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HomeMy WebLinkAbout06-09-2005 SpecialJEFFERSONVILLE REDEVELOPMENT COMMISSION SPECIAL MEETING MINUTES June 9, 2005 The Jeffersonville Redevelopment Commission held a Public Hearing and Special Meeting, Thursday June 9, 2005 at 5:30 PM in the Mayor's Office of the City County Building, 501 E. Court Avenue, Jeffersonville, Indiana. The following were present: Nathan Samuel, President Mark Pearson, Vice President 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: John Toombs, Jacobi, Toombs & Lanz Larry Thomas, Reporter for The Evening News ABSENT: Tracy Farrell, Secretary/Treasurer Kyle Williams, Commissioner CALL TO ORDER: Mr. Samuel called the Public Hearing and Special Meeting to order at 5:40 PM. Mr. Samuel opened the public hearing for the amendment on the appropriation proceeds of the City Hall bonds that will be continued until June 15, 2005 at 5:30 in the Mayor's Conference Room. Mr. Samuel opened the public hearing for the appropriation of the proceeds of the Med-Venture Bonds that will be continued until June 15, 2005 at 5:30 in the Mayor's Conference Room. Mr. Samuel opened the public hearing for the Inner City Road Economic Development Plan that will be continued until June 15, 2005 at 5:30 in the Mayor's Conference Room. Mr. Perkins stated that he did not feel he had the information on the Bond issues that he needed to vote. Mr. Samuel and Mr. Merkley said he would have additional information and as soon as he receives this information he would make sure the Commissioners have a copy. JEFFBOAT GRANT APPROVAL: Mr. John Toombs of Jacobi, Toombs and Lanz presented a map of the Jeffboat project. Eleven companies received bid packets and 3 returned them. The lowest bid was by Associated Railroad Contractors, Inc. for $737,355.66. The budget for the construction as follows: Budget For Construction = $613,000.00 Less 10% for Contingency - 61,000.00 $552,000.00 Therefore we can only award part of the work shown on the plans. Mr. Perkins made a motion to approve the awarding of the project to Associated Railroad Contractors, Inc. for an amount not to exceed $613,000.00. Mr. Pearson seconded. Motion passed unanimously. REQUEST FOR PROPOSALS FOR TENTH AND WALNUT STREETS: Mr. Cahill reported that RFP's for the Tenth and Walnut Streets property needed to be issued as soon as possible. Two appraisals will be needed. Mr. Perkins made a motion to start the RFP process for the property at Tenth and Walnut Streets. Mr. Pearson seconded. Motion passed unanimously. Mr. Cahill also reported that the owners of the triangle property that is in the back of the property at Tenth and Walnut Streets have decided that the property is at least %a acre and that it is worth $20,000. Mr. Cahill said the property is on 6,220 feet with setbacks. Jacobi, Toombs and Lanz will draw a picture of the property that will show the owners the size and location of the property. Mr. Perkins made a motion to give Mr. Cahill the authority of write a letter to the owner of the property stating that if he doesn't take the $5,000 that the Redevelopment Commission will go to the Board of Public Works and condemn the property. Mr. Pearson seconded. Motion carried unanimously. RIVER FALLS LOUNGE: Mr. Perkins said he has received many complaints about the Rivers Falls Lounge. Mr. Perkins would like this board to look into buying the lounge and turning it into offices. The lounge is currently in bankruptcy. Mr. Jay Ellis of Main Street is looking into this. 2 Mr. Merkley said the Mayor would be talking to the City Council about purchasing the property with EDIT money: ELKS BUILDING: Mr. Perkins reported that Mr. Vezner would be receiving the windows for the Elks Building in the next couple of days. KEN ELLIS GRANT: Ms. Haller will resubmit the Ken Ellis Grant application in July. There will be about a six-month delay due to the error The Evening News made by not publishing the Public Notice. Ms. Haller stated that at the time she submitted the Public Hearing notice the paper was asking for a three day advanced notice and that the notice was sent and confirmed within three days. RECESS: Mr. Samuel recessed the meeting at 6:20 PM until June 15, 2005 at 5:30 PM in the Mayor's Conference Room. June 15, 2005 Mr. Samuel called the Special Meeting and Public Hearing of the Jeffersonville Redevelopment Commissioners to order at 5:32 PM. The following were present: Nathan Samuel, President Mark Pearson, Vice President Tracy Farrell, Secretary/ Treasurer Kyle Williams, Commissioner John Perkins, Commissioner Staff: Barry Cahill, Executive Director of Redevelopment Kathy Haller, Consultant Mary Sue Ellenbrand, Assistant to Director GUESTS: See attached sheet 3 PUBLIC HEARING: Mr. Samuel asked if there was public comment on the amendment on the appropriation proceeds of the City Hall bonds. Hearing none Mr. Samuel closed the public hearing. Mr. Samuel asked if there was public comment on the appropriation of the proceeds of the Med-Venture Bonds. Hearing none Mr. Samuel closed the public hearing. Mr. Samuel asked if there was public comment on the Inner City Economic Development Plan. Hearing none Mr. Samuel closed the public hearing. CLAIMS: Mr. Cahill presented a claim for $777.50 for Jacobi, Toombs and Lanz. This was for general work. Mr. Perkins made a motion to approve the claim for $777.50 for Jacobi, Toombs and Lanz. Ms. Farrell seconded. Motion carried unanimously. BOND RESOLUTION -CITY HALL PROJECT: Mr. Buddy Downs of Ice Miller presented a Bond Resolution for the City Hall Project in the Quadrangle. The financial advisor to the City for this financing is Crowe Chizek. Crowe Chizek has structured the bond issue for financing the City Hall in consultation with City Securities (the proposed purchaser of the bonds at a negotiated sale), Umbaugh and Associates, the Administration and Ice Miller. The bonds to be issued to finance the City Hall are to be payable solely from tax increment from the Falls Landing tax increment area (Falls Landing TIF). The maturity schedule for the bonds to be issued for the City Hall will be 10 years. The City Hall Bonds will have a first lien on the Falls Landing TIF and those bond documents permit additional bonds to be issued on a Parity with the City Hall Bonds or on a subordinate lien. Mr. McCauley stated that he felt an analysis should be done to see if the project could be funded without a bond. Mr. Perkins reported that he had polled the City Council. The Council would prefer that there be no bond and would go in-house to fund the project. Mr. Perkins would like to table the bond request because he did not want to be responsible for spending the city's money unwisely. Mayor Waiz stated that the money to fund the project in-house would not be available in time to award the bids. Mr. Merkley stated that all of the money must be in a bank account before you can award the bids. If there were a delay in awarding the bids the cost of the project could increase. 4 After much discussion Mr. Pearson made a motion to approve the Bond Resolution Issue for City Hall. Mr. Williams seconded. Mr. Perkins asked that the Commissioners be polled. The polling went as follows: Mr. Pearson-- Yes Mr. Williams -Yes Ms. Farrell -Yes Mr. Perkins - No Mr. Samuel -Yes The motion passed. Mr. Williams made a motion to approve Resolution No. 2, Additional Appropriation for City Hall. Mr. Pearson seconded. Motion carried 4-1. Mr. Perkins had to leave the meeting. BOND RESOLUTION - MED-VENTURE: Mr. Kevin Bramer, President of MedVenture Technology Corporation gave an overview of his company. MedVenture is interested in coming to Jeffersonville. They are also looking at sites in Kentucky, Illinois, Tennessee and Virginia. The medical device industry is a fast growing industry growing at a rate of 20% per year. The bond proceeds from the MedVenture Bonds are to be used to purchase equipment. to be used by MedVenture. The MedVenture Bonds are structured to be paid from two sources of revenues. The first source is Inner City Road TIF. The second source is the revenue collected from a Certified Technology Park (CTP), which has been approved by the State of Indiana contingent upon MedVenture locating in the City. If, however, the CTP revenues fall short of projections, the Inner City Road TIF also guarantees that shortfall. Mr. Bramer said that due to the shortage of space in their present building they would need to be in a new building in one year. The building would need to be at least 110,000 square feet. Mr. Bramer stated that at present there are 160 employees and by the end of the year 200 employees. The projection is to have 532 employees by the year 2010. At present 70% of the workforce is from Clark County. Mr. Jack Ragland, President of the Southern Indiana Economic Council, stated that this is the type of business that Indiana is looking for and that the Governor is very much a backer of this project. 5 Mr. Pearson made a motion to approve Resolution RC- 5-OS that would Amend the Plan for Inner City Road Development. Mr. Williams seconded. Motion carried 4-0. Ms. Farrell made a motion to approve the Bond Resolution No. RC-3-OS for MedVenture. Mr. Pearson seconded. Motion carried 4-0. Mr. Williams made a motion to approve Resolution No. RC-4-OS Appropriation of Bond Proceeds for MedVenture. Ms. Farrell seconded. Motion carried 4-0. ADJOURNMENT: Mr. Samuel asked if there were any additional business. Hearing none Mr. Pearson made a motion to adjourn the meeting. Motion carried. The meeting was adjourned at 8:15 PM. APPROVED: f~ 6