PLAINFIELD REDEVELOPMENT COMMISSION PLAINFIELD ...
PLAINFIELD REDEVELOPMENT COMMISSION PLAINFIELD REDEVELOPMENT AUTHORITY August 29, 2016 5:30 p.m.
I will call the meeting of the Plainfield Redevelopment Bassett: Mr. August Commission and the joint Redevelopment Authority meeting to order. 29, 2016 5:30 p.m.
PLEDGE OF ALLEGIANCE Mr.
We would like to stand for the Pledge of Allegiance.
Bassett:
CONSENT AGENDA 1. 2.
Approval of the minutes from the July 11, 2016 meeting. Approval of the minutes from the May 2, 2016 meeting.
RDC: RDA:
First on the agenda we have the approval of minutes for the Mr. Bassett: Did everyone get a Redevelopment Commission from the July 11, 2016 meeting. If there are Any questions? copy of those and get a chance to look at them? no questions, motion for approval? Mr.
So move.
Kirchoff:
Mr. Angle:
Second.
Motion and second, those in favor aye, those opposed, motion Mr. Bassett: carried. I guess with the Redevelopment Authority there will be a set of minutes for May 2nd Yes, we have the minutes from the Redevelopment Authority Mr. Eichenberger: Any questions or corrections? meeting of May 2, do you both have a copy? Mr. Himmelheber: May 2, 2016. Mr.
Bentley:
No
it
looked fine
to me,
I move we
approve
the minutes of
Second.
We have a motion and Mr. Eichenberger: opposed, it is passed and back to you sir.
a
second,
all
in
favor
say
aye,
PUBLIC HEARING At this time we would like to open a meeting for a public Mr. Bassett: Plainfield Redevelopment Authority as lease between Proposed hearing. lessor, and the Commission, as lessee regarding the issuance of bonds for a fire station project in the Six Points TIF District. Mr. Perona: come forward as noted in open clearly speak. Mr.
Bassett:
Mr. Chairman you need to open that up and invite the public to so that if anybody has any discussion or objection to this lease the Hendricks County Flyer, but we need to make sure that gets and people have an opportunity to come forward if they want to
My apologies.
Do we have anyone with questions or comments?
The public hearing will now be closed.
OLD BUSINESS Mr.
Bassett:
Do we have any old business?
NEW BUSINESS Mr.
Bassett: 1.
We will move onto new business.
proposed the of structure transaction and terms Discussion of . Commission the and leasing arrangement between the Authority
Plainfield Redevelopment Commission Plainfield Redevelopment Authority
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That is going to be regarding Fire Station 121, Mr. Perona: Thank you. The which I think we have talked to you all about in earlier meetings. reason we never done anything with it before is that we didn’t have property yet. We now have the deed for that property so we are prepared to go forward Tim I think is going to start by and that is what this is all about tonight. talking a little bit about Fire Station 121? Very briefly. More really is just a reminder for everyone Mr. Beicher: where the property is at and it has been a while since we have talked about it. This is State Route 267 and Stanley Road, Stafford Road is up here just The site that we just purchased is 4 to get your bearings a little bit. It includes what was a private road that we acres in this area right here. would like to make public because we are going to put a public facility there, so in the acreage that we purchased this included that parcel, but this is going to be the site that we intend to place the new Fire Station 121. Fire Station 121 currently is under the water tower, it is the brown building that is sitting there and it has been Fire Station 121 for years so the goal of this whole program would be to repurpose that building and possibly use that for a Police Department and substation and training So the overall program was when this facility and things that they need. project is successful we will move the Police into that building after Again this is just the potential remodeling, so that is where it is headed. site and just to remind you the 4 acres is more than they currently need for Fire Station 121, so there is a possibility and I will come back to you with more details later and this could affect the lease and things so we wouldn’t acres for the current do something to mess that up, but if we need to say 2 project it might be wise for the Town and RDC to decide to make that a 2 acre lot and a 1 % acre lot and if they want to have a bigger lot, just so that in the future you decide to do something different with that other piece of land it wouldn’t be incumbent by the lease that you have in front of you that will go through this process on, it is just a strategy that maybe an At this point I wanted to mention it and you advantage but it may not be. So right now will have more details of that if it were to actually occur. If in 15 or the idea of buying 4 was for the future growth at that location. we are just different so might be a change the strategy so years that may This is the actual survey just as trying to be flexible in that regard. point of reference to give you some sense of a quite long site, the station won’t take up that entire facility or that entire piece of land, but the Town felt like that land is pretty scarce and that location is a pretty good location so we want to give ourselves plenty of room for the future so it has I think that is all I had unless there are additional been acquired. questions on Fire Station 121, I just wanted to brief you and bring you back up to speed. You had mentioned potentially looking having those partials out Mr. Angle: in different sizes, when do you think the best time for that would be? I think it needs to be done before this process of financing is Mr. Beicher: completed, so again we will have more readings I’m sure as the process goes forward, but what we do with these kind of commercial lots we create what is called an incremental plating process, so you can literally draw the line at any particular point and time when you determine what the footprint of the or building is and then we can set that line if you so wish and make it a 2 But we want to make a 2.7 acres that kind of remainder depends on the lot. sure our zone matters are all taken care of and that kind of thing too. Mr. Angle: Mr. Bassett: south end?
Sounds good. Would the empty portion of the lot,
Mr.
Beicher,
be on the
Yes, we are going to build from the day care center, we have Mr. Belcher: talked to them already so they know the Fire Station is going to be next door, so that would be the idea to leave the southern end open at this point. The only other thing that is good about this site if you are not aware it There is not as already has water, sewer, the road is bigger, the drains. much to develop as there was on the Moon Road site in terms of bare ground site and this one is a little bit more developed already so we get started Thank you. quicker when we get to that point and time. Now I am going to ask Andy Kleiman from Benesch to come forward Mr. Perona: and talk to you about the leasing arrangements. The structure that we are using Thank you and good afternoon. Mr. Kleiman: for the lease between the Redevelopment Authority and Redevelopment Commission is very similar to what we used a lot last year, I know a lot of 2 8-29-16 Plainfield Redevelopment Commission Plainfield Redevelopment Authority
The bonds we did You went through, so I won’t bore you with the details. last year mainly dealt with infrastructure, roads, utilities, this obviously It really doesn’t deals with the Fire Station project main constructed. I am more than happy to answer any questions. change the terms of the lease. Mr. Angle to answer your question as Tim said we will be coming back to you guys after the bonds are sold, because after the bonds are sold we will know So what you are approving today exactly what the lease payments need to be. I will be coming back to you with an addendum to is a maximum lease payment. that lease, which will be tied to the actual cost from the sale of the bonds and at that time we would come back to you and say something on the four acres, the lease right now does cover the entire four acres, but when we do that amendment to the lease we can say we are going to mend the lease premises to be the 2.5 acres or the 2.7 whatever it ends up to be. So that is So I when we would do that but it would be before everything is finalized. would be happy to answer any questions with respect to the lease. It looks simIlar to the ones that we’ve done in the past, Mr. Angle: this point I don’t have any questions.
so at
Now I am going to ask our friends from Umbaugh to come forward Mr. Perona: and talk about the bonds. I do want to Ms. Amspaugh: Hello all, thank you for having us here. Roster from Umbaugh. Tyler hire, new a members new staff introduce one of our it would be a thought we and of us alongside working be to now going So he is Emma is passing So thank you for having us. good meeting for him to attend. out a set of numbers that also will look very familiar in set up to past feasibilities that we have handed out and that there is an estimated scenario which is the numbers we are anticipating the bond issue interest rates and The maximum scenario such will look like, then there is a maximum scenario. put numbers in could we that so rates interest higher with together put was So the maximum scenario was put together merely to set the legal document. the perimeters that are in the lease document that you guys just looked at. So the net So with this if you want to go ahead and turn to page 3. that can proceeds available of number a again available proceeds number is 121 is the Station Fire new the so project, the on spent and used actually be Tim can 8.8 million number and then a $200,000 contingency number if needed. talk about any increase in project cost if needed, if you guys have any questions about that but based on some historical or recent interactions with the headquarters building, construction costs have gone up for more than they have in the past, which to me is a good thing because that means hopefully the economy is coming back but that is why the numbers have increased So slightly from where they were in prior numbers that you guys have seen. the total project costs for this project is slightly over the 9,140,000.00. Capitalized interest is the interest due during the term of construction because this is a leased structure which you guys have dealt with in the past, you cannot pay interest during construction so there are monies that are set aside in the beginning of the deal to pay interest during that time period, so the capitalized interest will be an 18 month construction period We also have to include a with the first principal payment on February 19. debt service reserve as we have on past deals as well that is equal to maximum annual debt services which is what Standard Empowers who will be rating this deal, if it goes forward we will require on this, again it is how We also have all four leases we did last year were set up and were required. an allowance there for a 1% underwriters discount, again that is the payment to the underwriter we are working with take the bonds and to sell them out in Then the cost of issuance pays for bond counsel, local the secondary market. So counsel, our fee, S&P rating, official statement printing and so forth. over right of issue bond a would be funding the costs, project those are the 9 million dollars and then funds on hand. When we talked about this deal probably a year ago we had put some Six Points TIF cash on hand towards this project, so we have kept that in this deal for now to reduce the size of this So we are expecting to use cash of about 1.8 million size of the bond issue. the project and then the other 400,000.00 is towards a total 1.4 will be put up to that maximum annual debt service reserve service debt the used to fund that is going to be required by S&P to be at that 8.8 million dollar number These bonds we are that will be used out of your Six Points TIF Fund. assuming will be paid from the Six Points TIF, with a property tax backup on Just one Again similar to the other leases that you did last year. it. Tim had or we Because too. needed if on add thing to mention and Tim can to move decide guys you if already, corporation school the to taken this deal down this path this evening then we will have to go back to the school corporation and let them know that the cost of the projects have increased to these numbers just so they are on the same page and informed.
Plainfield Redevelopment Commission Plainfield Redevelopment Authority
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Mr. Beicher: I will fill you in on some of the costs that we have seen on the first phase and where we adjusted the prices here on the estimated and Maybe start where we just left off, the agreement with the maximums here. schools is to go and get projects approved, and of course they approved the project, the Fire Station project, but also within our agreement there is a number that we fix, the number that is fixed in the agreement now is So between the Town, RDC, and the school that is what we have $9,519,525.00. agreed we would spend maximum without going back and asking that to be Now the Town has many options That is where the number is now. changed. about if there is a gap in that number and a higher number, how that is funded it could be through other funds from the Town, it could be going back to the school and asking for funds to come from the district, so there is The first option we are looking at is to try and other options available. control our cost, we are trying to bring our cost down, we are looking at our scope of projects and we are doing a lot of things within our overall program of our Fire Station and our Public Safety Project, not just this project but many other projects and funding sources that are coming into this program. So we are looking at all the projects across the board seeing if we can find So that dollars to bring the costs down and keep the whole thing in budget. We thought it was wise to make sure right up front this is our first goal. was an option if we have no other possibilities if it is true construction costs have just risen and the economy is heating up and that is what we think might have happened because what we have done here is take project costs from the actual projects going on now, HQ and 122 and applied them to 121 with a 10% increase factor, because this could be next year before we are constructing. So we are trying to anticipate that prices have gone up and may continue to go up and I guess be conservative at this stage with the So as much as we tried to do that before budgeting process with you folks. far along, we didn’t have the benefit of this have design the we didn’t having these projects actually priced from an actual contractor and actually So again we are doing everything we can to bring this whole being built. program to where we initially proposed it to you but we are facing the facts of some of the realities of the economy right now and we will do our best to keep the whole program in budget but right now we felt it was wise to explain to you in this current advertising and things we’ve reached out to the Rather than having them low and then maximums in cash and bonding capacity. come back later and then you really almost can’t change things at that point So there is a difference of I think around if you go too far in the process. 1.2 or 1.4, I haven’t gone through all of them in detail but that much So that is where additional than what you saw in the previous presentation. tonight. of in you front to get I wanted we are at but that is what Tim how comfortable are you on the 8.8 million right now? Mr. Eichenberger: The contingency of 200 seems a little light to me from what I am used to. If there wasn’t already a 10% fact we took the pricing from Mr. Belcher: Moon Road and added 10% to get to the 8 so there is already some built in contingency, I agree with you but we have already built some in the 8.8. So you had mentioned this 8.8 is kind of modeled after 2 projects Mr. Angle: that are underway, the first goal would be to see cost savings to try to come What has been your experience with the other two up with a short goal. projects in cost savings? Well the HQ and 122 is currently under construction and we had Mr. Belcher: On the first phase that is not had enough experience yet to see that. We saw a significant savings because it is an complete, the 9-1-1 center. open book pricing project and the contractor and the Town worked together I think on a 2.5 million dollar project we trying to find methods of saving. still getting the numbers together and we are under, 3-500,000 about in came hopefully more, but again that is a remodel project as opposed to new, it is probably a little bit more, we are almost out of the ground on Moon Road and that is going to be a good thing, we will have some real numbers to compare what they thought it would cost to get out of the ground and what it actually cost, so I think again the contractor who puts what we have a guaranteed So they are on the hook for the pricing they gave maximum pricing contract. us and that is what really the price is based on, so it is on the But again we are looking at all avenues to try to get conservative side. these things back into budget and hopefully we can get the entire program We are early and things are at least looking good for back in the budget. have done. we the project phase In comparison to page 3 the numbers that are in the legal Ms. Amspaugh: documents that are proposed in front you tonight, the maximum par amount is 9.2 million which the par amount is the principal amount on the bonds with The term on this bond if you want the maximum project cost of 11.2 million. 4 8-29-16 Plainfield Redevelopment Commission Plainfield Redevelopment Authority
The term or life of this bond issue currently is to fljp to page 4. d at a 10 year term, the bond documents allow for a is year term, so Structure to the Redeveiopmet Commis0 or whoever decides to lengthen that ty , the ni so to do e tu ey ve s, al ts th or si th ha n nu e P on ce ba th pae an oP redu t e , ld y ax th ou ar life 33 ou at m ar s is so w 20 ye ru of th re in F ea eb pi F TI ar ex These numbers do anticipate a io year term so unless of the TIF area. y ith, but t something changes this is Probabl what we are going to go ou W ts en it le of ib l m a litt b flex ility if again we wanted to allow in lega docu l il u 4 on see the paent ge e w yo So on er r e m pa fo so reas costs cam in high e tized again on le nd at ti su or r du bo is th za le fo am e ti he or th amor sc schedu ts t of you en e on at in m l ar fr e d th cu od ga ar th e an ri do er 10 le th ye pe ov r 7 year ng n ni te io ll ea af is ed t ar r 7 a m ca w ve ov fo ye gh we lo ha pr ni al to se s. e ty it is a Becau to pay off thes bond period you have the oPPortuni s ve that in , ar ce to ha is ni short term and in our eyes of a io year term 7 ye ll h ar 7 it ne al e ca n t w e ye k do provision that w ca ge th de there and we thin d u ul nt You can e at f yo oi co y at bl of it th P to la pa e as sh w ca So if th avai nd e e st er of th bo fe st st th re li e ov st co or re te th e co e ue te in se th tr in ely s ll em t m tr nd ti is iu ke , e s ex n bo e ar % em th u e ca 50 se m 41 a pr is yo 2. su is t y n’ y g t ow an ll d sh the marke an it does watchin low and we have been continua le er 4% h at ab 2. it ov rt th w So we feel comfo signs of going up, maybe down. If you go to page 5, 5 is what we call our comparison the life of the bonds t page, you can see on the left hand side the estimated tax incremen that is t . s e ra ve F ea W e sumed the nt ha e TI n ix ar as oi ed om th S e P fr at be g to estim 100 million of assessed value will be passed through every year, so that d and as you are currently assumption is in that number as it is footnote ing obligatj05 payabi from . nd e Th outsta Passing through in this TIF area Six Points TIF are the 2003 TIF bonds, the 2003 EDC bonds, the school ion paents which is the lease rental paents on the school transportat ion building and then these proposed 2016 leased rentals for the at rt o transp ligat05 total, leaving you the estimated remaining tax increment d b ne o bi m co . after all of the bonds are paid of about 3 million up to about 4.5 million e h k er s ug e or at th rt ro es w w al h th th the TIF annu repo proc As you know throug s e ie ch n os d on ea le w y d th m en to do el du le sh ow sp fl ca sche is an extrem detai ents but when year, this schedule does not show all of those planned developm we come back to you to present the TIF annual report we will remind you of So you can see out to the far all the plans you guys have for this TIF area. e coverage for this bond issue. right hand side there is Plenty of debt servic t e er e m ac sa show you th ex schedules but again the Page 6 and thereaft h e We increased the nd e it s t th e bo terms. ch m up w wha w ca maximum is whi I d e t u the maximums. to se to yo e su nd ge s st is d ea th bo te re an incr ra inte can walk you through them if you want, but it is exactly the same set up as the prior schedules So that is an increase of 2.93 versus the other one so Mr. Eichenberger ce 2.4 versus 2.9 for the max case? en that is the differ We are at 2.4% estimated where we anticipate being and Ms. Amspaugh: Yes. Page 9 is a detail of the TIF estimate for then our maximum basis on 2.9% ly The detail behind the TIF calculation, page 9 and io. this TIF area actual on 0 of li assessed value being passed through each again we do have the 10 mil e e for Pending appeals within the TIF at er in m , ve th so ti e an es ha year w al ve The last ti va d n , a er ul number in this TIF estimate. be ai ea so ns co ar ag co al ri es st ed se lu u fl ss d ea e in va se in cr w a rg y we as sa is in ar la in pa ye ve just to see how that turns out. building so we are being conservati Mr.
Bennett:
Ms. Amspaugh: Mr. Bennett: Ms. Amspaugh:
Heidi that deadline has passed for appeals,
has it not?
For Pay 16? Yes. Yes.
So how would we find out the number that is Pending right now Mr. Bennett: as far as appeals? Ms. Amspaugh: Mr.
Bennett:
e Inaudible not in microphon 5:55:14 By TIF or just...
So they have a one long list of appeals and we’ve gotten them Ms. Amspaugh: to sort through which ones are in the TIF and which ones are not for us to help. Mr. Bassett:
The new assessments are just now coming out again for ‘17. p
evelo Commission Plainfield Red p evelo Plainfield Red
Authority
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Ms. Amspaugh: Yes so pay 17 is out and we have done the TIF neutralization calculation for all of your TIF areas and given those back to them, we are working through finalizing the implementation of the notarization factor still with them, so they won’t certify assessed values for probably another week. The preliminary look is that it looks like they were trending Mr. Bassett: up for next year, aren’t they? Ms. Amspaugh: Then page 11 shows you the historical TIF Inaudible 5:56:04. 2016 we just have the spring collections for the Six Points TIF area. collections within the Six Points TIF area, so it should be up from where it Are there any was in 15. So 16 just shows half the year for right now. questions anybody has or need detail you would like for me to walk through Mr. Angle:
No,
Ms. Amspaugh:
I don’t think so. Thanks.
If there are no further questions on that we are going to ask Mr. Perona: when you get to the resolution section that you would pass Resolution No. 2016-08 from the RDC and from the RDA 2016-01 to approve those leasing Are you ready to go onto the next part of the agenda? arrangements. Mr.
Bassett: 2.
Yes.
Discussion of the need for the new Kiondike TIF District.
So we are going to talk next about the need for the Klondike TIF Mr. Perona: area and to do that I am going to ask Tim to come back and talk to you a little bit about where that is and what we are looking at. The proposed Klondike TIF area is roughly at the corner of Mr. Belcher: Ronald Reagan Parkway North, this is US 40, Ronald Reagan Parkway, and 200 South. This is the Ailpoints Business Park and this is Sealy, Regal Beloit The Klondike and Adesa Auto Auction is probably the most recognizable thing. TIF area is really hard to see with this projector, but this is the area that The one goal of that is we are considering and requesting to become a TIF. essentially construct a road we are currently calling Klondike Road because It is sort odd to we think that is the best name that we could come up with. have at least some seems to but one that names road with up and come try uniqueness about that there is a pond there called Klondike Pond, is where it So the idea of this road would stretch from AirTech north to US came from. 40 at the intersection of Adesa traffic signal is already there then go north along the eastern edge of Adesa or the western edge of Medallion Meadows and But the Klondike area proposed is to build this building as come up to 200. its first building and it sets right on where this road would be constructed. It is necessary really for that building to function so we think that that is a mechanism to get this road built was to establish a TIF with the value of this building and its developer to allow that to happen and that is what we There are also other improvements that are showing in are working on now. area plan that needs some infrastructure over the bigger this plan, this is a be would the initial funding would be looking at this but it coming years, roadway section and trying to accomplish part of that, certainly the part that we need to service this first building the other potential improvements that could occur in this area is the connection is that likely in this As we have all neighborhood to get them another access out of this area. the ability to get and busier and busier seen this intersection is getting So we’ve had difficult. very is neighborhood this intersection out of this in our plan for some time the idea of making a connection into that neighborhood to allow better access to a traffic signal and get people out of There are some sewer systems that currently drain there a better safer way. There I a pump along 200 to the east along Marion County it is downhill. We would area. this down to pumps flow and that station here then picks up line green this so system, sewer gravity a to up that upgrade like to reflects a future gravity sewer we would like to construct it the TIF could possibly fund some of that, we have some of this on another TIF district, so we would hope that again because this Klondike area is serviced by the same There is line that it be a sharing partner in the funding of that project. harder to see little is a it intersection, this some storm drainage around there but closer bit little look a have to you there, on down is going what is some problematic areas with drainage that would be pretty difficult to So to a certain degree develop this parcel without those being overcome. that the developer will fund that that is part of our negotiations with the developers, but at some point there is a financial equation where they can’t make their building work so we are trying to find that happy medium there 6 8-29-16 Plainfield Redevelopment Commission Plainfield Redevelopment Authority
between what is the right amount for the Town to be involved and this TIF to I do know that there are some be involved and what the developer should pay. solved that we wouldn’t want being drainage issues in this area and without of storm drainage water, amount substantial is a it the project to happen and take care of without normally would developer the that thing small not just a So those are the improvements of the area and again the idea a complaint. being we would like to establish this district that is not in any other district right now, the other thing about the district that already exists over the Alipoints area and this goes back into some of our prior agreements with the developer there, all the way back to the pre-annexation agreement with 900 acres, there were a certain list of projects that are in our TIF timeline that you all approved but they have a certain priority and as that district is growing the dollars are being set aside for those projects or bonded against to build those projects and that was the agreement with this This particular road is a little further down the priority list, developer. so it can’t really utilize the funds out of that district without opening that agreement again and the likelihood of one developer giving up priority We are all chasing the same tenants and for another developer is really low. things so we see this as a great benefit not just to this project but The Fire Station down here, currently has a obviously to the whole area. We think this longer route to get to 40 where a lot of the calls are. that buildings these of employees the All benefit. safety provides a public work, from and to or lunch to going are they where places go to out go in and we think this provides that greater public benefit there and certainly the benefit of this potential project which I think without this road I am not sure this project is not workable for us, we like the idea of having another way out of here other than just Ronald Reagan, so that is the TIF plan in the nut shell basically and I will be glad to answer your questions if you have any. Mr. Angle:
So just this road project do you have an estimated dollar?
We think that this entire project could Mr. Belcher: million dollars, right of way and everything included. Mr. Angle:
be
similar
to
7-8
The land that we need.
The land that we need, we need land from Adesa, we would need Mr. Belcher: to purchase a home hopefully from a willing seller in this neighborhood. We’ve already had some contacts about that to see if there is interest. These are a lot of these storm sewer would be in easements that already exist but that would be all inclusive. Mr. Angle:
All including the storm?
The road itself is I’m sorry I misunderstood, you are right. Mr. Belcher: I think is the about 7-7 , that is probably the only thing that, well 4 It could be that north half the most expensive part is the northern piece. this is the first phase just the north piece. I can tell you we’ve worked with Medallion Meadows community Mr. Kirchoff: telling them we are going to do our best to provide better are we and there access out of that community, so that is why this is a real priority for us as well, it is a community that needs to have better access. Mr.
Bassett: 3.
Okay.
Introduction of new tax abatement requests.
Mr. Perona number Mr. Bassett: request, do we have any other?
3,
the
introduction
of
new
tax
abatement
I just want to before we move on I want to make sure that you Mr. Perona: with the establishment of that TIF district, if you are comfortable are guys we are going to ask that you under resolutions that you pass Resolution No. RDC-20l6-09 will need a declaratory for this TIF district, it would then go to the Plan Commission for their approval for their approval and then the Town Council for their approval and then we would come back to you in the I just future and ask you to pass the confirmatory for this TIF district. want to make sure that you all understood and agreed with that process. Mr. Perona number Mr. Bassett: request, do we have any other?
3,
the
introduction
Yes we do have 2 other things to note Mr. Perona: abatement request from Ambrose which is the developer 8-29-16 Plainfield Redevelopment Commission Authority ent Redevelopm Plainfield
of
new
tax
abatement
We’ve got an here. in that Klondike TIF 7
They are in a hurry to get that and so we wanted to establish the District. They Klondike TIF before we actually move forward with the tax abatement. are proposing to build a building that is 24.5 million dollars in that There is room for a building 2 and they’ve building 1 that you see there. got some ideas on that but right now they are just asking for an abatement on building 1, again that is 24.5 million dollar building, so we are asking that The second one is for Becknell Development is building, you guys grant that. Stafford Road is across the top here and then Quaker Boulevard you see it across the side there, so this is the last of those warehouse areas that is Becknell is proposing to between Quaker and Perry Road it is the last one. there the project cost on that and building foot 337 thousand square build a is 14 million dollars and they are requesting abatement for that and they Do you have any questions about would appreciate your consideration of that. If there are no questions then we would ask that when you get to the those? Resolutions that you would please approve RDC-2016-06 for Ambrose and 2016-07 for the Becknell Development. Mr.
Thank you Mr.
Bassett:
Perona.
Do we have any other new business?
RESOLUTIONS The first Resolution No. We will move onto the Resolutions. Mr. Bassett: RDC 2016-08- A Resolution of Town of Plainfield Redevelopment Commission Approving a Lease with the Plainfield Redevelopment Authority Relating to Certain Public Improvements in or Serving the Six Points Economic Development Area and Other Matters (Fire Station 121 Project) Mr. Angle:
Move to approve. Second.
Mr. McPhail:
Motion to approve and second, all in favor, opposed, Mr. Bassett: carried. Second Resolution will be for the Redevelopment Authority.
motion
We have for consideration Resolution No. RDA Thank you. Mr. Eichenberger: 2016-01- A Resolution of the Town of Plainfield Redevelopment Authority Approving a Proposed Lease for Certain Land and Public Improvements between the Town of Plainfield Redevelopment Authority, As Lessor and the Town of Plainfield Redevelopment Commission, As Lessee, and Other Related Matters. Gentlemen, any thoughts or comments? I think we pretty well Mr. Himmelheber: approve Resolution 2016-01. Mr.
covered everything.
I move that we
Second.
Bentley:
Mr. Eichenberger: you Mr. Bassett.
All
in favor,
aye,
opposed,
Resolution is passed,
back to
Mr. Bassett: Resolution No. RDC-2016-09- the Declaratory Resolution Regarding the Creation of the Klondike TIF District. Mr.
Kirchoff:
Mr. Angle:
So move.
Second.
Mr. Bassett: We have a motion and a second to any discussion? All those in Next on the agenda is Resolution favor, aye, those opposed, motion carried. Property Tax Abatement RDC-20l6-16- A Resolution Approving of Real No. Application- Ambrose Industrial, LLC building one. Mr.
McPhail:
Ms. Andres:
Move to approve. Second.
Those in favor, Mr. Bassett: We have a motion and a second any discussion? RDC 2016-07- A No. Resolution Next carried. those opposed, motion aye, Becknell ApplicationAbatement Tax Property Real of Approving Resolution Industrial LLC (Six Points District) Mr. McPhail: Mr.
Kirchoff:
Move for approval. Second.
Plainfield Redevelopment Commission Plainfield Redevelopment Authority
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Mr. Bassett: those opposed,
We have a motion motion carried.
for
approval
second.
and
Those
in
favor,
WISHES TO BE HEARD Mr.
Bassett:
Do we have any wishes to be heard at this time?
Mr. Bennett: Mr. Bassett I would remind the members of the RDA and the RDC we have several documents to sign, please don’t leave the building.
NEXT REGULARLY SCHEDULED RDC MEETING Mr. Bassett: We have October 3rd at 5:30.
the
next
scheduled
RDC
meeting
tentatively
set
for
Mr. Perona: I was just reminded by Mr. Kleiman that I didn’t look at the schedule very carefully and I need you guys meet on Monday September the l9I to keep this moving along. So I apologize for misreading the schedule. Mr.
Kirchoff:
What day?
Mr. Perona: That is a Monday September the moment there is a budget work session going to happen. Mr.
Klinger:
it is the third Monday. Well at scheduled, I think that is not
That is just for the RDC.
Mr. Bassett: We trumped the 12th
had
set
the
12t1T
the
previous
meeting
or is that too early? Mr. Perona: Can we keep the if the budget meeting on the 19th does take place we meeting, a brief RDC meeting ahead of that.
and
then
this
one
Let’s do it this way, will schedule an RDC
We have both the Klondike TIF timetable and the bond timetable Mr. Bennett: we are trying, do we need a little more time tonight to figure it out and get back with people tomorrow? I think we are good, I think the Klondike we don’t need the RDC Mr. Perona: to meet until October 3, but for the bonds we need the RDC to meet on September 19th and what I would like to recommend is that we don’t think that 19th so let’s go ahead we are going to need that budget work session on the and double book and if we do actually do need the budget meeting we could have the RDC meeting ahead of that. Mr.
As of right now it is 5:00.
Kirchoff:
19th and then you are You are thinking the Mr. Bassett: next one after that was that what October.
Mr.
Kirchoff:
Mr.
Perona:
is out?
So the The
12di
already booking the
is out.
19th and the second one is October 3 So the first one is the Mr. Bassett: There is a chance that I will not be here on the will be the next meeting. October 3rd is okay. l9’.
Mr.
Perona:
5:30.
I wasn’t clear are we meeting at 4:30 to What time on the l9th? Ms. Andres: get ahead of the budget meeting or 5:30? I think 5 is what we were thinking then we would have the budget Mr. Perona: meeting start at 5:30 if we have a budget meeting. Mr.
Perona:
If there is no budget meeting perhaps we could start it at 5:30.
Angle: Mr. communication.
I
will
keep
that
trust
in
your
scheduling
ability
and
Just to help you I have a similar challenging opportunity Mr. Eichenberger: trying to get back from downtown, so I concur.
Plainfield Redevelopment Commission Plainfield Redevelopment Authority
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Mr. Perona: So noted. The RDA is scheduled The RDA is scheduled to meet on September Thank you all. Mr.
Bassett:
Mr. McPhail: Mr.
Kirchof ft
tven
1n
to be forgotten. Will that work.
Do we have any other business? I would move for adjournment. Second.
Mr. Bassett: Motion and a second, carried, and meeting adjourned.
n,ssett,
to meet, not at 5:30.
all
in
favor,
those
opposed,
motion
RDC President
Eichenberer1)ADA President
Himmelheber,
RDA Secretary
Plainfield Redevelopment Commission Plaint ield Redevelopment Authority
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I will call the meeting of the Plainfield Redevelopment Bassett: Mr. August Commission and the joint Redevelopment Authority meeting to order. 29, 2016 5:30 p.m.
PLEDGE OF ALLEGIANCE Mr.
We would like to stand for the Pledge of Allegiance.
Bassett:
CONSENT AGENDA 1. 2.
Approval of the minutes from the July 11, 2016 meeting. Approval of the minutes from the May 2, 2016 meeting.
RDC: RDA:
First on the agenda we have the approval of minutes for the Mr. Bassett: Did everyone get a Redevelopment Commission from the July 11, 2016 meeting. If there are Any questions? copy of those and get a chance to look at them? no questions, motion for approval? Mr.
So move.
Kirchoff:
Mr. Angle:
Second.
Motion and second, those in favor aye, those opposed, motion Mr. Bassett: carried. I guess with the Redevelopment Authority there will be a set of minutes for May 2nd Yes, we have the minutes from the Redevelopment Authority Mr. Eichenberger: Any questions or corrections? meeting of May 2, do you both have a copy? Mr. Himmelheber: May 2, 2016. Mr.
Bentley:
No
it
looked fine
to me,
I move we
approve
the minutes of
Second.
We have a motion and Mr. Eichenberger: opposed, it is passed and back to you sir.
a
second,
all
in
favor
say
aye,
PUBLIC HEARING At this time we would like to open a meeting for a public Mr. Bassett: Plainfield Redevelopment Authority as lease between Proposed hearing. lessor, and the Commission, as lessee regarding the issuance of bonds for a fire station project in the Six Points TIF District. Mr. Perona: come forward as noted in open clearly speak. Mr.
Bassett:
Mr. Chairman you need to open that up and invite the public to so that if anybody has any discussion or objection to this lease the Hendricks County Flyer, but we need to make sure that gets and people have an opportunity to come forward if they want to
My apologies.
Do we have anyone with questions or comments?
The public hearing will now be closed.
OLD BUSINESS Mr.
Bassett:
Do we have any old business?
NEW BUSINESS Mr.
Bassett: 1.
We will move onto new business.
proposed the of structure transaction and terms Discussion of . Commission the and leasing arrangement between the Authority
Plainfield Redevelopment Commission Plainfield Redevelopment Authority
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That is going to be regarding Fire Station 121, Mr. Perona: Thank you. The which I think we have talked to you all about in earlier meetings. reason we never done anything with it before is that we didn’t have property yet. We now have the deed for that property so we are prepared to go forward Tim I think is going to start by and that is what this is all about tonight. talking a little bit about Fire Station 121? Very briefly. More really is just a reminder for everyone Mr. Beicher: where the property is at and it has been a while since we have talked about it. This is State Route 267 and Stanley Road, Stafford Road is up here just The site that we just purchased is 4 to get your bearings a little bit. It includes what was a private road that we acres in this area right here. would like to make public because we are going to put a public facility there, so in the acreage that we purchased this included that parcel, but this is going to be the site that we intend to place the new Fire Station 121. Fire Station 121 currently is under the water tower, it is the brown building that is sitting there and it has been Fire Station 121 for years so the goal of this whole program would be to repurpose that building and possibly use that for a Police Department and substation and training So the overall program was when this facility and things that they need. project is successful we will move the Police into that building after Again this is just the potential remodeling, so that is where it is headed. site and just to remind you the 4 acres is more than they currently need for Fire Station 121, so there is a possibility and I will come back to you with more details later and this could affect the lease and things so we wouldn’t acres for the current do something to mess that up, but if we need to say 2 project it might be wise for the Town and RDC to decide to make that a 2 acre lot and a 1 % acre lot and if they want to have a bigger lot, just so that in the future you decide to do something different with that other piece of land it wouldn’t be incumbent by the lease that you have in front of you that will go through this process on, it is just a strategy that maybe an At this point I wanted to mention it and you advantage but it may not be. So right now will have more details of that if it were to actually occur. If in 15 or the idea of buying 4 was for the future growth at that location. we are just different so might be a change the strategy so years that may This is the actual survey just as trying to be flexible in that regard. point of reference to give you some sense of a quite long site, the station won’t take up that entire facility or that entire piece of land, but the Town felt like that land is pretty scarce and that location is a pretty good location so we want to give ourselves plenty of room for the future so it has I think that is all I had unless there are additional been acquired. questions on Fire Station 121, I just wanted to brief you and bring you back up to speed. You had mentioned potentially looking having those partials out Mr. Angle: in different sizes, when do you think the best time for that would be? I think it needs to be done before this process of financing is Mr. Beicher: completed, so again we will have more readings I’m sure as the process goes forward, but what we do with these kind of commercial lots we create what is called an incremental plating process, so you can literally draw the line at any particular point and time when you determine what the footprint of the or building is and then we can set that line if you so wish and make it a 2 But we want to make a 2.7 acres that kind of remainder depends on the lot. sure our zone matters are all taken care of and that kind of thing too. Mr. Angle: Mr. Bassett: south end?
Sounds good. Would the empty portion of the lot,
Mr.
Beicher,
be on the
Yes, we are going to build from the day care center, we have Mr. Belcher: talked to them already so they know the Fire Station is going to be next door, so that would be the idea to leave the southern end open at this point. The only other thing that is good about this site if you are not aware it There is not as already has water, sewer, the road is bigger, the drains. much to develop as there was on the Moon Road site in terms of bare ground site and this one is a little bit more developed already so we get started Thank you. quicker when we get to that point and time. Now I am going to ask Andy Kleiman from Benesch to come forward Mr. Perona: and talk to you about the leasing arrangements. The structure that we are using Thank you and good afternoon. Mr. Kleiman: for the lease between the Redevelopment Authority and Redevelopment Commission is very similar to what we used a lot last year, I know a lot of 2 8-29-16 Plainfield Redevelopment Commission Plainfield Redevelopment Authority
The bonds we did You went through, so I won’t bore you with the details. last year mainly dealt with infrastructure, roads, utilities, this obviously It really doesn’t deals with the Fire Station project main constructed. I am more than happy to answer any questions. change the terms of the lease. Mr. Angle to answer your question as Tim said we will be coming back to you guys after the bonds are sold, because after the bonds are sold we will know So what you are approving today exactly what the lease payments need to be. I will be coming back to you with an addendum to is a maximum lease payment. that lease, which will be tied to the actual cost from the sale of the bonds and at that time we would come back to you and say something on the four acres, the lease right now does cover the entire four acres, but when we do that amendment to the lease we can say we are going to mend the lease premises to be the 2.5 acres or the 2.7 whatever it ends up to be. So that is So I when we would do that but it would be before everything is finalized. would be happy to answer any questions with respect to the lease. It looks simIlar to the ones that we’ve done in the past, Mr. Angle: this point I don’t have any questions.
so at
Now I am going to ask our friends from Umbaugh to come forward Mr. Perona: and talk about the bonds. I do want to Ms. Amspaugh: Hello all, thank you for having us here. Roster from Umbaugh. Tyler hire, new a members new staff introduce one of our it would be a thought we and of us alongside working be to now going So he is Emma is passing So thank you for having us. good meeting for him to attend. out a set of numbers that also will look very familiar in set up to past feasibilities that we have handed out and that there is an estimated scenario which is the numbers we are anticipating the bond issue interest rates and The maximum scenario such will look like, then there is a maximum scenario. put numbers in could we that so rates interest higher with together put was So the maximum scenario was put together merely to set the legal document. the perimeters that are in the lease document that you guys just looked at. So the net So with this if you want to go ahead and turn to page 3. that can proceeds available of number a again available proceeds number is 121 is the Station Fire new the so project, the on spent and used actually be Tim can 8.8 million number and then a $200,000 contingency number if needed. talk about any increase in project cost if needed, if you guys have any questions about that but based on some historical or recent interactions with the headquarters building, construction costs have gone up for more than they have in the past, which to me is a good thing because that means hopefully the economy is coming back but that is why the numbers have increased So slightly from where they were in prior numbers that you guys have seen. the total project costs for this project is slightly over the 9,140,000.00. Capitalized interest is the interest due during the term of construction because this is a leased structure which you guys have dealt with in the past, you cannot pay interest during construction so there are monies that are set aside in the beginning of the deal to pay interest during that time period, so the capitalized interest will be an 18 month construction period We also have to include a with the first principal payment on February 19. debt service reserve as we have on past deals as well that is equal to maximum annual debt services which is what Standard Empowers who will be rating this deal, if it goes forward we will require on this, again it is how We also have all four leases we did last year were set up and were required. an allowance there for a 1% underwriters discount, again that is the payment to the underwriter we are working with take the bonds and to sell them out in Then the cost of issuance pays for bond counsel, local the secondary market. So counsel, our fee, S&P rating, official statement printing and so forth. over right of issue bond a would be funding the costs, project those are the 9 million dollars and then funds on hand. When we talked about this deal probably a year ago we had put some Six Points TIF cash on hand towards this project, so we have kept that in this deal for now to reduce the size of this So we are expecting to use cash of about 1.8 million size of the bond issue. the project and then the other 400,000.00 is towards a total 1.4 will be put up to that maximum annual debt service reserve service debt the used to fund that is going to be required by S&P to be at that 8.8 million dollar number These bonds we are that will be used out of your Six Points TIF Fund. assuming will be paid from the Six Points TIF, with a property tax backup on Just one Again similar to the other leases that you did last year. it. Tim had or we Because too. needed if on add thing to mention and Tim can to move decide guys you if already, corporation school the to taken this deal down this path this evening then we will have to go back to the school corporation and let them know that the cost of the projects have increased to these numbers just so they are on the same page and informed.
Plainfield Redevelopment Commission Plainfield Redevelopment Authority
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Mr. Beicher: I will fill you in on some of the costs that we have seen on the first phase and where we adjusted the prices here on the estimated and Maybe start where we just left off, the agreement with the maximums here. schools is to go and get projects approved, and of course they approved the project, the Fire Station project, but also within our agreement there is a number that we fix, the number that is fixed in the agreement now is So between the Town, RDC, and the school that is what we have $9,519,525.00. agreed we would spend maximum without going back and asking that to be Now the Town has many options That is where the number is now. changed. about if there is a gap in that number and a higher number, how that is funded it could be through other funds from the Town, it could be going back to the school and asking for funds to come from the district, so there is The first option we are looking at is to try and other options available. control our cost, we are trying to bring our cost down, we are looking at our scope of projects and we are doing a lot of things within our overall program of our Fire Station and our Public Safety Project, not just this project but many other projects and funding sources that are coming into this program. So we are looking at all the projects across the board seeing if we can find So that dollars to bring the costs down and keep the whole thing in budget. We thought it was wise to make sure right up front this is our first goal. was an option if we have no other possibilities if it is true construction costs have just risen and the economy is heating up and that is what we think might have happened because what we have done here is take project costs from the actual projects going on now, HQ and 122 and applied them to 121 with a 10% increase factor, because this could be next year before we are constructing. So we are trying to anticipate that prices have gone up and may continue to go up and I guess be conservative at this stage with the So as much as we tried to do that before budgeting process with you folks. far along, we didn’t have the benefit of this have design the we didn’t having these projects actually priced from an actual contractor and actually So again we are doing everything we can to bring this whole being built. program to where we initially proposed it to you but we are facing the facts of some of the realities of the economy right now and we will do our best to keep the whole program in budget but right now we felt it was wise to explain to you in this current advertising and things we’ve reached out to the Rather than having them low and then maximums in cash and bonding capacity. come back later and then you really almost can’t change things at that point So there is a difference of I think around if you go too far in the process. 1.2 or 1.4, I haven’t gone through all of them in detail but that much So that is where additional than what you saw in the previous presentation. tonight. of in you front to get I wanted we are at but that is what Tim how comfortable are you on the 8.8 million right now? Mr. Eichenberger: The contingency of 200 seems a little light to me from what I am used to. If there wasn’t already a 10% fact we took the pricing from Mr. Belcher: Moon Road and added 10% to get to the 8 so there is already some built in contingency, I agree with you but we have already built some in the 8.8. So you had mentioned this 8.8 is kind of modeled after 2 projects Mr. Angle: that are underway, the first goal would be to see cost savings to try to come What has been your experience with the other two up with a short goal. projects in cost savings? Well the HQ and 122 is currently under construction and we had Mr. Belcher: On the first phase that is not had enough experience yet to see that. We saw a significant savings because it is an complete, the 9-1-1 center. open book pricing project and the contractor and the Town worked together I think on a 2.5 million dollar project we trying to find methods of saving. still getting the numbers together and we are under, 3-500,000 about in came hopefully more, but again that is a remodel project as opposed to new, it is probably a little bit more, we are almost out of the ground on Moon Road and that is going to be a good thing, we will have some real numbers to compare what they thought it would cost to get out of the ground and what it actually cost, so I think again the contractor who puts what we have a guaranteed So they are on the hook for the pricing they gave maximum pricing contract. us and that is what really the price is based on, so it is on the But again we are looking at all avenues to try to get conservative side. these things back into budget and hopefully we can get the entire program We are early and things are at least looking good for back in the budget. have done. we the project phase In comparison to page 3 the numbers that are in the legal Ms. Amspaugh: documents that are proposed in front you tonight, the maximum par amount is 9.2 million which the par amount is the principal amount on the bonds with The term on this bond if you want the maximum project cost of 11.2 million. 4 8-29-16 Plainfield Redevelopment Commission Plainfield Redevelopment Authority
The term or life of this bond issue currently is to fljp to page 4. d at a 10 year term, the bond documents allow for a is year term, so Structure to the Redeveiopmet Commis0 or whoever decides to lengthen that ty , the ni so to do e tu ey ve s, al ts th or si th ha n nu e P on ce ba th pae an oP redu t e , ld y ax th ou ar life 33 ou at m ar s is so w 20 ye ru of th re in F ea eb pi F TI ar ex These numbers do anticipate a io year term so unless of the TIF area. y ith, but t something changes this is Probabl what we are going to go ou W ts en it le of ib l m a litt b flex ility if again we wanted to allow in lega docu l il u 4 on see the paent ge e w yo So on er r e m pa fo so reas costs cam in high e tized again on le nd at ti su or r du bo is th za le fo am e ti he or th amor sc schedu ts t of you en e on at in m l ar fr e d th cu od ga ar th e an ri do er 10 le th ye pe ov r 7 year ng n ni te io ll ea af is ed t ar r 7 a m ca w ve ov fo ye gh we lo ha pr ni al to se s. e ty it is a Becau to pay off thes bond period you have the oPPortuni s ve that in , ar ce to ha is ni short term and in our eyes of a io year term 7 ye ll h ar 7 it ne al e ca n t w e ye k do provision that w ca ge th de there and we thin d u ul nt You can e at f yo oi co y at bl of it th P to la pa e as sh w ca So if th avai nd e e st er of th bo fe st st th re li e ov st co or re te th e co e ue te in se th tr in ely s ll em t m tr nd ti is iu ke , e s ex n bo e ar % em th u e ca 50 se m 41 a pr is yo 2. su is t y n’ y g t ow an ll d sh the marke an it does watchin low and we have been continua le er 4% h at ab 2. it ov rt th w So we feel comfo signs of going up, maybe down. If you go to page 5, 5 is what we call our comparison the life of the bonds t page, you can see on the left hand side the estimated tax incremen that is t . s e ra ve F ea W e sumed the nt ha e TI n ix ar as oi ed om th S e P fr at be g to estim 100 million of assessed value will be passed through every year, so that d and as you are currently assumption is in that number as it is footnote ing obligatj05 payabi from . nd e Th outsta Passing through in this TIF area Six Points TIF are the 2003 TIF bonds, the 2003 EDC bonds, the school ion paents which is the lease rental paents on the school transportat ion building and then these proposed 2016 leased rentals for the at rt o transp ligat05 total, leaving you the estimated remaining tax increment d b ne o bi m co . after all of the bonds are paid of about 3 million up to about 4.5 million e h k er s ug e or at th rt ro es w w al h th th the TIF annu repo proc As you know throug s e ie ch n os d on ea le w y d th m en to do el du le sh ow sp fl ca sche is an extrem detai ents but when year, this schedule does not show all of those planned developm we come back to you to present the TIF annual report we will remind you of So you can see out to the far all the plans you guys have for this TIF area. e coverage for this bond issue. right hand side there is Plenty of debt servic t e er e m ac sa show you th ex schedules but again the Page 6 and thereaft h e We increased the nd e it s t th e bo terms. ch m up w wha w ca maximum is whi I d e t u the maximums. to se to yo e su nd ge s st is d ea th bo te re an incr ra inte can walk you through them if you want, but it is exactly the same set up as the prior schedules So that is an increase of 2.93 versus the other one so Mr. Eichenberger ce 2.4 versus 2.9 for the max case? en that is the differ We are at 2.4% estimated where we anticipate being and Ms. Amspaugh: Yes. Page 9 is a detail of the TIF estimate for then our maximum basis on 2.9% ly The detail behind the TIF calculation, page 9 and io. this TIF area actual on 0 of li assessed value being passed through each again we do have the 10 mil e e for Pending appeals within the TIF at er in m , ve th so ti e an es ha year w al ve The last ti va d n , a er ul number in this TIF estimate. be ai ea so ns co ar ag co al ri es st ed se lu u fl ss d ea e in va se in cr w a rg y we as sa is in ar la in pa ye ve just to see how that turns out. building so we are being conservati Mr.
Bennett:
Ms. Amspaugh: Mr. Bennett: Ms. Amspaugh:
Heidi that deadline has passed for appeals,
has it not?
For Pay 16? Yes. Yes.
So how would we find out the number that is Pending right now Mr. Bennett: as far as appeals? Ms. Amspaugh: Mr.
Bennett:
e Inaudible not in microphon 5:55:14 By TIF or just...
So they have a one long list of appeals and we’ve gotten them Ms. Amspaugh: to sort through which ones are in the TIF and which ones are not for us to help. Mr. Bassett:
The new assessments are just now coming out again for ‘17. p
evelo Commission Plainfield Red p evelo Plainfield Red
Authority
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Ms. Amspaugh: Yes so pay 17 is out and we have done the TIF neutralization calculation for all of your TIF areas and given those back to them, we are working through finalizing the implementation of the notarization factor still with them, so they won’t certify assessed values for probably another week. The preliminary look is that it looks like they were trending Mr. Bassett: up for next year, aren’t they? Ms. Amspaugh: Then page 11 shows you the historical TIF Inaudible 5:56:04. 2016 we just have the spring collections for the Six Points TIF area. collections within the Six Points TIF area, so it should be up from where it Are there any was in 15. So 16 just shows half the year for right now. questions anybody has or need detail you would like for me to walk through Mr. Angle:
No,
Ms. Amspaugh:
I don’t think so. Thanks.
If there are no further questions on that we are going to ask Mr. Perona: when you get to the resolution section that you would pass Resolution No. 2016-08 from the RDC and from the RDA 2016-01 to approve those leasing Are you ready to go onto the next part of the agenda? arrangements. Mr.
Bassett: 2.
Yes.
Discussion of the need for the new Kiondike TIF District.
So we are going to talk next about the need for the Klondike TIF Mr. Perona: area and to do that I am going to ask Tim to come back and talk to you a little bit about where that is and what we are looking at. The proposed Klondike TIF area is roughly at the corner of Mr. Belcher: Ronald Reagan Parkway North, this is US 40, Ronald Reagan Parkway, and 200 South. This is the Ailpoints Business Park and this is Sealy, Regal Beloit The Klondike and Adesa Auto Auction is probably the most recognizable thing. TIF area is really hard to see with this projector, but this is the area that The one goal of that is we are considering and requesting to become a TIF. essentially construct a road we are currently calling Klondike Road because It is sort odd to we think that is the best name that we could come up with. have at least some seems to but one that names road with up and come try uniqueness about that there is a pond there called Klondike Pond, is where it So the idea of this road would stretch from AirTech north to US came from. 40 at the intersection of Adesa traffic signal is already there then go north along the eastern edge of Adesa or the western edge of Medallion Meadows and But the Klondike area proposed is to build this building as come up to 200. its first building and it sets right on where this road would be constructed. It is necessary really for that building to function so we think that that is a mechanism to get this road built was to establish a TIF with the value of this building and its developer to allow that to happen and that is what we There are also other improvements that are showing in are working on now. area plan that needs some infrastructure over the bigger this plan, this is a be would the initial funding would be looking at this but it coming years, roadway section and trying to accomplish part of that, certainly the part that we need to service this first building the other potential improvements that could occur in this area is the connection is that likely in this As we have all neighborhood to get them another access out of this area. the ability to get and busier and busier seen this intersection is getting So we’ve had difficult. very is neighborhood this intersection out of this in our plan for some time the idea of making a connection into that neighborhood to allow better access to a traffic signal and get people out of There are some sewer systems that currently drain there a better safer way. There I a pump along 200 to the east along Marion County it is downhill. We would area. this down to pumps flow and that station here then picks up line green this so system, sewer gravity a to up that upgrade like to reflects a future gravity sewer we would like to construct it the TIF could possibly fund some of that, we have some of this on another TIF district, so we would hope that again because this Klondike area is serviced by the same There is line that it be a sharing partner in the funding of that project. harder to see little is a it intersection, this some storm drainage around there but closer bit little look a have to you there, on down is going what is some problematic areas with drainage that would be pretty difficult to So to a certain degree develop this parcel without those being overcome. that the developer will fund that that is part of our negotiations with the developers, but at some point there is a financial equation where they can’t make their building work so we are trying to find that happy medium there 6 8-29-16 Plainfield Redevelopment Commission Plainfield Redevelopment Authority
between what is the right amount for the Town to be involved and this TIF to I do know that there are some be involved and what the developer should pay. solved that we wouldn’t want being drainage issues in this area and without of storm drainage water, amount substantial is a it the project to happen and take care of without normally would developer the that thing small not just a So those are the improvements of the area and again the idea a complaint. being we would like to establish this district that is not in any other district right now, the other thing about the district that already exists over the Alipoints area and this goes back into some of our prior agreements with the developer there, all the way back to the pre-annexation agreement with 900 acres, there were a certain list of projects that are in our TIF timeline that you all approved but they have a certain priority and as that district is growing the dollars are being set aside for those projects or bonded against to build those projects and that was the agreement with this This particular road is a little further down the priority list, developer. so it can’t really utilize the funds out of that district without opening that agreement again and the likelihood of one developer giving up priority We are all chasing the same tenants and for another developer is really low. things so we see this as a great benefit not just to this project but The Fire Station down here, currently has a obviously to the whole area. We think this longer route to get to 40 where a lot of the calls are. that buildings these of employees the All benefit. safety provides a public work, from and to or lunch to going are they where places go to out go in and we think this provides that greater public benefit there and certainly the benefit of this potential project which I think without this road I am not sure this project is not workable for us, we like the idea of having another way out of here other than just Ronald Reagan, so that is the TIF plan in the nut shell basically and I will be glad to answer your questions if you have any. Mr. Angle:
So just this road project do you have an estimated dollar?
We think that this entire project could Mr. Belcher: million dollars, right of way and everything included. Mr. Angle:
be
similar
to
7-8
The land that we need.
The land that we need, we need land from Adesa, we would need Mr. Belcher: to purchase a home hopefully from a willing seller in this neighborhood. We’ve already had some contacts about that to see if there is interest. These are a lot of these storm sewer would be in easements that already exist but that would be all inclusive. Mr. Angle:
All including the storm?
The road itself is I’m sorry I misunderstood, you are right. Mr. Belcher: I think is the about 7-7 , that is probably the only thing that, well 4 It could be that north half the most expensive part is the northern piece. this is the first phase just the north piece. I can tell you we’ve worked with Medallion Meadows community Mr. Kirchoff: telling them we are going to do our best to provide better are we and there access out of that community, so that is why this is a real priority for us as well, it is a community that needs to have better access. Mr.
Bassett: 3.
Okay.
Introduction of new tax abatement requests.
Mr. Perona number Mr. Bassett: request, do we have any other?
3,
the
introduction
of
new
tax
abatement
I just want to before we move on I want to make sure that you Mr. Perona: with the establishment of that TIF district, if you are comfortable are guys we are going to ask that you under resolutions that you pass Resolution No. RDC-20l6-09 will need a declaratory for this TIF district, it would then go to the Plan Commission for their approval for their approval and then the Town Council for their approval and then we would come back to you in the I just future and ask you to pass the confirmatory for this TIF district. want to make sure that you all understood and agreed with that process. Mr. Perona number Mr. Bassett: request, do we have any other?
3,
the
introduction
Yes we do have 2 other things to note Mr. Perona: abatement request from Ambrose which is the developer 8-29-16 Plainfield Redevelopment Commission Authority ent Redevelopm Plainfield
of
new
tax
abatement
We’ve got an here. in that Klondike TIF 7
They are in a hurry to get that and so we wanted to establish the District. They Klondike TIF before we actually move forward with the tax abatement. are proposing to build a building that is 24.5 million dollars in that There is room for a building 2 and they’ve building 1 that you see there. got some ideas on that but right now they are just asking for an abatement on building 1, again that is 24.5 million dollar building, so we are asking that The second one is for Becknell Development is building, you guys grant that. Stafford Road is across the top here and then Quaker Boulevard you see it across the side there, so this is the last of those warehouse areas that is Becknell is proposing to between Quaker and Perry Road it is the last one. there the project cost on that and building foot 337 thousand square build a is 14 million dollars and they are requesting abatement for that and they Do you have any questions about would appreciate your consideration of that. If there are no questions then we would ask that when you get to the those? Resolutions that you would please approve RDC-2016-06 for Ambrose and 2016-07 for the Becknell Development. Mr.
Thank you Mr.
Bassett:
Perona.
Do we have any other new business?
RESOLUTIONS The first Resolution No. We will move onto the Resolutions. Mr. Bassett: RDC 2016-08- A Resolution of Town of Plainfield Redevelopment Commission Approving a Lease with the Plainfield Redevelopment Authority Relating to Certain Public Improvements in or Serving the Six Points Economic Development Area and Other Matters (Fire Station 121 Project) Mr. Angle:
Move to approve. Second.
Mr. McPhail:
Motion to approve and second, all in favor, opposed, Mr. Bassett: carried. Second Resolution will be for the Redevelopment Authority.
motion
We have for consideration Resolution No. RDA Thank you. Mr. Eichenberger: 2016-01- A Resolution of the Town of Plainfield Redevelopment Authority Approving a Proposed Lease for Certain Land and Public Improvements between the Town of Plainfield Redevelopment Authority, As Lessor and the Town of Plainfield Redevelopment Commission, As Lessee, and Other Related Matters. Gentlemen, any thoughts or comments? I think we pretty well Mr. Himmelheber: approve Resolution 2016-01. Mr.
covered everything.
I move that we
Second.
Bentley:
Mr. Eichenberger: you Mr. Bassett.
All
in favor,
aye,
opposed,
Resolution is passed,
back to
Mr. Bassett: Resolution No. RDC-2016-09- the Declaratory Resolution Regarding the Creation of the Klondike TIF District. Mr.
Kirchoff:
Mr. Angle:
So move.
Second.
Mr. Bassett: We have a motion and a second to any discussion? All those in Next on the agenda is Resolution favor, aye, those opposed, motion carried. Property Tax Abatement RDC-20l6-16- A Resolution Approving of Real No. Application- Ambrose Industrial, LLC building one. Mr.
McPhail:
Ms. Andres:
Move to approve. Second.
Those in favor, Mr. Bassett: We have a motion and a second any discussion? RDC 2016-07- A No. Resolution Next carried. those opposed, motion aye, Becknell ApplicationAbatement Tax Property Real of Approving Resolution Industrial LLC (Six Points District) Mr. McPhail: Mr.
Kirchoff:
Move for approval. Second.
Plainfield Redevelopment Commission Plainfield Redevelopment Authority
8-29-16
8
Mr. Bassett: those opposed,
We have a motion motion carried.
for
approval
second.
and
Those
in
favor,
WISHES TO BE HEARD Mr.
Bassett:
Do we have any wishes to be heard at this time?
Mr. Bennett: Mr. Bassett I would remind the members of the RDA and the RDC we have several documents to sign, please don’t leave the building.
NEXT REGULARLY SCHEDULED RDC MEETING Mr. Bassett: We have October 3rd at 5:30.
the
next
scheduled
RDC
meeting
tentatively
set
for
Mr. Perona: I was just reminded by Mr. Kleiman that I didn’t look at the schedule very carefully and I need you guys meet on Monday September the l9I to keep this moving along. So I apologize for misreading the schedule. Mr.
Kirchoff:
What day?
Mr. Perona: That is a Monday September the moment there is a budget work session going to happen. Mr.
Klinger:
it is the third Monday. Well at scheduled, I think that is not
That is just for the RDC.
Mr. Bassett: We trumped the 12th
had
set
the
12t1T
the
previous
meeting
or is that too early? Mr. Perona: Can we keep the if the budget meeting on the 19th does take place we meeting, a brief RDC meeting ahead of that.
and
then
this
one
Let’s do it this way, will schedule an RDC
We have both the Klondike TIF timetable and the bond timetable Mr. Bennett: we are trying, do we need a little more time tonight to figure it out and get back with people tomorrow? I think we are good, I think the Klondike we don’t need the RDC Mr. Perona: to meet until October 3, but for the bonds we need the RDC to meet on September 19th and what I would like to recommend is that we don’t think that 19th so let’s go ahead we are going to need that budget work session on the and double book and if we do actually do need the budget meeting we could have the RDC meeting ahead of that. Mr.
As of right now it is 5:00.
Kirchoff:
19th and then you are You are thinking the Mr. Bassett: next one after that was that what October.
Mr.
Kirchoff:
Mr.
Perona:
is out?
So the The
12di
already booking the
is out.
19th and the second one is October 3 So the first one is the Mr. Bassett: There is a chance that I will not be here on the will be the next meeting. October 3rd is okay. l9’.
Mr.
Perona:
5:30.
I wasn’t clear are we meeting at 4:30 to What time on the l9th? Ms. Andres: get ahead of the budget meeting or 5:30? I think 5 is what we were thinking then we would have the budget Mr. Perona: meeting start at 5:30 if we have a budget meeting. Mr.
Perona:
If there is no budget meeting perhaps we could start it at 5:30.
Angle: Mr. communication.
I
will
keep
that
trust
in
your
scheduling
ability
and
Just to help you I have a similar challenging opportunity Mr. Eichenberger: trying to get back from downtown, so I concur.
Plainfield Redevelopment Commission Plainfield Redevelopment Authority
8-29-16
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Mr. Perona: So noted. The RDA is scheduled The RDA is scheduled to meet on September Thank you all. Mr.
Bassett:
Mr. McPhail: Mr.
Kirchof ft
tven
1n
to be forgotten. Will that work.
Do we have any other business? I would move for adjournment. Second.
Mr. Bassett: Motion and a second, carried, and meeting adjourned.
n,ssett,
to meet, not at 5:30.
all
in
favor,
those
opposed,
motion
RDC President
Eichenberer1)ADA President
Himmelheber,
RDA Secretary
Plainfield Redevelopment Commission Plaint ield Redevelopment Authority
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10
