HomeMy WebLinkAbout02-02-2005 SpecialMINUTES OF SPECIAL MEETING
JEFFERSONVILLE REDEVELOPMENT COMMISSION
WEDNESDAY, FEBRUARY 2, 2005
The Jeffersonville Redevelopment Commission met on Wednesday, February 2, 2005
at 5:00 PM in the Mayor's Conference Room, Fourth Floor, 501 E. Court Avenue,
Jeffersonville, Indiana. The following were present:
Nathan Samuel, President
Tracy Farrell, Secretary
Kyle Williams, Commissioner
John Perkins, Commissioner
STAFF:
Barry Cahill, Executive Director
Kathy Haller, Consultant
Mary Sue Ellenbrand, Assistant to the Director
Les Merkley, City Attorney
Chester Hicks, Director of Planning and Zoning
GUESTS:
Breck Jones, Son Properties
John Rulketter, Son Properties
Brian Forest, Son Properties
Rhonda Jones, Son Properties
Alan Morris, Jeffersonville City Council Attorney
Bill Haydon, Attorney for Stock Yards Bank
Phil McCauley, City Council Member
ABSENT:
Mark Pearson, Commissioner
CALL TO ORDER:
Mr. Samuel called the meeting to order at 4:58 PM
PRESENTATION - BRECK JONES, SON PROPERTIES:
Mr. Breck Jones, General Manager of Son Properties, a partner with the City of
Jeffersonville in the Quadrangle LLC project gave an overview of the history of the
project. When the Quadrangle project was first started a true price of what it would take
to renovate the property was not known. The property, which was believed to be 140,000
square feet, turned out to the 175,000 square feet. Anew sewer system had to be
installed when it was found the old system was found to be dumping raw sewage into the
river. The basic mortgage was for $5 '/2 million dollars.
The initial mortgage was with BB&T bank. The banker the firm was using at BB&T
moved to Stock Yards Bank. After negotiating with Stock Yards Bank and seeing what
they had to offer it was decided move the mortgage. This is the reason the
Redevelopment Commission would need to sign papers. Mr. Merkley stated at long as
Quadrangle LLC stayed within 80% of their loan the Commissioners would not have had
to sign papers but due to their switching banks that made it necessary.
Mr. Jones stated that the mortgage would be for 8 %z million. $1 million for build
outs, % million for overruns.
After much discussion a motion was made by Mr. Williams and seconded by Ms.
Farrell to grant the board's consent to give the President of the Commission permission to
sign documents to refinance the Quadrangle LLC loan.
ADJOURNMENT:
Mr. Samuel asked if there were any additional business. Hearing none Mr. Williams
made a motion to adjourn the meeting. The meeting was adjourned at 5:39 PM.
APPROVED BY:
Na an ~S/a~muel, P esident
Mark Pearson, Vice President