PLAINFIELD REDEVELOPMENT AUTHORITY July 27
PLAINFIELD REDEVELOPMENT AUTHORITY July 27, 2015 5:00 p.m.
We will kick off the Mr. Eichenberger: attend today, so I will have the pleasure.
meeting
was
Joe
to
unable
PLEDGE OF ALLEGIANCE Mr. Eichenberger: to start.
If you will
all
join me
in the Pledge
of Allegiance
CONSENT AGENDA Eichenberger: We shall start with our consent Mr. approval of the minutes from the June 29 meeting. Ms. Andres: Mr.
Bennett:
Ms. Andres: Mr.
is
I had just a few typos Wes I will just hand down to you. Okay. I think it was just the few things that I marked.
Eichenberger:
Ms. Andres:
which
agenda
Can I have a motion?
Nothing from me.
I move to approve the minutes.
So I will second Mr. Eichenberger: aye, opposed, consent agenda passes.
that
motion
and
all
in
favor
say
think
we
OLD BUSINESS Moving on, Eichenberger: Mr. necessarily have any old business.
old
business.
I
don’t
NEW BUSINESS So now we will move to new business. Mr. Eichenberger: Ronald Reagan Corridor projects.
Discussion of
tonight we are looking at the Resolution No. 2015-08 which Mr. Perona: Plainfield Redevelopment of issuance authorizing the regarding is We thought that it would be a good idea just to recap Authority Bonds. Tim has called a little bit about the Ronald Reagan corridor projects. up right here a map. Yes, I will go over it quickly for you as a reminder, we Mr. Belcher: mention these all the time so we thought it would maybe a good time to This is the overall project area, this is obviously what update you. AllPoints is going on right now, this building is done, this building these are all finished this building is the Walmart.com, is done, buildings, that is going in construction today, so that will add to the The projects within the 10.55 increment we are talking about here. about here would be the talking are issue we million dollar bond completion of a project 23, 2C, and 2E, almost a few hundred feet of It does not include F or G or any of these projects 100 South there. There are But that is what the 10.55 project is about. down here. some sewer and utility lines associated with those roads also but that is essentially what we are hoping to do with the dollars that we are So if there are any questions that is what I talking about here. wanted to make sure you are up to date. Mr.
Eichenberger:
Ms. Andres:
Great,
thanks Tim.
Any questions Jennifer?
I don’t think so.
We have talked about so many projects, Mr. Bennett: Could you give us approximate timing on those?
I
apologize
Tim.
The project that was bid, the 10.55 is under construction Mr. Belcher: The rain has now and will be completed before the end of next year. obviously set them back a bit but they are working on section 2E right
Plainfield Redevelopment Authority
7-27-15
1
now because this building is going in and that the project and because of the rain we will next year to close that intersection and work will give you the opportunity to remind, the million of the cost of that section of 2E, so the developer contributed to this project. Mr.
Eichenberger:
Ms. Andres:
is sort of a priority to probably hold off until I on that intersection. developer is paying 1.25 there is some cost from
Thank you very much.
So of the 10.55 the developer is contributing 1.2.
That is right, no additional cost for engineering Mr. Belcher: things like that would occur prior but the 10.5 is the amount we So they will be reimbursing that. the entire project.
and bid
RESOLUTIONS Okay, we will take a look at RDA Resolution 2015-08 Mr. Eichenberger: Authority Redevelopment Plainfield the of resolution is which authorizing the issuance of Plainfield Redevelopment Authority Lease Approving (Ronald Reagan Project), Series D Rental Bonds of 2015, Project for the Estimates Cost and s Preliminary Plans, Specification questions? any that Resolution, have We Matters. Related and Other (Inaudible) Mr. Eichenberger: of the questions,
We saw the schedule at our last meeting; any changes from that?
I guess one
No we are still using the estimated scenario that you saw Ms. Horan: So the bond issues still 9.72 million dollars. at the last meeting. We are still anticipating a sale date of August 27 and the closing date 17th September Mr.
Eichenberger:
Are the interest rates still within the range?
We still think that the Ms. Horan: provided to you are still the same. Mr.
Eichenberger:
Jennifer,
estimated
interest
rates
that
we
any questions?
Is there any other scheduling that we Ms. Andres: other than when they will, I notice in here we got trust indenture and things like that, so is there?
should be aware of the mention of the
That is all in the TIF process so we will be contacting Mr. Kleiman: I will look at the documentation and make sure the bonds is in you. process, trust indenture, kind of all the closing documents are really starting that process so we will be getting in contact with you probably a couple weeks before the bond closing, which is September so the first week in September we will be getting back in contact with you guys and finding out where you are in order to get your It is going to follow signatures on some documents closer to closing. this same procedure that we did with the I 70 and the US 40 bonds. Mr.
Eichenberger:
Thank you.
I just wanted to add for the preliminary official statement Ms. Horan: of that document, we will be sending drafts to that timing the for working group and standard and ores to initiate the rating process on Once we receive comments from the working group we will August 4. 19th send it to the underwriters to the perspective purchasers on August for anticipation for the 27’. If there Thanks Emma. Mr. Eichenberger: would ask if there is a motion to approve. Ms. Andres:
are
no
other
questions
I
I move that we approve Resolution RDA 2015-08.
I would second that. Mr. Eichenberger: Resolution is passed.
All
opposed,
in favor say aye,
WISHES TO BE HEARD Mr.
Eichenberger:
Now wishes to be heard,
Plainfield Redevelopment Authority
7-27-15
anybody who has
anything to
2
add please step forward.
NEXT REGULARLY SCHEDULED MEETING I will move to our last agenda item which is Mr. Eichenberger: meeting in the near future. another schedule need to
if we
I have to turn to my experts back here to find out if they Mr. Perona: need to meet to pass anything or sign anything like that? For the preliminary official statement we will be Ms. Horan: pages to just sign and email them back to us. signature around
sending
So there won’t be a meeting for that and do we know of any Mr. Perona: Then we other bonds that are coming up that will require the RDA? probably just need to set one for somewhere down the road. Mr.
Bennett:
Mr. Perona: timeline?
November. Does that sound like an acceptable thing,
Mr.
Eichenberger:
Mr.
Perona:
October November
Certainly.
Let’s just look at your schedules Mondays.
I think we can just coordinate with Andy if we need Mr. Eichenberger: signatures; we are all within a few blocks of each other during the day. So does 5:00 work for you?
Mr.
Perona:
Mr.
Eichenberger:
Mr. Perona: November 2?
Okay,
Mr. Eichenberger: meeting.
then
I
like
would
November 2 will be
to
5:00
suggest
on
a
Monday.
the tentative date for our next
And at 5:00.
Mr.
Perona:
Mr.
Eichenberger:
Mr.
Perona:
That will work.
Thank you.
Mr. Eichenberger: adj ourn. Ms. Andres:
That works great for me.
I have nothing else.
Nothing
else
I
would
ask
if
we
have
a
motion
to
meeting
is
I move we adjourn.
Eichenberger: Mr. adj ourned.
Second,
all
in
favor,
aye,
opposed,
Signed:
Barry J. y,Pdet Attest:
President
Plainfield Redevelopment Authority
7-27-15
3
We will kick off the Mr. Eichenberger: attend today, so I will have the pleasure.
meeting
was
Joe
to
unable
PLEDGE OF ALLEGIANCE Mr. Eichenberger: to start.
If you will
all
join me
in the Pledge
of Allegiance
CONSENT AGENDA Eichenberger: We shall start with our consent Mr. approval of the minutes from the June 29 meeting. Ms. Andres: Mr.
Bennett:
Ms. Andres: Mr.
is
I had just a few typos Wes I will just hand down to you. Okay. I think it was just the few things that I marked.
Eichenberger:
Ms. Andres:
which
agenda
Can I have a motion?
Nothing from me.
I move to approve the minutes.
So I will second Mr. Eichenberger: aye, opposed, consent agenda passes.
that
motion
and
all
in
favor
say
think
we
OLD BUSINESS Moving on, Eichenberger: Mr. necessarily have any old business.
old
business.
I
don’t
NEW BUSINESS So now we will move to new business. Mr. Eichenberger: Ronald Reagan Corridor projects.
Discussion of
tonight we are looking at the Resolution No. 2015-08 which Mr. Perona: Plainfield Redevelopment of issuance authorizing the regarding is We thought that it would be a good idea just to recap Authority Bonds. Tim has called a little bit about the Ronald Reagan corridor projects. up right here a map. Yes, I will go over it quickly for you as a reminder, we Mr. Belcher: mention these all the time so we thought it would maybe a good time to This is the overall project area, this is obviously what update you. AllPoints is going on right now, this building is done, this building these are all finished this building is the Walmart.com, is done, buildings, that is going in construction today, so that will add to the The projects within the 10.55 increment we are talking about here. about here would be the talking are issue we million dollar bond completion of a project 23, 2C, and 2E, almost a few hundred feet of It does not include F or G or any of these projects 100 South there. There are But that is what the 10.55 project is about. down here. some sewer and utility lines associated with those roads also but that is essentially what we are hoping to do with the dollars that we are So if there are any questions that is what I talking about here. wanted to make sure you are up to date. Mr.
Eichenberger:
Ms. Andres:
Great,
thanks Tim.
Any questions Jennifer?
I don’t think so.
We have talked about so many projects, Mr. Bennett: Could you give us approximate timing on those?
I
apologize
Tim.
The project that was bid, the 10.55 is under construction Mr. Belcher: The rain has now and will be completed before the end of next year. obviously set them back a bit but they are working on section 2E right
Plainfield Redevelopment Authority
7-27-15
1
now because this building is going in and that the project and because of the rain we will next year to close that intersection and work will give you the opportunity to remind, the million of the cost of that section of 2E, so the developer contributed to this project. Mr.
Eichenberger:
Ms. Andres:
is sort of a priority to probably hold off until I on that intersection. developer is paying 1.25 there is some cost from
Thank you very much.
So of the 10.55 the developer is contributing 1.2.
That is right, no additional cost for engineering Mr. Belcher: things like that would occur prior but the 10.5 is the amount we So they will be reimbursing that. the entire project.
and bid
RESOLUTIONS Okay, we will take a look at RDA Resolution 2015-08 Mr. Eichenberger: Authority Redevelopment Plainfield the of resolution is which authorizing the issuance of Plainfield Redevelopment Authority Lease Approving (Ronald Reagan Project), Series D Rental Bonds of 2015, Project for the Estimates Cost and s Preliminary Plans, Specification questions? any that Resolution, have We Matters. Related and Other (Inaudible) Mr. Eichenberger: of the questions,
We saw the schedule at our last meeting; any changes from that?
I guess one
No we are still using the estimated scenario that you saw Ms. Horan: So the bond issues still 9.72 million dollars. at the last meeting. We are still anticipating a sale date of August 27 and the closing date 17th September Mr.
Eichenberger:
Are the interest rates still within the range?
We still think that the Ms. Horan: provided to you are still the same. Mr.
Eichenberger:
Jennifer,
estimated
interest
rates
that
we
any questions?
Is there any other scheduling that we Ms. Andres: other than when they will, I notice in here we got trust indenture and things like that, so is there?
should be aware of the mention of the
That is all in the TIF process so we will be contacting Mr. Kleiman: I will look at the documentation and make sure the bonds is in you. process, trust indenture, kind of all the closing documents are really starting that process so we will be getting in contact with you probably a couple weeks before the bond closing, which is September so the first week in September we will be getting back in contact with you guys and finding out where you are in order to get your It is going to follow signatures on some documents closer to closing. this same procedure that we did with the I 70 and the US 40 bonds. Mr.
Eichenberger:
Thank you.
I just wanted to add for the preliminary official statement Ms. Horan: of that document, we will be sending drafts to that timing the for working group and standard and ores to initiate the rating process on Once we receive comments from the working group we will August 4. 19th send it to the underwriters to the perspective purchasers on August for anticipation for the 27’. If there Thanks Emma. Mr. Eichenberger: would ask if there is a motion to approve. Ms. Andres:
are
no
other
questions
I
I move that we approve Resolution RDA 2015-08.
I would second that. Mr. Eichenberger: Resolution is passed.
All
opposed,
in favor say aye,
WISHES TO BE HEARD Mr.
Eichenberger:
Now wishes to be heard,
Plainfield Redevelopment Authority
7-27-15
anybody who has
anything to
2
add please step forward.
NEXT REGULARLY SCHEDULED MEETING I will move to our last agenda item which is Mr. Eichenberger: meeting in the near future. another schedule need to
if we
I have to turn to my experts back here to find out if they Mr. Perona: need to meet to pass anything or sign anything like that? For the preliminary official statement we will be Ms. Horan: pages to just sign and email them back to us. signature around
sending
So there won’t be a meeting for that and do we know of any Mr. Perona: Then we other bonds that are coming up that will require the RDA? probably just need to set one for somewhere down the road. Mr.
Bennett:
Mr. Perona: timeline?
November. Does that sound like an acceptable thing,
Mr.
Eichenberger:
Mr.
Perona:
October November
Certainly.
Let’s just look at your schedules Mondays.
I think we can just coordinate with Andy if we need Mr. Eichenberger: signatures; we are all within a few blocks of each other during the day. So does 5:00 work for you?
Mr.
Perona:
Mr.
Eichenberger:
Mr. Perona: November 2?
Okay,
Mr. Eichenberger: meeting.
then
I
like
would
November 2 will be
to
5:00
suggest
on
a
Monday.
the tentative date for our next
And at 5:00.
Mr.
Perona:
Mr.
Eichenberger:
Mr.
Perona:
That will work.
Thank you.
Mr. Eichenberger: adj ourn. Ms. Andres:
That works great for me.
I have nothing else.
Nothing
else
I
would
ask
if
we
have
a
motion
to
meeting
is
I move we adjourn.
Eichenberger: Mr. adj ourned.
Second,
all
in
favor,
aye,
opposed,
Signed:
Barry J. y,Pdet Attest:
President
Plainfield Redevelopment Authority
7-27-15
3
