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Home My WebLink About05-28-2004MINUTES OF MEETING JEFFERSONVILLE REDEVELOPMENT COMMISSION Friday, May 28, 2004 The Jeffersonville Redevelopment Commission met on Friday, May 28, 2004 at 12:00 Noon in the Mayor's Conference Room, Fourth Floor, 501 E. Court Avenue, Jeffersonville, Indiana. The following werepresent: Barry Cahill, President Kyle Williams, Vice President Nathan Samuel, Secretary/Treasurer Edward Zastawny, Commissioner Mark Pearson, Commissioner STAFF: James H. Becker, Interim Director of Development Mary Sue Ellenbrand, Assistant to the Director Kathy Haller, Consultant Les Merkley, City Attorney PUBLIC HEARING -CONSOLIDATION OF THE FALLS LANDING RIVERFRONT REDEVELOPMENT AREA AND THE GATEWAY REDEVELOPMENT AREA: ~A Public Hearing was convened at 12:00 PM in the Mayor's Conference Room. -The purpose of the hearing was to take public comment on the proposed consolidation of the Falls Landing Riverfront Redevelopment Area and the Gateway Redevelopment Area Nine persons were in attendance as indicated on the attached sign in sheet. Hearing no questions or comments the Public Hearing was adjourned at 12:15 PM. CALL TO ORDER: President Cahill called the meeting to order at 12:16 PM. CONSIDERATION OF RESOLUTION 2004-2 -CONSOLIDATION OF THE FALLS LANDING RIVERFRONT REDEVELOPMENT AREA AND THE GATEWAY REDEVELOPMENT AREA: Mr. Merkley presented Resolution No. 2004-2 consolidating the Falls Landing Riverfront Redevelopment Area and the Gateway Redevelopment Area and enlarging the consolidated area. It is in the best interest of the Commission and the City to connect and 1 consolidate the Falls Landing Area and the Gateway Area to create the Consolidated Redevelopment Area. Mr. Merkley reported that the Plan Commission approved the Resolution earlier this month. Mr. Pearson made a motion to adopt Resolution No. 2004-2. Mr. Williams seconded. Motion carried. ' CONSIDERATION OF BOND RESOLUTION: Due to the Bonds not being sold there was no action taken. MINUTES: Mr. Becker presented the minutes from the May 10, 2004 meeting. Mr. Cahill asked if there were any additions or corrections to the minutes. Hearing none Mr. Zastawny made a motion to approve the minutes for the May 10, 2004 meeting. Mr. Samuel seconded. Motion carried. CLAIMS: Mr. Becker presented claims in the amount of $3,915.60. Mr. Williams made a motion to approve the claims. Mr. Pearson seconded. Motion carved. TREASURER'S REPORT: Mr. Becker presented the Treasurer's Report. The ending balance in the Operating Fund as of Apri130, 2004 was $43,003.89. Mr. Becker then presented the Balance Sheet for Apri130, 2004. Total Liabilities and Equity was $2,057,367. Mr. Samuel made a motion to approve the Treasurer's Report for Audit. Mr. Zastawny seconded. Motion carried. CERTIFICATE OF COMPLETION: Ms. Haller presented the following Certificates of Completion. This will certify that Glenn Fisher, 225 W. Chestnut St., Jeffersonville, Indiana has met those agreements to construct the improvements and the dates for the beginning and completion thereof, on the following described real property, to wit: 712 Mechanic Street. Mr. Pearson made a motion to approve the Certificate of Completion. Mr. Williams seconded. Motion carried. This will certify that those agreements to construct the improvements and the dates for the beginning and completion thereof, on the following described real property, to wit: Warren G and Mirmie V. Sweat, 913 Watt Street, Jeffersonville, Indiana. Mr. Williams made a motion to approve the Certificate of Completion. Mr. Samuel seconded. Motion '; carried. 2 UPDATE REPORT: Ms. Haller reported that the Kasle Metal Processing , LLC Grant has been closed out. Kasle will hold an Open House on Thursday, June 10, 2004 from 12:00 PM to 3:30 PM. -All Commissioners are invited. Jeffboat has applied for a grant from DOC to upgrade the rail that runs into their yard. The state has already approved their training money. - - The board discussed the Sculpture. It was decided that Mr. Becker will send a letter to the Tourism Bureau that they may have the Sculpture but the Redevelopment Department will not spend any more money on it. ADJOURNMENT: Mr. Cahill asked if there were any other business before the board. Hearing none Mr. Pearson made a motion to adjourn the meeting at 1:15 PM. APPROVED: T '~ µ 3 ~~/~..- AMENDMENT TO LEASE Between Shirley Nolol 7P CLARK COUNTY RECORDER Clark County Reeord4r;:.-; I 200415477 Page l of 7 C1 Dale 06/23/2004 Time 09:08:46 JEFFERSONVILLE REDEVELOPMENT AUTHORITY And JEFFERSONVILLE REDEVELOPMENT COMMISSION __ . WHEREAS, the Jeffersonville Redevelopment Authority ("Lessor"), an e - - Jeffersonville Redevelopment Commission ("Lessee"), did heretofore on November 1, 1990, as amended on September 10, 1991 and August 14, 1996, enter into a lease, which lease was duly recorded in the office of the Clark County Recorder, on September 27, 1996 and appears as Filing No. 16721 (collectively, "Lease"); and D 2kw'`~2 2d WFIEREAS, the Lessor issued its Lease Rental Refunding Revenue Bonds, Series 1996 in the amount of Four Million Two Hundred Ten Thousand Dollars ($4,210,000) (" 1996 Bonds") to finance the refunding of certain outstanding bonds which were issued to finance the construction of certain road and parking improvements; and WHEREAS, Lessor now desires to refund the 1996 Bonds outstanding as authorized by 3C 5-1-5, ;and thereby obtain a savings and reduction in interest costs as hereinafter provided; and ---=~~-, ~ - -THEREFORE; ~I'IS t~~R_ EED bj~ and betRreen tt~~ Lessor~nd ~€he ~~see fat the=-= -_ __ `~ - -NOW, ,_- Lease made and executed between them shall be amended as follows effective with-the issuance and delivery by the Lessor of its Lease Rental Refunding Revenue Bonds, Series 2004 pursuant to the Trust Agreement, dated as of August 15, 1996, as supplemented and amended by a First Supplemental Trust Agreement dated as of May 1, 2004 (collectively, "Agreement"), and the defeasance of the 1996 Bonds and partial release and. discharge of the Agreement; Section 1. Section 4 of the Lease is amended by adding at the end thereof new paragraphs as follows: "Notwithstanding the foregoing provisions of this Section 4, the lease rental commencing on December 28, 2004 shall be the lesser of: (a) the amounts set forth on Exhibit A, or (b) Four Thousand. Dollars ($4,000) plus. an amount which when added to the amount then in the Sinking Fund created by the Trust Agreement, dated as of August 15, 1996, as supplemented and amended by a First Supplemental Trust Agreement dated May 1, 2004, with J.P. Morgan Trust Company, National Association (formerly known as NBD Bank, N.A.), as ~~ Trustee (collectively, Agreement ), equals the balance required in such Sinking Fund to pay unpaid principal of and interest on such outstanding Lease Rental INDY 1373~24v1 - -- _ :. - _ .-~ _ ~ _.. _ , '~ Refunding Revenue Bonds, Series 2004 which are due on or before the June 28 ' - .. - 1 or Jul 1, re ective y. - ' ~ or December 28 following such ;January Y sP All rentals shall be paid by Lessee to J.P: Mor an Trust Company, National Association, g in the City of Indianapolis, Indiana, as Trustee ("Trustee"), or to such at onal~ ociat on, company as may. from time to time succeed J.P. Morgan Trust Company, N as Trustee under the Agreement. All payments so made by the Lessee shall be considered as payment to the Lessor of the rentals payable hereunde Section 2. It, is hereby further agreed that all other provisions.- of the Lease shall _ _. _ -_ - -=remain in effect. _ -- ~ - - Dated as of June 23, 2004. JEFFERSONVILLE REDEVELOPMENT AUTTT""T'r" By: ATTEST: a. u- _: - -- ~ -~ _ - -- _ - - . -~ _ _ _ - ~_L_ -2- ItiDY 1373~2dv1 "`..;mss YY, _ _ ~ - -a.-.~+ ~, _ -~ : +~ J INDY 1373~24v1 INDY 1373~24v1 ,: ~` Jun-11 Q4 ~;•j01:41pta From-Floor 30 Fax_~A _ +3172365819 ~ ~••• T-618 P.001/002 F-OTZ - •-~~ y . JEFFERSONVILLE (INDIANA) REDEVELOPMENTAUT1i0itiTY ,~.:.. - ,..: SCHEDULE~OF A MORTIZATION OF S3 595 ODO PRINCIPAL AMOUNT . ' _ ~IyFA~SF RFNT At R£FUNDM G RFVENUR BONDS SERIFS 2004 `- . Bonds dated Junc 23, 2004. ~ . Spy.. - ; '. ~+~ Littnt.~ted ^ + HudgdYgr Annual Leasc payment Date Principal - Balance _ Pnnctnal .. Intcrest ' Rntu ... Tool ]ntcr~•st __To~al Rental - (%) _ VIR005 595,000 $3 5125,000, ~~ 2.00 574,043.28 5199,043.28,; ' _ 5199,043.23 ' 2 5202,000 ?/18005 , 3,470,000 130,000 '-' " 2.00 50 2 .50 - G9,G42.SU •. 199,64 ,., ]47935.00 50 198,342.50. 342 68 400.000 1/12006 - ?!12006 3,340,000 _ - 3,210,000 ` 110,000 ; 135,000„" ,_ . - 2.50 _ , . , F - 66,717.50 _ 201,717.50,:: -- -=- 50 747 401 _ =_ ---- 404,000 ____ 1/1/2007 3,075,000 135,000 :~: 3.00 . , 200,030.00... 65,030.00 0 5 7/1/2007 2,940,000 140,000,... ' 3.00 :0 63,005.00 _,:,~ 203 00 _ dU3,910.U0 90~.00~ 00 200 905 60 SUG.000 //8008 7/1lZOOS 2,800,000 2,660,000 140,00U, ° I40,g00 ,,;. 3.~0 _ 3s0 . . , 58,a55.00 198,455,D0_ - 00 46D 199 402,000 1112009 2,520,000 145,000:;.,,:; 3.75 5 . , 56,00.00 ZOI,ODS.DO 256."'-5 ~ 203 28625 53 7/1/2009 2,375,000 150,000'-,'r;• ` 3.7 00 4 . .. , 403,760.00 47.75 200,473.`5 50 406,000 1/1.'2010 7!1/2010 2,275,000 2.075.000 .. ; 150,000 ,: 155,000 ~ . . I 4.00 ~~ _ , 47,473.75 202,473;r~'--; = . 37.3:7~~> 401,847.50 ' 144 404,000 1!1/2011 1,920,000 155,000',,.;,:' 0 ` ? 4,20 20 4 ~ . 44,373.75 ' ' "' 75 201,1 t8.?5 4t t 18 7/1801 l /2012 / 1,765,000 ODO GOS 1 0 ,;;~ 160,0 000~:(I) IG5 . 4.40 . , . 37,758.75 202,758.75 403,877.50 406,000 I ! 7/1/2012 , , i,440,00D , 1G5,D00.(l) 4.CU 60 4 34,128.75 199,128!5: J 399 ,G27Sq 448.75 ~ 75 200 498 30 402,000 U12013 1,275,000 170,000 (2) . 60 4 _ , . , , SB8.75 _, 2ola8ti,75~'":.__ 26 ?/1!2013 014 1,105,000 000 930 175,000~(Z) (3) 000 180 . _ ~ - ':4.75 , 22.563!5 202,563.75 ; ~, 404.1 x1.50 407,000 - li 1/2 7/y201a . _ '750,_400 _ ; , _ 180,000£,(3) 1851100~4 "4.75 490 - 18,288 75 198288 75 - Y,3025U 14.0#3~~ ° ~- -{9401^~7~ _'_]9 -_ 400,-ODD - r._ U1f2013 -- =_ 7~Irzt}15 ~ ~ 570.000 385,000-Y ~:: _. -. ~ I90,Q0~£E4)_;- -a-: 4.90 -~• ' ~ ~~ _ ~-." -9,4SIZS _ -1~4,4$f~s --~--_-~~ _ ~ 399507.50 _ 402.000 _ ZG " = _ '~' 1!1/2016 ' _ 195,000 = - -. -195.000 -' 4:95 : 199 S -4,826.25 .: _- - _. _.- _ `. " _ : -- __ ._ - -....-. -- ~A r- 595A00 ._. - ~ _..-_ 51.017,020.78 Sa,G12,020 r18 "54,612,020.78 54.641.000 Totals 53, 20FZ ~- l 1 J 3 5360.000 ol'Tcrnt Bands duc Ju(y~l '-2014. ) (1) 5330,000 oCTcatt Bonds dur y , u ~ ; 000 of 7crm Bonds duc Jaly~i 2015. 4 5375 O (2) 5345,000 o fTerm Bonds due .; ~ July t, 20t3. , ,,:G~ ... 4 y 1'J s ~r7 . , ~ J ~3 ;,;'~ ~^ 1 ~' i./.7 - Jr 1 - : ~ ~. . . y - E, - l~ ~ .. • ' ~~ C 1'• M..• t, . r;rort +c.~:ed luny 9, 2004 of Umbau~h - - 'Before me, the undersigned, a Notary Public in and for said County and State, this day of June, 2004, personally appeared Christopher Bottorff and Elmer Hoehn personally known to me to be the President and Secretary-Treasurer, respectively, of Jeffersonville Redevelopment Authority, and acknowledged the execution of the foregoing -: Amendment No. l to Lease for and onbehalf of the.Authority. _,_, WITNESS my hand and notarial seal. ~~ . (Written Signature) a INDY 1373524v1 Before me, the undersigned, a Notary Public in and for said County and State, this - ~__ day of June, 2004, personally appeared Barry Cahill and Nathan Samuel, personally known to me to be the President and Secretary, respectively, of the Jeffersonville Redevelopment Commission, and acknowledged the execution of the foregoing Amendment No. . 1 to Lease for and on behalf of the Commission. _ ___ --- -- - -- - __.. - -- - -- _ -- ~- `-° "WITNESS my hand and notarial seal.- ~~~ ` (Written Signature) This instrument prepared by Lisa A. Lee, Ice Miller, One American Square, Box 82001, Indianapolis; Indiana 40282-0002. I\'DY 1373~2~v]