PLAINFIELD REDEVELOPMENT COMMISSION
PLAINFIELD REDEVELOPMENT COMMISSION February 8, 2016 5:30 p.m. Mr. Angle:
Plainfield Redevelopment Commission to order.
PLEDGE OF ALLEGIANCE First
Mr. Angle: Allegiance.
order
of
please
business,
for
stand
the
Pledge
of
SWEARING IN OF JENNIFER ANDRES Our first order of business tonight, we Mr. Angle: got Stan Bassett absent and we have a new member that So in who has swapped places with John Himmelheber. Andres, thank you so much for making the move over, we Mr.
have quorum however we we would like to swear swearing in of Jennifer appreciate it.
Bennett conducted the swearing in of Jennifer Andres.
ELECTION OF OFFICERS FOR 2016 Mr. Angle: Mr.
The next order of business would be the election of officers.
Kirchof ft
Has he ever been considered for President?
He has been in the past, he has been the President in the past. Mr. Bennett: It has been quite a while now, 4 or 5 years ago at least. I would so move Kirchoff: Mr. President of the RDC for 2016. Mr.
All those in favor say aye.
Mr.
Kirchof ft
Mr.
Bennett:
Mr.
Kirchoff:
Mr.
McPhail:
Mr. Angle:
McPhail:
name
would
Stan
Bassett
as
the
as
the
Fantastic.
Then we need a Vice President and a Secretary? That is correct. For Vice President I would nominate Jennifer Andres. Second.
All those in favor say aye,
I would Mr. Kirchof ft Secretary for 2016. Mr.
we
Second.
McPhail:
Mr. Angle:
that
recommend
that
all those opposed same sign. we
continue
with
Angle
Lance
Second.
All those in favor, opposed same Mr. Angle: our election of officers of 2016.
sign.
So there we go,
we have
DETERMINATION OF A QUORUM Mr. Angle:
We do have a quorum that has been determined.
CONSENT AGENDA The first consent agenda item is approval of the minutes from Angle: Mr. Hopefully everybody got a chance to take a look at those in the December. email sent out by Tony on the 5th Since Mr. Kirchof ft chairing the meeting. Mr. Angle:
we
have
a Vice
President
I
would
she
should be
Go for it.
I will have to abstain from voting on the Ms. Andres: not at that meeting, does anyone have any changes? Mr. McPhail:
assume
minutes
since
I would move they would be approved as written.
Plainfield Redevelopment Commission
2-8-16
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I
was
May I, I noticed on page 1 at the bottom there is a blank Mr. Bennett: there, we did have someone, a female and I will go back and listen, but if you would revise your motion to make the correction to the bottom of page 1 we will find out who that speaker was because there is not a speaker listed on the bottom. Mr. McPhail: Mr.
So noted. Second.
Kirchoff:
So I have a first and second to approve the minutes as modified, Ms. Andres: any opposed. favor, in those all
OLD BUSINESS item
First I see we have old business. Ms. Andres: purchase agreement for land for Fire Station 121.
is
status
the
of
On our purchase I will speak to that briefly. Thank you, Mr. Daniel: for the agreement purchase a approved has Council Town the agreement off there right over is and it Drive, Edwards of off acres 4 is property, it It is at the bank now, we are in the process of of Quaker Boulevard. discussing the possibility of a little bit more road right of way right there, but it basically completed and I imagine it will be signed yet this Thank you. week. Second item is the memorandum of understanding between the Town Ms. Andres: and the School Corporation for Six Points TIF. The anticipation of the fact that that will be purchased by the Mr. Perona: We would like for the Town to consider the that land. Town shortly, that is which you all received a copy of, memorandum of understanding, the appreciate would we but Board, School the and Town the between consider to Council the for MOU that endorsing Commission ent Redevelopm Do you have any questions on that memorandum of understanding? tonight. Mr. Todisco: school? Mr.
Perona:
Mr.
Todisco:
you
Will
be
bringing
this
next
March,
this
not
week
to
the
We would be bringing it to the school this... This Thursday?
Since Mr. Kirchoff: you asking for?
it
Okay,
I just wanted to verify.
is between the Town Council
and the
school,
what are
Just an endorsement because it concerns the Six Points TIF and Mr. Perona: it would be appropriate for the Redevelopment Commission to recommend that to Consent would be all that would be needed. the Council. I just told Tony the Ms. Andres: be a period. should there where Mr.
Perona:
Ms. Andres: Mr.
Todisco:
Ms. Andres: Plan.
end of paragraph 2
there
is
a
semi
colon
I will take a look at that. Mark, Yes,
are you comfortable with that? go ahead.
The third item is the Amended and Restated Economic Development
Right, we have several people here to Mr. Perona: Heidi and Emma from Umbaugh, and Andy from Benesch.
speak
on that.
We
have
We obviously have Economic Development plans currently in place Mr. Kline: It has US4O for Six Points. with State Road 267 for the 1-70 interchange. is that project facilities safety global as I call the been determined, to want we that districts TIF those in available monies ongoing that there is put into use for those projects. What we realized after we looked at the economic development plans was that they were not clear, that monies from those TIF districts could be used specifically for public safety projects. So what we are doing is we are going through and starting with this one resolution which will essentially amend all 4 of those economic development So plans to allow the TIF funds to be used for these public safety projects. ent Redevelopm the from resolution declaratory this process step 4 a it is Plainfield Redevelopment Commission
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Commission is the first step and the next step we will go to the Plan Commission with a similar declaratory resolution and we will go to the Town Council for another declaratory resolution and then back to the Redevelopment Commission for a confirmatory resolution which I think would be your meeting So if you had a chance to look at the in April that we will be back here. resolution and you look at what we have as exhibit A, that is a description of the amendments to each of the 4 economic development plans to essentially allow funds from these economic development plans to be utilized for these If there are no questions I can turn it over to public safety projects. run of you through the numbers if you want, if you need can kind Heidi who it. Mr. Angle: Mr.
Do the numbers change?
Same thing we saw a month or two ago wasn’t it.
Kirchoff:
Yes.
Ms. Umspaugh:
This is just a house Mr. McPhail: where we can apply those funds. Ms. Andres:
I didn’t think so.
keeping matter
to
clean
is
the
the
language up
No further discussion on those items?
NEW BUSINESS We will move onto new business Ms. Andres: information for Fire Station 121.
which
bond
schedule
and
You will just have to adjust the economic development plans to Ms. Umspaugh: be able to use the TIF monies on the plan, so that is what that document did. What Emma just handed out is a copy of the estimated and maximum scenarios for the Six Points bond issue which funds the new Fire Station 121, we just wanted to get these numbers in front of you and do the MOU and the numbers Tonight is just informational I know you have seen these floating around. we just added the maximum scenario to it and estimated numbers before, I will walk through changed the interest rates so they are more current. again you have seen but questions, any you have if me these and please stop Page 3 lays out the estimated public safety the format with the EDIT bonds. As you can public project cost and funding for all of the projects together. see at the top, this page you have seen before so nothing here has changed except for the Six Points, the allowance for the debt service reserve number has gone down just slightly because of the change on the Six Points bonds. Other than that the project costs have not changed from what you guys have seen before, then at the top you can see all of the costs and at the bottom you can see all of the various funding source, the cash on hand, the EDIT bond which we are moving forward with we have a rating call on Thursday Page 4 regarding and then the Six Points Bonds that are being proposed now. Page 5 are the current balances in your TIF Funds as well as your EDIT Fund. the in has changed that only thing the scenario, so is the estimated estimated scenario from the numbers you have seen at prior meetings is the capitalized interest, we have increased the capitalized interest another 6 months due to the timing of the construction of Fire Station 121 to be conservative Tim thinks that Fire Station wouldn’t be finished until December of next year, so with that we have added another 6 months of CAP I which Other than that the total project cost have not adjusts the cost on page 5. None of changed and the interest rates on this scenario have not changed. the other assumptions have changed so still a little over 7.6 million for We are proposing that you pay for the project from these bonds that project. That is payable from annual Six Points TIF in addition to TIF cash on hand. what the school MOU details out that 1. You will issue a bond issue at the maximum of what you are seeing right here and a onetime cash on hand Page 6 is the amortization schedule that you have seen before contribution. adding the one six month payment of capitalized interest on February 1 of Page 7 is the comparison page showing the Six Points TIF has been 2018. updated now we receive the 2016 tax rates, so that is with 2016 tax rates and So you can see assessed values now and your tax rate went down 8 cents. there what the estimated coverage amounts are after all of the long term bond Again this is what we expect the bond issue to look obligations are paid. like, this is our estimated scenario, so these are the interest rates that we The next scenario is the maximum and hope to get when we go out with these. these maximums we put together again solely for legal document preparation so So in the MOU and other we can estimate what the maximums might be. documents that you have we put an estimated maximum par amount of the bond issue at 7.8 million, and you can see here that our maximum is 7.68 million. We added some fluff in there just in case some interest rates decided to Page 9 is the change in the next couple of months before we go price. Plainfield Redevelopment Commission
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amortization schedule, it has a higher interest rates again at the maximums. The interest rates changes from about 50 basis points up to about 75 basis Then the comparison page on page 10, the maximums points in the later years. This TIF stream does continue to assume that 100 still a healthy TIF area. million assessed value is passed through to the (inaudible 5:48:21) payment. Then you have the detail of the TIF calculation on page 11 and 12, again 16 On page 13 it shows you and thereafter it assumes that 2016 tax rate now. I know I your historical TIF collections from the Six Points TIF area. walked through that quickly only because I know you are familiar with the Again the layout of the schedules, but does anybody have any questions? with forward move to going we are when exactly determined timing we have not these, we were anticipating that we would close in the beginning of May, so we would price in April at some we are just waiting for the whole land purchase to get settled down and then we will get a time table together and These are the bonds where get it moving through all of the various steps. the timing they have been and right now the rating agencies are understaffed over 20 days that they was it ridiculous, been has giving us to rate bonds got rated last year. you though even guys you on rating a do to required Because they couldn’t get us a rating until 20 days from the day we requested we had to push back the pricing and the closing, so March 8. So on these bonds that we Mr. Bennett: waiting for the closing on the land? Yes. Ms. Umspaugh: still have some time.
I know Tim Thank you.
simply just
just highlighted are we
doesn’t
money
need
until
the
so
fall,
we
RESOLUTIONS Ms. no.
Next item on the agenda is the Resolutions, we Andres: 2016-01, Amended and Restated Economic Development Plan.
Mr.
McPhail:
Mr. Angle:
have
resolution
I would move for approval. Second.
All those in favor, Ms. Andres: Restated Economic passes.
any opposed,
Resolution 2016-01 Amended and
WISHES TO BE HEARD Next on the agenda we have wishes Ms. Andres: Bowsher of Avon Community School Corporation.
to
be
heard,
we
Brock
have
Thank you for the opportunity to be added to the Good evening. Mr. Bowsher: I want to thank Wes, they met with me last September so I appreciate agenda. them both sitting down with me and walking through the project and helping me understand the impact to Avon Schools and again I appreciate them offering to I’m standing in front of you tonight just to add me to the agenda tonight. open the dialog to discuss the challenges that TIF districts have presented to school corporations and certainly appreciate the spirit of collaboration this committee and the Town Council where you have Plainfield Schools but with having the AilPoints TIF District in Washington Township just to open up the dialog to discuss the impact and challenges that presents to Avon So again thank you for the opportunity I really appreciate it. Schools. Flats is located just off of US4O and near the Ronald Reagan Creek Double Parkway, as you can see from the letter that wrote to Mr. Bennett, it planned to have at this time 240 units as part of the construction, construction has commenced as those of you have driven near that location can see that First of all we are in the people business, Avon construction is commencing. and like the Town of Plainfield the Town of Schools Plainfield Schools like It is exactly what so growth is great. business, people the in are we Avon, So this new construction is driving our people we need to have happen. growth and our student growth, so I am not anti-construction, I am not antiapartment complex I want to make that very clear as I stand in front of you As I discuss the challenges that are presented with TIF district tonight. The general fund is the for Avon Schools don’t think about the general fund. as I stand before you so classroom, the for cost our controls that fund tonight I am not talking to you about the classroom cost that are associated The State of Indiana provides us funding through with educating students. the State Funding Formula so that is not part of my discussion point tonight. The My discussion point tonight is I will call it the operational cost. Mandated State a is which cost, n transportatio the is cost operational n to program, again required by the State of Indiana to provide transportatio in the student 90-200 and from schools whether it would be one student or
Plainfield Redevelopment Commission
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case of Avon. So as we talk about the challenges that are presented with a TIF district, Avon Schools receive what’s called based values, I am sure all of you are very well adverse in TIF districts, Avon Schools receive the base value of the assessed value for the TIF district but none of the growth to As we support the needed revenue to support the transportation services. look and think about the construction of this apartment complex in the letter that you see it provides for 41 students, since we have written the letter Avon has conducted our own internal analysis and we have determined that we receive for every one apartment we have .26 students that are educating day So in and day out, so essentially 1 student for every 4 apartment units. what it means for this one if that average data is to hold true, that we will Those have 60 students attending Avon Schools from this apartment complex. we look and think about providing transportation for these students coming again we are providing not only educational from this apartment complex, Again we opportunities for the students coming from this apartment complex. are providing educational opportunities but also the transportation services The 60 students we could be transporting day in and that go along with it. day out, that could be an estimated cost to us of $5.49 per mile to transport By providing transportation services we have our students at Avon Schools. to provide transportation services in 2 cycles, we have an early start time So what it means for these kids at Double Creek Flats and a late start time. is that we are going to be driving 4 routes every day to and from schools. If you take the average miles we drive per route, which is 12, and cost it out for 180 school days the total cost to Avon Schools is going to be What that means is without that approximately $26,000.00 on an annual basis. increased assessed value to support transportation services, Avon Schools is Again I stand in going to be operating at a loss for this apartment complex. front of you just to talk to you about that concern and open up the dialog of how TIF districts with apartment complex presents challenges to us for I will be happy to answer any questions and do my best to provide operation. Thank you. any information that you might need. Ms. Andres:
Thank you,
does anybody have any questions?
This certainly a new TIF I’ll just make a couple of comments. Mr. McPhail: district for us and a new one to have an apartment complex within a TIF, it We have certainly made some is the first time we have had that challenge. major commitments to that TIF district in terms of infrastructure costs that I think it would be interesting to see it we have going in that area. appears to me in looking at construction out there we are probably not going to get any assessed value this year and it will probably be next year before they get them assessed and then that is the next year before we collect any I It will be interesting to see how many students are in there. taxes. think we are all sensitive to tax payers and tax payer needs and I think we need to keep an open mind but I think it is really early in the process to and believe me I live in I would, start making additional decisions. Do Washington Township, so I feel the pain and I have for a number of years. you know Brock, how many TIF districts are in Avon or Hendricks County that This certainly is a first for us. are in your school district? There are no Hendricks County TIF districts, but we have 4 TIF Mr. Bowsher: districts that are controlled by the Town of Avon Redevelopment Committee. Mr. McPhail: any relief?
Have
they made
any attempt
to have
a pass
through for you and
Good question so what we in Avon Schools have benefited from Mr. Bowsher: last year there was 1 TIF district that supported not with assessed value but So the Town of Avon and the Redevelopment Committee actually with funding. committed 321,000.00 to install security cameras at all Kindergarten through So not with AV but with actual funding. Sixth Grade school building. Mr. McPhail: Ms. Andres:
Appreciate knowing that, Anything further?
thanks.
Anyone else wish to be heard tonight?
NEXT REGULARLY SCHEDULED RDC MEETING: I believe we Ms. Andres: see a proposal of March
MARCH 14,
are onto our next
2016
regularly scheduled meeting.
I
We tend to try and do these ahead of a Council meeting and that Mr. Perona: So if that work for the would be the first Council meeting in March. Commission we’d like to do that. Mr. Angle:
It works for me.
Plainfield Redevelopment Commission
2-8-16
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Mr.
McPhail:
Mr.
Perona:
it is a Monday I got it blocked out anyways. Okay then we will plan on that.
That takes Ms. Andres: that we need to discuss? Mr.
Ms. Andres:
to
the
end of
the
agenda
is
there
anything
else
Move for adjournment
Kirchoff:
Mr. McPhail:
us
Thank you.
Second. All those in favor,
those opposed,
we’re adjourned.
Thank you.
Signed:
Lu Vice President
€thiifeit3lndres Atte
Plainfield Redevelopment Commission
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Plainfield Redevelopment Commission to order.
PLEDGE OF ALLEGIANCE First
Mr. Angle: Allegiance.
order
of
please
business,
for
stand
the
Pledge
of
SWEARING IN OF JENNIFER ANDRES Our first order of business tonight, we Mr. Angle: got Stan Bassett absent and we have a new member that So in who has swapped places with John Himmelheber. Andres, thank you so much for making the move over, we Mr.
have quorum however we we would like to swear swearing in of Jennifer appreciate it.
Bennett conducted the swearing in of Jennifer Andres.
ELECTION OF OFFICERS FOR 2016 Mr. Angle: Mr.
The next order of business would be the election of officers.
Kirchof ft
Has he ever been considered for President?
He has been in the past, he has been the President in the past. Mr. Bennett: It has been quite a while now, 4 or 5 years ago at least. I would so move Kirchoff: Mr. President of the RDC for 2016. Mr.
All those in favor say aye.
Mr.
Kirchof ft
Mr.
Bennett:
Mr.
Kirchoff:
Mr.
McPhail:
Mr. Angle:
McPhail:
name
would
Stan
Bassett
as
the
as
the
Fantastic.
Then we need a Vice President and a Secretary? That is correct. For Vice President I would nominate Jennifer Andres. Second.
All those in favor say aye,
I would Mr. Kirchof ft Secretary for 2016. Mr.
we
Second.
McPhail:
Mr. Angle:
that
recommend
that
all those opposed same sign. we
continue
with
Angle
Lance
Second.
All those in favor, opposed same Mr. Angle: our election of officers of 2016.
sign.
So there we go,
we have
DETERMINATION OF A QUORUM Mr. Angle:
We do have a quorum that has been determined.
CONSENT AGENDA The first consent agenda item is approval of the minutes from Angle: Mr. Hopefully everybody got a chance to take a look at those in the December. email sent out by Tony on the 5th Since Mr. Kirchof ft chairing the meeting. Mr. Angle:
we
have
a Vice
President
I
would
she
should be
Go for it.
I will have to abstain from voting on the Ms. Andres: not at that meeting, does anyone have any changes? Mr. McPhail:
assume
minutes
since
I would move they would be approved as written.
Plainfield Redevelopment Commission
2-8-16
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I
was
May I, I noticed on page 1 at the bottom there is a blank Mr. Bennett: there, we did have someone, a female and I will go back and listen, but if you would revise your motion to make the correction to the bottom of page 1 we will find out who that speaker was because there is not a speaker listed on the bottom. Mr. McPhail: Mr.
So noted. Second.
Kirchoff:
So I have a first and second to approve the minutes as modified, Ms. Andres: any opposed. favor, in those all
OLD BUSINESS item
First I see we have old business. Ms. Andres: purchase agreement for land for Fire Station 121.
is
status
the
of
On our purchase I will speak to that briefly. Thank you, Mr. Daniel: for the agreement purchase a approved has Council Town the agreement off there right over is and it Drive, Edwards of off acres 4 is property, it It is at the bank now, we are in the process of of Quaker Boulevard. discussing the possibility of a little bit more road right of way right there, but it basically completed and I imagine it will be signed yet this Thank you. week. Second item is the memorandum of understanding between the Town Ms. Andres: and the School Corporation for Six Points TIF. The anticipation of the fact that that will be purchased by the Mr. Perona: We would like for the Town to consider the that land. Town shortly, that is which you all received a copy of, memorandum of understanding, the appreciate would we but Board, School the and Town the between consider to Council the for MOU that endorsing Commission ent Redevelopm Do you have any questions on that memorandum of understanding? tonight. Mr. Todisco: school? Mr.
Perona:
Mr.
Todisco:
you
Will
be
bringing
this
next
March,
this
not
week
to
the
We would be bringing it to the school this... This Thursday?
Since Mr. Kirchoff: you asking for?
it
Okay,
I just wanted to verify.
is between the Town Council
and the
school,
what are
Just an endorsement because it concerns the Six Points TIF and Mr. Perona: it would be appropriate for the Redevelopment Commission to recommend that to Consent would be all that would be needed. the Council. I just told Tony the Ms. Andres: be a period. should there where Mr.
Perona:
Ms. Andres: Mr.
Todisco:
Ms. Andres: Plan.
end of paragraph 2
there
is
a
semi
colon
I will take a look at that. Mark, Yes,
are you comfortable with that? go ahead.
The third item is the Amended and Restated Economic Development
Right, we have several people here to Mr. Perona: Heidi and Emma from Umbaugh, and Andy from Benesch.
speak
on that.
We
have
We obviously have Economic Development plans currently in place Mr. Kline: It has US4O for Six Points. with State Road 267 for the 1-70 interchange. is that project facilities safety global as I call the been determined, to want we that districts TIF those in available monies ongoing that there is put into use for those projects. What we realized after we looked at the economic development plans was that they were not clear, that monies from those TIF districts could be used specifically for public safety projects. So what we are doing is we are going through and starting with this one resolution which will essentially amend all 4 of those economic development So plans to allow the TIF funds to be used for these public safety projects. ent Redevelopm the from resolution declaratory this process step 4 a it is Plainfield Redevelopment Commission
2-8-16
2
Commission is the first step and the next step we will go to the Plan Commission with a similar declaratory resolution and we will go to the Town Council for another declaratory resolution and then back to the Redevelopment Commission for a confirmatory resolution which I think would be your meeting So if you had a chance to look at the in April that we will be back here. resolution and you look at what we have as exhibit A, that is a description of the amendments to each of the 4 economic development plans to essentially allow funds from these economic development plans to be utilized for these If there are no questions I can turn it over to public safety projects. run of you through the numbers if you want, if you need can kind Heidi who it. Mr. Angle: Mr.
Do the numbers change?
Same thing we saw a month or two ago wasn’t it.
Kirchoff:
Yes.
Ms. Umspaugh:
This is just a house Mr. McPhail: where we can apply those funds. Ms. Andres:
I didn’t think so.
keeping matter
to
clean
is
the
the
language up
No further discussion on those items?
NEW BUSINESS We will move onto new business Ms. Andres: information for Fire Station 121.
which
bond
schedule
and
You will just have to adjust the economic development plans to Ms. Umspaugh: be able to use the TIF monies on the plan, so that is what that document did. What Emma just handed out is a copy of the estimated and maximum scenarios for the Six Points bond issue which funds the new Fire Station 121, we just wanted to get these numbers in front of you and do the MOU and the numbers Tonight is just informational I know you have seen these floating around. we just added the maximum scenario to it and estimated numbers before, I will walk through changed the interest rates so they are more current. again you have seen but questions, any you have if me these and please stop Page 3 lays out the estimated public safety the format with the EDIT bonds. As you can public project cost and funding for all of the projects together. see at the top, this page you have seen before so nothing here has changed except for the Six Points, the allowance for the debt service reserve number has gone down just slightly because of the change on the Six Points bonds. Other than that the project costs have not changed from what you guys have seen before, then at the top you can see all of the costs and at the bottom you can see all of the various funding source, the cash on hand, the EDIT bond which we are moving forward with we have a rating call on Thursday Page 4 regarding and then the Six Points Bonds that are being proposed now. Page 5 are the current balances in your TIF Funds as well as your EDIT Fund. the in has changed that only thing the scenario, so is the estimated estimated scenario from the numbers you have seen at prior meetings is the capitalized interest, we have increased the capitalized interest another 6 months due to the timing of the construction of Fire Station 121 to be conservative Tim thinks that Fire Station wouldn’t be finished until December of next year, so with that we have added another 6 months of CAP I which Other than that the total project cost have not adjusts the cost on page 5. None of changed and the interest rates on this scenario have not changed. the other assumptions have changed so still a little over 7.6 million for We are proposing that you pay for the project from these bonds that project. That is payable from annual Six Points TIF in addition to TIF cash on hand. what the school MOU details out that 1. You will issue a bond issue at the maximum of what you are seeing right here and a onetime cash on hand Page 6 is the amortization schedule that you have seen before contribution. adding the one six month payment of capitalized interest on February 1 of Page 7 is the comparison page showing the Six Points TIF has been 2018. updated now we receive the 2016 tax rates, so that is with 2016 tax rates and So you can see assessed values now and your tax rate went down 8 cents. there what the estimated coverage amounts are after all of the long term bond Again this is what we expect the bond issue to look obligations are paid. like, this is our estimated scenario, so these are the interest rates that we The next scenario is the maximum and hope to get when we go out with these. these maximums we put together again solely for legal document preparation so So in the MOU and other we can estimate what the maximums might be. documents that you have we put an estimated maximum par amount of the bond issue at 7.8 million, and you can see here that our maximum is 7.68 million. We added some fluff in there just in case some interest rates decided to Page 9 is the change in the next couple of months before we go price. Plainfield Redevelopment Commission
2-8-16
3
amortization schedule, it has a higher interest rates again at the maximums. The interest rates changes from about 50 basis points up to about 75 basis Then the comparison page on page 10, the maximums points in the later years. This TIF stream does continue to assume that 100 still a healthy TIF area. million assessed value is passed through to the (inaudible 5:48:21) payment. Then you have the detail of the TIF calculation on page 11 and 12, again 16 On page 13 it shows you and thereafter it assumes that 2016 tax rate now. I know I your historical TIF collections from the Six Points TIF area. walked through that quickly only because I know you are familiar with the Again the layout of the schedules, but does anybody have any questions? with forward move to going we are when exactly determined timing we have not these, we were anticipating that we would close in the beginning of May, so we would price in April at some we are just waiting for the whole land purchase to get settled down and then we will get a time table together and These are the bonds where get it moving through all of the various steps. the timing they have been and right now the rating agencies are understaffed over 20 days that they was it ridiculous, been has giving us to rate bonds got rated last year. you though even guys you on rating a do to required Because they couldn’t get us a rating until 20 days from the day we requested we had to push back the pricing and the closing, so March 8. So on these bonds that we Mr. Bennett: waiting for the closing on the land? Yes. Ms. Umspaugh: still have some time.
I know Tim Thank you.
simply just
just highlighted are we
doesn’t
money
need
until
the
so
fall,
we
RESOLUTIONS Ms. no.
Next item on the agenda is the Resolutions, we Andres: 2016-01, Amended and Restated Economic Development Plan.
Mr.
McPhail:
Mr. Angle:
have
resolution
I would move for approval. Second.
All those in favor, Ms. Andres: Restated Economic passes.
any opposed,
Resolution 2016-01 Amended and
WISHES TO BE HEARD Next on the agenda we have wishes Ms. Andres: Bowsher of Avon Community School Corporation.
to
be
heard,
we
Brock
have
Thank you for the opportunity to be added to the Good evening. Mr. Bowsher: I want to thank Wes, they met with me last September so I appreciate agenda. them both sitting down with me and walking through the project and helping me understand the impact to Avon Schools and again I appreciate them offering to I’m standing in front of you tonight just to add me to the agenda tonight. open the dialog to discuss the challenges that TIF districts have presented to school corporations and certainly appreciate the spirit of collaboration this committee and the Town Council where you have Plainfield Schools but with having the AilPoints TIF District in Washington Township just to open up the dialog to discuss the impact and challenges that presents to Avon So again thank you for the opportunity I really appreciate it. Schools. Flats is located just off of US4O and near the Ronald Reagan Creek Double Parkway, as you can see from the letter that wrote to Mr. Bennett, it planned to have at this time 240 units as part of the construction, construction has commenced as those of you have driven near that location can see that First of all we are in the people business, Avon construction is commencing. and like the Town of Plainfield the Town of Schools Plainfield Schools like It is exactly what so growth is great. business, people the in are we Avon, So this new construction is driving our people we need to have happen. growth and our student growth, so I am not anti-construction, I am not antiapartment complex I want to make that very clear as I stand in front of you As I discuss the challenges that are presented with TIF district tonight. The general fund is the for Avon Schools don’t think about the general fund. as I stand before you so classroom, the for cost our controls that fund tonight I am not talking to you about the classroom cost that are associated The State of Indiana provides us funding through with educating students. the State Funding Formula so that is not part of my discussion point tonight. The My discussion point tonight is I will call it the operational cost. Mandated State a is which cost, n transportatio the is cost operational n to program, again required by the State of Indiana to provide transportatio in the student 90-200 and from schools whether it would be one student or
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case of Avon. So as we talk about the challenges that are presented with a TIF district, Avon Schools receive what’s called based values, I am sure all of you are very well adverse in TIF districts, Avon Schools receive the base value of the assessed value for the TIF district but none of the growth to As we support the needed revenue to support the transportation services. look and think about the construction of this apartment complex in the letter that you see it provides for 41 students, since we have written the letter Avon has conducted our own internal analysis and we have determined that we receive for every one apartment we have .26 students that are educating day So in and day out, so essentially 1 student for every 4 apartment units. what it means for this one if that average data is to hold true, that we will Those have 60 students attending Avon Schools from this apartment complex. we look and think about providing transportation for these students coming again we are providing not only educational from this apartment complex, Again we opportunities for the students coming from this apartment complex. are providing educational opportunities but also the transportation services The 60 students we could be transporting day in and that go along with it. day out, that could be an estimated cost to us of $5.49 per mile to transport By providing transportation services we have our students at Avon Schools. to provide transportation services in 2 cycles, we have an early start time So what it means for these kids at Double Creek Flats and a late start time. is that we are going to be driving 4 routes every day to and from schools. If you take the average miles we drive per route, which is 12, and cost it out for 180 school days the total cost to Avon Schools is going to be What that means is without that approximately $26,000.00 on an annual basis. increased assessed value to support transportation services, Avon Schools is Again I stand in going to be operating at a loss for this apartment complex. front of you just to talk to you about that concern and open up the dialog of how TIF districts with apartment complex presents challenges to us for I will be happy to answer any questions and do my best to provide operation. Thank you. any information that you might need. Ms. Andres:
Thank you,
does anybody have any questions?
This certainly a new TIF I’ll just make a couple of comments. Mr. McPhail: district for us and a new one to have an apartment complex within a TIF, it We have certainly made some is the first time we have had that challenge. major commitments to that TIF district in terms of infrastructure costs that I think it would be interesting to see it we have going in that area. appears to me in looking at construction out there we are probably not going to get any assessed value this year and it will probably be next year before they get them assessed and then that is the next year before we collect any I It will be interesting to see how many students are in there. taxes. think we are all sensitive to tax payers and tax payer needs and I think we need to keep an open mind but I think it is really early in the process to and believe me I live in I would, start making additional decisions. Do Washington Township, so I feel the pain and I have for a number of years. you know Brock, how many TIF districts are in Avon or Hendricks County that This certainly is a first for us. are in your school district? There are no Hendricks County TIF districts, but we have 4 TIF Mr. Bowsher: districts that are controlled by the Town of Avon Redevelopment Committee. Mr. McPhail: any relief?
Have
they made
any attempt
to have
a pass
through for you and
Good question so what we in Avon Schools have benefited from Mr. Bowsher: last year there was 1 TIF district that supported not with assessed value but So the Town of Avon and the Redevelopment Committee actually with funding. committed 321,000.00 to install security cameras at all Kindergarten through So not with AV but with actual funding. Sixth Grade school building. Mr. McPhail: Ms. Andres:
Appreciate knowing that, Anything further?
thanks.
Anyone else wish to be heard tonight?
NEXT REGULARLY SCHEDULED RDC MEETING: I believe we Ms. Andres: see a proposal of March
MARCH 14,
are onto our next
2016
regularly scheduled meeting.
I
We tend to try and do these ahead of a Council meeting and that Mr. Perona: So if that work for the would be the first Council meeting in March. Commission we’d like to do that. Mr. Angle:
It works for me.
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Mr.
McPhail:
Mr.
Perona:
it is a Monday I got it blocked out anyways. Okay then we will plan on that.
That takes Ms. Andres: that we need to discuss? Mr.
Ms. Andres:
to
the
end of
the
agenda
is
there
anything
else
Move for adjournment
Kirchoff:
Mr. McPhail:
us
Thank you.
Second. All those in favor,
those opposed,
we’re adjourned.
Thank you.
Signed:
Lu Vice President
€thiifeit3lndres Atte
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