especially when we’re looking at skinny lots for Lots 2 and 3 – there is not enough physical space to put a 10,000, 15,000 square foot building, adequate parking and then open detention. That would require underground parking. Stein That makes sense. Thank you. Sharp Yes. Or underground detention, not parking. Stein Yes, yes. Plunkett Any other questions from Councilors? Thanks Corrie. Sampson Thank you. Stehr And I just have a couple more notes real quick. One of them has to do with communication. Our communication, I think, is a little bit scattershot between social media and our website and just other, other avenues that we have so our Communications Manager, Kaitlin Watson, has put together a template for a Town newsletter that initially we’re going to send out once a month, maybe we’ll go bi-monthly eventually. The first one went out on Friday and it’s meant to be a Page 16 of 35 Zionsville Town Council June 3, 2024 community bulletin board of sorts. Since we don’t have a newspaper anymore maybe this can be the clearinghouse for information and in the future we’re going to ask Town Councilors and our department heads to contribute content to it. We think it’s a good way to communicate with our constituents and we want to encourage everyone to go to our Town website and sign up and I want to encourage all of you to take part going forward in that. And then one final thing tonight. I think I would be remiss if I didn’t mention that the 136th graduating class of Zionsville High School is coming up this weekend. Close to 600 students will get their diplomas and it really is an extraordinary group of young people and I think I’m okay to say on behalf of the Town that we want to tell them that we’re proud of them and we wish them well in all their future endeavors and congratulate them for graduating from high school. Sampson And congratulations to your daughter. Stehr Oh thank you. I appreciate that. Any questions or anything? Plunkett Any questions for the Mayor? Stehr All right, as on the board thank you. Thank you very much. I appreciate it. Plunkett Thank you. Norris Thank you. TOWN COUNCIL UPDATES Plunkett All right, up next on the agenda is Council Updates. Are there any updates from Councilors? Sampson I have an update. Thanks for that cue. I have received the check for the Fire Department from the citizen who would like to make the donation for the LUCAS device and I was going to bring it to the department head. I can bring, get that to you from her and just lovely, thank you to her for taking a time of what was tragedy in her life and recognizing the helpers and the Town for being really key and giving family members extra life with the use of the LUCAS and thank you to her. Norris Yes, that’s very cool. Sampson It’s a $25,000 check so. Norris Wow. Sampson This a big deal. Plunkett That’s very generous. Norris That’s very generous. Page 17 of 35 Zionsville Town Council June 3, 2024 Sampson So. OLD BUSINESS Consideration of an Ordinance Authorizing Bonds (Sentry) Ordinance 2024-11 (Final Reading) Plunkett Any other updates from Councilors? All right, we will move on to Old Business. The first item on Old Business is a Consideration of an Ordinance Authorizing the Bonds. This is for Sentry. This is Ordinance 2024-11. This is final reading. I would remind Council that since we’ve heard this before, this would be the final vote for this and we have Corrie instead of Heather, right? All right. Sharp And Matt Price as a backup. Good evening Councilors. Okay, I’m going to cover all of Sentry and hopefully I tackle lots of questions while I give this presentation and then I’ll just address both of your agenda items in one presentation. Is, is that okay? Plunkett Well, we’ll go to New Business for the other one. Sharp Yes, for your action but can I, may I speak to it? Okay. Plunkett I mean is it, I guess is it – Sharp Okay, this, this step – so you have two agenda items for the Sentry project. This first one is the bond ordinance and this is the final step of the bond process to make, make sure that we statutorily are required to state the findings and approve the issuance of the Sentry bonds and the maximum parameters of what those bonds are. This is basically, the, it’s a – what you have in front of you is substantially complete. It is as far as we can take it until we have the closing. So Heather sent around an updated Trust Indenture prior to this meeting and we updated it together with Councilor Burk in an effort to really solidify this commitment of constructing the trail with funds from the bonds. So first – Joe, if you could put that up for me. I feel like a little teacher. A big teacher, not a little teacher. Okay, you have had lots of different approvals at different times for this project. So there’s been expansion of the TIF allocation area. That is your second agenda item. For the bonds, we have added some language in the Trust Indenture document. That will be finalized at bond closing. So what we have done is we’ve added language that states: The issuer shall deposit a total sum of $650,000 into the Michigan Road Trail Account. This account is held by a Bond Trustee and only for the trail. They also have a project fund which is separate that will go towards the other items that are approved in the bond documents. This account is to be used by the company, the developer, and others. That’s important because others as you will hear later is the belt and suspenders to get the trail complete should something fail. Plunkett Corrie is this – and I’m sorry if I’m missing this – is this in our packet somewhere? Page 18 of 35 Zionsville Town Council June 3, 2024 Harris It’s what was sent around this afternoon. Burk Not the presentation. Sharp Not this – Plunkett This right here? Harris Not the presentation. Sharp No, no. Harris Sorry. Sharp This is, no. I put this together after I spoke with Councilor Burk just to help me outline how I was going to walk through this. Plunkett Okay. Sharp So, this first item is the bond closing and all of those details are in your packet, the Trust Indenture. So this is just kind of my bullet line items. So their commitment is to build segments of the trail along Michigan Road from Appaloosa Crossing down to Willow Road and then we’ve also attached an exhibit in the Trust Indenture and our Project Agreement and those exhibits show where the trail would be located. We’ve also added language – this is on page 24 of your Trust Indenture. Yes sir? Norris I apologize – Joe, I apologize. Notification that sound isn’t working online for some reason. I just, I know people are watching so. Go ahead – I apologize Corrie. Sharp It’s okay. Sampson Maybe it’s pulling her – maybe pull your mic towards you. I don’t know. (inaudible) capture you. Sharp Sure. Okay, so we have outlined that they need to construct this trail all right? As a part of the construction of trail, they will, they have this commitment to do the trail design. In our Project Agreement between the RDC and the developer, we state that the team to design the trail is DPW, the developer and the RDC just by way of us having to pick up the pieces if anything should fall apart. We also have a role, the RDC has a role during this design timeframe to basically hit the play button that says once 421 Forward is, preliminary design is complete, we then provide written notice to the developer stating you now shall commence design and coordinate with DPW to make sure that we are building an efficient trail. McElderry So wait, so the trail planning process does not start until Michigan Road Forward is – Sharp Preliminary design, until we know what’s happening with the 421 Forward. Page 19 of 35 Zionsville Town Council June 3, 2024 Sampson Isn’t that like a 5-year projection or did I miss that? McElderry Yes, that’s – that could be a while. Sampson It was like 5 to 10 years when they were – Sharp I am unaware on the 421 Forward project but I know that DPW was very interested to make sure that this trail project aligned with the 421 Forward plans so that we’re not duplicating efforts or having to rip out a portion of the trail after 421 Forward moves, moves forward. Burk I mean Lance is the expert. My understanding is that INDOT is prepared, during 2024 this fall, to release their plans for construction that will take place in 2027 and so, therefore, we would have enough basic information to design the trail. Sampson Well you would know more than me but I was at that meeting and they acted like it was 5 years from now. Norris I can bring some, I believe – Burk Please do. Norris What I, what I heard at the meeting was the preliminary design documents will be done sometime in early 2025. That might be accelerated to 2024 but as it sits right now on the priority list, I think it’s slated for like 2030 or 2032 or something like that but that doesn’t mean that INDOT won’t expedite that much faster, it’s just the way that it currently is ranked in the list of priorities. Burk That’s for the build though not the design. Norris That’s for the build but the preliminary design I heard was supposed to be done I – McElderry There we go – Sampson Yes, sorry. Lantz So yes, you’re all very, very close. Of course, INDOT is hoping by the end of this year or early 2025 to reveal what the future of that corridor is going to look like. Currently there is no funding or anything beyond the current effort. What I had heard was that they hoped to put together an internally competitive project that could be early, late 2020s and into the 2030s for actual substantial construction but all we know now is they’re going to wrap up this corridor study in the foreseeable future. Beyond that we don’t know anything for certain. Norris Thank you. Sampson Lance, can I ask you a quick question? I’ve heard you say before that and my, I don’t know that it was with this actual project but I have heard you say Page 20 of 35 Zionsville Town Council June 3, 2024 sometimes it’s worth going forward with something when we know there’s going to be a 5-year delay anyway – Lantz Oh sure, yes. I mean I think the goal is not necessarily – I think the goal is to see where INDOT goes with this project because remember, we have to get their permission to build anything within their right-of-way. Sampson Yes. Lantz So we can come up with this elaborate plan and they’re going to look at it and go oh, you know what, when we build this we’re going to have to wipe all this out and pay for it again – Sampson Yes. Lantz And they might be a little reluctant to allow us in their right-of-way. So there’s a little bit of, of politicizing within INDOT to make sure that we don’t harm their successes on a future project. Sampson But do you – Lantz But we could advance it anytime we want, yes. Sampson Okay, if they came up with a plan that they were pretty solid with that we could approach them you think that that would be something they would allow or historically are they kind of a – Lantz I don’t know. This is – Sampson Yes – Lantz This is unchartered territory – Sampson Okay. Lantz With a project of theirs on the horizon I think that they would be very cognizant of adding future costs to their project. We could always go outside the INDOT right-of-way but that immediately doubles the price because we’re buying all new real estate along there so it’s really kind of a see what they’re developing and how can we mesh for their best interest and ours. Sampson Well and it’s also, it ties into the concerns that our, our request to speak asked if, if the money would be saved only for the path but time value of money – what is, what is cement in 5 years from now? So does that create a future problem as far as being able to afford that portion of the path? Lantz I haven’t read the Trust Indenture in its entirety but I’m assuming these are going to be placed in interest-bearing accounts so we’re going to be building some interest over this at $650,000. I think the gist of the Developer Agreement is look, we’re all in for $650,000. We believe in talking to our contractor and our designer that we can design and build this for $650,000. What a lot of the Page 21 of 35 Zionsville Town Council June 3, 2024 conversations are about are the what ifs. What if there is more money involved? What if you have to purchase land? So that’s where we have to realize that the Town is going to have to pony up if we want to keep seeing this project advance. So that’s what I was looking for was clarity in the agreement. What does that $650,000 pay for? So going into this you have to understand that when those funds run out we’ve got a couple of choices – we stop where we are. Maybe we’ve built 75% of something, we’ve got something in the ground. What happens to any residual funds and I think that’s the biggest question that people want to answer is will that go back to a secure account that can only be used until such time as the Town then can come up with our additional funds and build the rest of the pathway. Did I get to your question? Sampson Yes, I think so. Lantz Okay. Stein Lance, you’ve dealt with INDOT probably a lot more than any of us have. I’m thinking of the timing of this thing and just we throw this thing down and they come through and change their mind and all of a sudden it’s torn up. I mean, if it were you spending your dollars would you wait until they were ironclad or, I mean, how do you, how do you deal with that from a timing standpoint because the last thing I want to do is drop $650k in the ground and then have INDOT throw us a curveball that tears it up. Lantz So, we have, I will say we have limited experience in, in these types of relationships. We started building the Sycamore pathway along Raintree when that was still State Road 334 then we ended up taking over the road so we immediately wiped out all the challenges during that design process. So when INDOT comes in and takes and looks at a project they will general – these are all generalities, right? Nothing is etched in stone but they will replace in-kind. So if they’re, if we have constructed a 10-foot, 12-foot pathway in their right-of-way and they going to move that road out and then they going to push that pathway out further their going to have to acquire more right-of-way so that pathway that we’ve put in that they’ve allowed in their right-of-way is adding to their project cost because they going to tear it out and rebuild it because they like to go back in-kind. They won’t reduce the amount of amenities in a quarter. So when there’s no pathways existing, they might come forward with their typical suburban or urban cross section and say look, this is what we will provide you is an 8-foot sidewalk right behind the curbs. Now, the Town, if you want to do something different, I’m sorry – I’ve lost Corrie’s, I don’t want to lose Corrie’s page there – you’re going to have to pony up for the delta. If you want something more robust than we’re willing to give you’re going to have to pay there so there’s just a lot of moving parts and I think a lot of this agreement is, is advancing on good faith and intentions and those are fine but they can also burn you. So I really think with all of the uncertainties you want to make sure that this $650,000 wholly, whether it’s expended now or is deferred into the future, is truly reserved for that purpose and that allows us to pick up on projects that don’t come to fruition. Sampson And how far are we, how far does the right-of-way go from the existing road into the east, how – Page 22 of 35 Zionsville Town Council June 3, 2024 Lantz It varies. Now I believe the old INDOT right-of-way through there is 50 feet from the centerline of the roadway. There are several developments where we’ve required them to put an additional 20 foot of right-of-way there but generally the apparent right-of-way is about 50, is 50 feet from the centerline. Sampson Thanks. Lantz Okay, I’ll be in the back. Norris Thanks Lance. Burk Don’t go too far Lance. Yes, I think Corrie will speak to, I mean, I think that the concern all along has been knowing that we want to, we want this trail to happen, the constituents want the trail to happen but there’s a huge INDOT project coming and so how do you, how do you make sure that you build the right timeline to everything Lance spoke about and, at least the questions I was really driving to was how do you secure those funds for a long period of time to make sure that they’re not used for another purpose if it’s going to take longer than 24 months to build this? I think there’s some clarification on that that you came to around kind of 10 years so I think Corrie can speak to how the fund is set up and how it’s set aside for a long period of time. Sharp Yes sir, thank you. So I have covered so far that we have a separate fund specifically for $650,000. We’ve also added language here under the highlighted that speaks to what Councilor Burk was just referring to is that the Trustee will hold these funds for 10 years and will transfer any remaining funds to the bond fund for the purposes of paying back those bonds if they have not been used during that 10 years. Now, during those 10 years let’s talk about that just a little bit. We’ve got the trail design which INDOT is currently working on, we know we’ll have preliminary design. They will then use 2025 to work on the trail design. Trail construction – once the design is complete, they have 12 months to construct the trail. If they are not able to complete that trail within 12 months, then the RDC, the “others” as I mentioned, can step in and complete that trail with the bond proceeds and that language is in the Project Agreement between the RDC and the developer. This was approved at their, the last RDC meeting. This speaks to, this is the trail section and we talk about trail design and that the trail planning process commences when the Commission provides written notice to the developer. So we control the start and then at the end it says upon commencement, the construction or developer shall complete the trail project within 12 months subject to Force Majeure. So, meaning, if they do not complete the project, RDC then can pick up the pieces and finish that project with the project fund specifically. Once the project is complete, the developer – let’s assume the developer will do a stunning job and follow through on the commitments and get this all done. The developer then will submit a bond claim. The bond claim will come to the RDC for reimbursement of those expenses to construct the trail. The RDC will review all of those costs for the entire bond, not just the trail construction, and we do this for, this is part of our responsibility is to review developer bond expenses associated with what they were approved in the bond documents to make sure that they’re, they’re spending money the way that they should. We review that. Page 23 of 35 Zionsville Town Council June 3, 2024 We then tell the bond trustee that they are approved for reimbursement of their costs and it comes solely out of that $650,000 fund. As Director Lantz mentioned, it is a cap of $650,000 so if the trail expenses are, are above that then the Town will have to pony up and contribute towards the completion of that trail. If the fund is, if the trail costs less than $650,000, then those funds can only go back to the bond for repayment of the debt obligation. It cannot be shifted into other project costs. So that basically highlights the bond Trust Indenture and specifically how the trail funds are isolated. Mr. Price, do you want to add anything? Okay. Yes Councilor Melton – Melton Corrie, what section does the, what section talks about the 10 years that you mentioned? Sharp This is on page 24 of the Trust Indenture. This is what was added today. Melton Gotcha. Sharp And previously the last draft that you saw it stated at a date to be defined. Because these dates are written or finalized at, at – Melton At closing? Sharp Bond closing. But we wanted to put a cap in it now because we know that it’s important to you to make sure that we have a timeframe associated with this so we capped it at – Melton How’d you come up with 10 years? Sharp Well it seemed reasonable. One year is too fast, right? Five years is close but given an act of God you just don’t know so 10 years seemed to be reasonable and that was the recommendation of Heather James, our bond counsel. Melton Thank you for sharing that with me. I didn’t see the 2034 on, on there but I see it now so. I think that makes me more comfortable with the 10 years on there. I think that was a great addition by Heather and Brad or whoever worked on that. Vice President Burk, thank you. That makes me feel more comfortable as a Pathways member as we’re hearing this. It seems like the $650,000 as, as Councilor Sampson mentioned, I don’t know if that’s really going to be enough to do it in 10 years or whatever the situation is but the good faith and all the efforts put into this, this, this makes me feel a lot better about the situation and it does sound like the dollars can either go towards this project or the dollars can go back towards the bond payment. After 10 years what happens with it again? Can you just refresh me on that? After the 10-year mark – Sharp Yes – Melton What’s the situation after 10 years? Sharp So what, what it states is that after 10 years the Trustee shall transfer any funds remaining in the Michigan Road Trail Account to the bond fund to redeem, to repay the bond payments early basically. Page 24 of 35 Zionsville Town Council June 3, 2024 Melton So by default it automatically goes back and pays like it would be if there was a remainder? Okay. Sharp Correct. Melton I think 10 years is reasonable. Burk I think we felt like 10, I mean, it could’ve been 20 but that’s so far down the road. I feel like if this is going to get done and even if it’s dramatically just pushed back 10 years it feels like we’re definitely going to be done with it and wrapped up by then. Sampson And this is an asphalt path or is this sidewalks? Sharp A multi-use path is asphalt, yes. And that $650,000 is a cost estimate provided by the developer’s contractor with, based on the Town’s development standards. Sampson And what are we with Pathways already aiming to do on? Do we have anything over there? I thought we had something – Melton Well this is definitely a priority of the, of the Pathways Committee. The Pathways Committee set out four major pathway connections that we were eyeing – Sampson Yes – Melton Pretty closely. By far, I believe that this one was the most, was going to allow the most “traffic” to the Town of Zionsville from that area next to West Oak is obviously on the radar because West Oak and east and west from out west in Royal Run and Stonegate areas all the way obviously to town but that’s a bigger, that’s a big bite also – Sampson Right. Melton But we control that so we have some advantages to there. Sampson So in the Pathway Committee your funding has been hopeful through this TIF. There’s no other funding put, set aside for that high priority project? Melton So when we talk about funding and Pathways Committee – Sampson Yes – Melton The committee makes recommendations. The DPW really is in charge of how we align the priorities. We’re going to make the recommendations to the Council as well as DPW, however, there’s no fund, we have no funding control – Sampson Right. I didn’t know if you had any like direct line to Lance’s ARPA dollars or any, any sort of thing that – Page 25 of 35 Zionsville Town Council June 3, 2024 Melton Well, I think that’s where, that’s where the Pathways Committee and myself will make these recommendations as the priorities which we did I believe in the fourth quarter of last year – Sampson Yes – Melton To kind of prep us for this next Administration as moving forward and it really boils down to is does this Council also see the value in that priority and closing this gap of pathway that needs to, that we believe as the Pathways Committee needs and there’s several others around Town that are – Sampson Right. Melton Are high priorities as well and we’re going to make some more suggestions and we have a really nice list and if you, I believe it’s on the Town website some of our information, some of our minutes – Sampson Yes. Melton Etc., but this one definitely stands out as one that access will allow access to a lot more pedestrians and, and people in general, again, next to the larger elephant which is West Oak Street. Burk There’s no restricted dollars though to this particular project. You may recall there were some ARPA dollars that were passed by the last Council – Sampson Yes. Burk None of it was applied to this particular trail. There were some dollars that were put on 300 – Sampson Yes – Burk Kind of going east-west for a small portion of potential trail so I do believe that at the time we were hoping that, at least last year, that this project which was in the works could cover this and so it allowed ARPA dollars to be spent somewhere else. McElderry And is it fair to say that Sentry is responsible for that segment in front of the development? So the $650,000 is, is that the Town’s contribution to the other two segments or who’s are they paying for that portion that’s in front of – Sharp Their obligation is to build the trail from Appaloosa all the way down to Willow Road so it does include in front of their project. They’ve got to build it all and they’ll spend as – McElderry But,had this TIF not been developed, had that area not been designed for this, they would’ve had to put – is that not true? Okay. Correct me please Mr. Price. Price For the record, Matt Price representing Sentry. No, without the TIF there would Page 26 of 35 Zionsville Town Council June 3, 2024 not have been a project. McElderry Okay, so that’s segment in front – Price There would be no segment in front of the building, yes. That’s, that’s really a critical issue is we’ve proceeded in good faith believing that there was support for the project which was unanimously approved by the last Council which included this trail component that we worked closely with Hidden Pines, Bridlewood and the property owners that we’ve talked to already about the availability of their land for a trail. Certainly haven’t secured all those rights but we believe that there are several very significant contributors who are onboard for contributions at no cost. I think, I think this will be one of those where you have to coordinate and kind of focus your resources on the few holdouts, a holdout or two along the way, but you can obviously do a lot of good with that $650,000 just based on who the kind of the coalition of the willing are just from what we know today. McElderry Thanks for clarifying that Mr. Price. Price Yes, no, absolutely. McElderry I appreciate it. Price Thank you for the opportunity to do it – and I should say too the, we view Mr. Gressel and the RDC and the Council really as partners on this. This is going to be, this is going to be an all hands on deck kind of thing, right? We’re going to have to pull together to get this thing done and one of the things Jordan Dorsey who’s, who’s watching online is, is committing to do in addition to the financial commitments in the Project Agreement is really to, to help lead that and use his resources, his engineering team to help coordinate with the Town and work closely with Brad Gressel and the Pathways Committee going forward and I think he’s, he’s, he’s excited about his project and excited about making sure this happens. Norris Yes, that’s what I was going to add earlier when, when Sarah kind of asked that question about funding and all that. I mean it’s really a convenience thing at this point too because he’s already going to be out there – Price Right, yes. Norris With, with earth moving and he’s willing to go way beyond the bounds of his property to do it – Price Right. Norris And it’s convenient and the time’s right and – Price Yes. Norris Let, let’s get it done. Page 27 of 35 Zionsville Town Council June 3, 2024 Price And because we’ve worked through the zoning issues, we’ve talked to all the landowners. We basically know everybody from the south end of Appaloosa all the way down to Willow Road because we’ve met with them all in connection with this project so. Some of them are chomping at the bit to contribute their land. Others, I think, have legitimate concerns just because of where their properties relate to 421 but, but there’s a lot of positive goodwill out there. I would suggest I think Brad Gressel would agree with me on that, yes. Sampson So then that leads to my – why don’t we ask them if we can put the outside of the possible right-of-way now? Price Yes, yes. Sampson And see how far we can get because you say moving the land. If we end up with two missiles that actually miss each other that we’re moving the land while we’re waiting for 421 – Price Exactly. Sampson Then we’re not moving the land and then it is more expensive – Price Right. Sampson So have we considered some of the pathway to just go for it now if people are willing – Price Sure. Sampson To do further in. To me that is the smartest planning. Price Sure, absolutely and that’s exactly what would happen here. I think, I think just, just the same way Zionsville would be if, if someone wanted to put an improvement into an area where they wanted to make a future road improvement, they’d be very protective of that area and I would expect INDOT and from other experience working with INDOT that they’re going to pretty much tell us where that pathway has to go so they never have to pay for it. Sampson Right. Price And so I think there’s not going to be a lot of mystery as far as the pathway for where this goes. I think that’s going to be determined pretty much upfront. McElderry The mystery is the timing of it, right? Price Yes, it’s the – the mystery would be some of the timing but I think that’s, I think that’s going to be sooner rather than later. I don’t think it’s as, I don’t – one, there’s just some, there’s some finite boundaries just because of where structures and utilities and things are so I think they’re going to be able to point us to the right area just, just like they do on other pathways that are going in now along 421. That’s done very carefully coordinated with the Town’s plans and with INDOT’s plans. Page 28 of 35 Zionsville Town Council June 3, 2024 Sampson I just almost think there needs to be some sort of breakpoint where if we’re not getting very far with 421 then we approach looking at where the right-of-way exists and seeing if Interactive wants – Price Right. Sampson Is willing to have a closer one and so we get that part built while we are – Price Yes. Sampson Moving land. Price I think, and I think what we’ve tried to capture and it’s, you’re always kind of at the mercy of, of words but what we tried to do is in the trail design section in Section 2 of the Project Agreement is we’ve, we’ve defined what we’ve called a trail planning process and I think that what we’re envisioning is that’s going to be a dialogue with all the stakeholders around the table to say, to exactly deal with those kind of issues. I think what’ll happen is the project will emerge from that process as we get more information from INDOT, as we know exactly who’s onboard to commit their land, it’ll, the design will start to emerge from that process. Sampson Okay, thank you. I mean, our concerns from the prior weeks were feeling like we didn’t have a Development Agreement. Now we have an agreement that has a timeline even though that timeline might miss 421 shouldn’t but it might? Do you feel that your part of it that you were concerned about before? Burk I think going back a couple meetings I think what we were looking for in a Development Agreement were a few things that we just didn’t see which was even very clearly defining where the trail would be, very clearly defining that there would be a fund that would be completely set up and how it could be protected, how it would be used, how long it would last, putting in parameters of what happens if 10 years goes by or making sure that if for some reason something happens and Sentry can’t meet their obligation within that 12 months after they began the project then making sure that there’s language that the RDC could finish the project. So, I think a number of things that were missing are all kind of in place and to Corrie’s point, I think we’ve taken it as far as we can without the impact of the INDOT timeline but the money is protected and it’s there for a long period of time and I would love to see this come to fruition and, of course, Sentry wants to get this done while their equipment is there. Sampson Right, come back. Burk They don’t want to have to come back – Norris Yes – Burk In four years to do this so I think we want to move it as quickly as we can but there is some chance and that was my concern all along is we’re, we’re doing this but there’s a portion out of our control and that’s a stake but I was very Page 29 of 35 Zionsville Town Council June 3, 2024 encouraged to hear that even potentially this year or Q1 of 2025 they should have, we should have what we need to be able to put the plan together and that still gives Sentry 12 months from when RDC says go to do the construction and a lot of homework can be done now so I’m thrilled. I think it’s as far as we can probably get it to really guarantee that we can do this trail. As Councilor Melton mentioned, this is a priority of the Pathways Committee, it has been for a period and I can tell you from District 5 I’m sure that Evan knows this as well as Joe but this is, this is the top concern of people who live along that corridor. They want this trail. I’ve heard over and over again for the past year this is the top priority and they’re all very invested in this process. They were engaged with Sentry which I think is why we got to this point so I think there’s a lot of people who, who are really counting on this being built. Sampson And you feel that same way because I know this was some concern – Norris Yes. Sampson With your area living over there. Norris Yes, no. It’s a, it’s a major concern. My, my question – do we have a fully executed Project Agreement? Price I have a, I’m not sure if the RDC has signed their copy or not – Sharp Yes. Price But I have a signed version of it. I – Norris In counterparts? Price In counterparts, yes. Norris Okay. Price Thank you counsel. Norris Okay. Price The, I did, I didn’t want to be presumptuous because I didn’t know if there were going to be other changes to make to the Project Agreement but we have it signed. Jordan is onboard. Norris And then, and then, Corrie, on the record we have a signed executed Project Agreement stamped ready to go? Sharp Yes sir. Norris Okay, all right. That answers my concerns then. Plunkett Are there any other questions for Corrie or for Mr. Price? Page 30 of 35 Zionsville Town Council June 3, 2024 Norris Well, were – were, were you going to – Corrie, we kind of – Sampson We did kind of jump you around – Sharp Well I, Councilor Sampson I owed you a date for Creekside. Sampson Thank you. Sharp The expiration of that TIF area is October 26, 2040. Sampson Thank you. Norris I have a comment on the Trust Indenture itself if you could go to page 23 for me. Is it okay if I ask some questions? Plunkett Yes, absolutely. Norris The very, very bottom line says project fund in there. That term is not defined anywhere in there. Are we able to – I assume it’s supposed to say construction fund but that’s a pretty important provision in that contract because it discusses what, what happens if construction doesn’t start and we have to start paying the interest down on the bond and so I control F’d it while I was sitting up here as well and project fund doesn’t appear anywhere else. Sharp Yes, we will make sure that gets defined – Norris Okay. Sharp Prior, prior to closing. Norris I believe it should say construction fund but I don’t want to assume. Sharp Thank you. Norris Yes. And then – are we also approving the Bond Purchase Agreement as well then as part of the Trust Indenture? Sharp This is – Norris It’s included in our packet so that’s why I’m trying to make sure – no, go ahead, go ahead. Price Yes, I think and I apologize for this phraseology because I’m sure it doesn’t add any comfort but the term you hear often is that the agreements are in substantially final form but that typically means that what we’re doing is filling in the closing information between the time you approve the document and the time we actually have a closing. If there are cleanup items like that definition you noted, we can do that as well. Norris Okay. Page 31 of 35 Zionsville Town Council June 3, 2024 Price Yes. Norris And so that’s something we can talk about just offline? Price We can do that offline – Norris Okay, just – Price If you’d prefer, absolutely. Norris Yes. There, there are just some minor, minor things that I caught in the Bond Purchase Agreement specifically that I just think maybe out of place a little bit. Burk Evan, we are going to vote on it, I mean, so, I mean – Norris Yes, okay, fine. I’ll, I’ll just go to it real quick. Harris Yes, so I think, because I think what you typically would leave open is like what – Burk Dates. Harris The interest rate is and you’ve got maximums – Burk Yes. Harris That are included but if there’s – Norris Yes – Harris Type, typos or anything substantive. Norris Corrie, do you have a copy of the Bond Purchase? Harris Corrie, do you need one? Lacy No, that’s just the Trust Indenture. Harris I think it has the bonds in here. Norris On page 3, Section D it refers to Whitsitt & Nooning, P.C. as counsel to the Town. Is that, is that still accurate? I was going to, I wasn’t aware so I just wanted to make sure because it spells it out specifically instead of just counsel for the Town it says Whitsitt & Nooning. Sharp Okay, thank you. Harris What page are you on? Norris I’m on page 3 of the Bond Purchase Agreement. Page 32 of 35 Zionsville Town Council June 3, 2024 Sharp Okay. Norris And then also on page 3, Section 2, subsection A it says – subject to all the terms and provisions of the Project Agreement (as defined in the Indenture) and then I reviewed the Indenture and I don’t see that the Project Agreement was defined so that definition – Sharp Add the Project Agreement? Norris Yes, it, it, it didn’t make it into the Indenture but we referred to it in the Bond Purchase so, therefore, going to bring them all together. And then let me just make sure I have my ducks in a row – I believe that’s all the questions that I had. Thank you. I apologize, I didn’t mean to commandeer that. McElderry President Plunkett, would it be alright to ask Brad if, if he’s happy with everything having come here to speak tonight? Would you be willing to step up and just share with us if, if everything has met your expectations? Gressel Yes, I mean in, in general, yes. I think, I know Brad, the other Brad, has done a lot of work getting this buttoned up. I think this is what I was hoping to see having not having the newest version copy in front of me but I would just kind of reiterate what a few people have said. I mean, the whole group I’m not necessarily representing, I’m the only one here from that group, but I’ve been involved and worked with Jordan and Matt through this whole time so we’ve been very – you know, they, they could’ve just not been receptive to this from – McElderry Right. Gressel The start so I think we approached them to kind of figure out, and this goes all the way back to the PUD. I mean, to try to get this to, to work out where it was mutually beneficial and I, knock on wood, we can, we can make it happen because it, it would be very beneficial to our district as I said earlier so. McElderry Thank you. Gressel Yep. Plunkett Are there any other questions from Councilors for Corrie, Matt or anyone else? I would remind Council that this is a final reading for the Ordinance 2024-11 and I would entertain a motion. Norris I’ll make a motion to approve on final reading Ordinance 2024-11. Burk Second. Plunkett I have a first from Councilor Norris, a second from Vice President Burk. All those in favor signify by saying aye. All Aye. Plunkett All those opposed same sign. Page 33 of 35 Zionsville Town Council June 3, 2024 [No response] Motion passes 7 in favor, 0 opposed. NEW BUSINESS Consideration of a Resolution Approving Expansion of the EDA and Holliday Farms Allocation Area and Creation of New TIF Allocation Area Resolution 2024- 13 Plunkett Up next is New Business – a Consideration of a Resolution Approving the Expansion of the EDA and Holliday Farms Allocation Area and the Creation of a New TIF Allocation Area. This is Resolution 2024-13. I would point out to Councilors that this a resolution so this would be one vote on this and we have Corrie again. Sharp This TIF resolution is the final step in the TIF process which allows a bond to be taken out. So this resolution expands the boundaries of an existing EDA, the Holliday Farms EDA and that project is located on the west side of Michigan Road and we’re expanding the EDA to incorporate the Sentry project. So this is a geographic boundary adjustment to an existing EDA and that is the action item that you are taking up. Plunkett Are there any questions or comments from Councilors? Again, I would reiterate that this a resolution that comes to us and it’s one action so. Questions, comments? Otherwise I would entertain a motion. Norris I’ll make a motion to approve Resolution #2024-13. Plunkett We have a first from Councilor Norris. Stein Second. Plunkett Second from Councilor Stein. All those in favor signify by saying aye. All Aye. Plunkett All those opposed same sign. [No response] Motion passes 7 in favor, 0 opposed. OTHER MATTERS Plunkett All right up next is Other Matters. Are there any other matters from Councilors? Having none, I would just say I’m going to send out an email on behalf of the Council, we’ve got rules and procedures to make sure we get everything in our hands well in advance. I mean we had three different items on the agenda that were items received after our cutoff and I don’t think that’s fair to Amy Lacy who’s got to put in all the effort to get this to us and obviously expect Councilors Page 34 of 35 Zionsville Town Council June 3, 2024 to review everything in time either. It makes for a lot of frustration from time to time. So, that’s all I have for that. So any other updates from Councilors? ADJOURN Plunkett Having none, I would make a motion to adjourn. Norris Second. Plunkett A second from Councilor Norris. All those in favor signify by saying aye. All Aye. Plunkett All those opposed same sign. [No response] Motion passes 7 in favor, 0 opposed. The next regular Town Council meeting is scheduled for Monday, June 17, 2024 at 7:30 a.m. in the Zionsville Town Hall Council Chambers. Final notice will be posted in compliance with the Indiana Open Door Law. Thank you. Respectfully submitted, Amelia Anne Lacy, Municipal Relations Coordinator Town of Zionsville Page 35 of 35