HomeMy WebLinkAboutJune 4, 2021 Workshop JEFFERSONVILLE CITY COUNCIL REDEVELOPMENT COMMISSION WORKSHOP 1
Monday June 4th, 2012
City Hall, Mayor's Conference Room
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The Common Council of the City of Jeffersonville met in a workshop on Monday June 4th, 2012. Council t
President Ed Zastawny reconvened the workshop to order at 6:00 P.M. and on the roll call members
present was Vice President Connie Sellers, Councilpersons Nathan Samuel, Bryan Glover, Zach Payne,
Lisa Gill, Mike Smith, and Dennis Julius. Absent was: Councilperson Matt Owen. I
The Redevelopment Commission of Jeffersonville met in a workshop with the City Council on Monday
June 4 2012. Redevelopment Commission President Mike Hutt called the workshop to order at 5:08
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and on the roll call members present was: Jamie Lake, Steve Strocen, Monty Snelling, and Councilperson
Julius.
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Guests present: Redevelopment Director Rob Waiz, City Attorney Les Merkley, Controller Monica
Harmon, Police Chief Chris Grimm, Assistant Chief Scott Oliver, Buddy Downs with ICE Miller, John
Seever, Brian Colton and Gerald Malone with Umbaugh and Associates, and Vicki Conlin, City Clerk.
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PROPOSED POLICE STATION PROJECT: t
City Attorney Les Merkley stated that the Administration and Council want to go ahead with the Police (
Headquarters Project. Local Option Income Tax (LOIT) used for debt payment but other funds will need 1
to be used. Redevelopment and Council needs to come to agreement, which funds used for this project.
John Seever, Umbaugh and Associates, presented preliminary feasibility analysis the Total Estimated
Project Cost $10,980.000.00. Project will be a Lease Rental Revenue Bond of 2012 and cannot take
payments lease payments until the project is completed. Do not want to use the GO capacity until
unless you really need it. t`'
Buddy Downs, Ice Miller, the Redevelopment Authority will lease the building to the Redevelopment
Commission and the Council to pledge the funds. Once a year the Council and Redevelopment
Commission could decide what is best in that particular situation is it is best to use EDIT or TIF in case 1
there is not enough LOIT. Tax Increment Financing (T.I.F.) general is not as good credit as EDIT and
would not save money on the interest rate. Mr. Seever stated that EDIT is seen as by the bondholders as
more stable and secure payment.
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Bryan Colton, Umbaugh and Associates, presented the Preliminary Schedule of Amortization of
$10,980,000.00 Principal Amount of Lease Rental Revenue Bonds of 2012. First payment would be
7/15/14 with the Net Debt Service at $428,416.00, 1/15/15 Net Debt Services $423,316, Budget Year
Debt Service $854,733.00 and Annual Lease Payment $860,000.00 and continues until last payment of
11/15/33. Schedule of Estimated Coverage — CEDIT Bond Year Ending January 15 for 2015 Estimated I
Annual CEDIT $1,980,767.00, Annual Lease Rental $860,000.00, Estimated Annual Coverage 230 %,
Budget Year 2014, and continues until 2033.
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Council President Zastawny commented he has concern the LOIT support this as long as the 911 is
funded and cost more if TIF as the pledge revenue, but his concern is the council has lot flexibility with
EDIT and EDIT is used for funding shortfalls such as health insurance. Council has controlled of EDIT
where Redevelopment controls TIF. Council was expecting a side -by -side comparison of EDIT and TIF
Funds, how much the cost would be now it would affect the debt limit and what other mechanisms of
lease verses own would be
Jamie Lake stated the other thing he thought was being discussed at this meeting told bonding capacity
for Redevelopment and the TIF districts, what our bonding capacity is.
Councilperson Julius stated that the Council and Redevelopment are looking at an 11 million dollar
project and if it takes thirty days to receive the information fells this is worth waiting the thirty days.
Council President Zastawny requested Umbaugh and Ice Miller to prepare more information for both
boards and reconvene together within 30 days. Council President also stated it is important that both
boards meet together frequently regarding the Police Headquarters and Falls Landing Projects.
Council President Zastawny adjourned the meeting at 6:45 P.M.
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Edward Zastawny, President
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ATTE - " : D BY:
Vicki Conlin, City Clerk
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