- 5 o'clock. Welcome, everyone. Let's go ahead and get started. We have a quorum here in person. And we
- have one individual on Zoom. So why don't we start with a roll call vote, please, or a roll call. Laurie
- McRobbie, present. Randy Cassidy, present. John? John, you're muted. Sorry about that, John West.
- So you scambler here. And staff present? Costina Finley, Hand Department. Tammy Caswell, Hand Department.
- Jane Coopersmith, Economic and Sustainable Development. Margie Rice, City Legal. Kenoki Engineering.
- Great. Good to have you all here on this sparsely populated week. But we have approval of minutes before
- us, including an executive session summary for February 23, 2026.
- minutes for February 23rd, 2026, and March 2nd, 2026. Are there any corrections or changes that anyone
- wants to note? If not, may I have a motion to approve? I'll make a motion to approve as noted. Second.
- It's been moved and seconded. Oh, sorry. We'll actually take a roll call vote on approving that. Laurie
- McRobbie, yes. Brandi Cassidy, yes. John West, yes.
- Sue Scambaleri, yes. Thank you. That passage unanimously. Moving to the claims register for February
- 27th, 2026. Are there any questions? I have one question. I know Christine directed us accordingly to
- call or email, of which I did call. I did call. I got your voice. You did? I did. So consequently, I
- don't have any major questions. But some of these reoccurring ones that occur, the habitat
- for Humanity, the Osage one. Yeah, it's the Osage, the Summit Hill development. These ones that are
- continuing long-term that we have, trying to figure out from as we look through an approval process,
- these are agreements that were made that have long-term effect in regards to the finances. Just kind
- of curious as we look through those ones that have with the Summit Hill, Osage,
- the, forgive me, the name is evading me at the present moment. Yeah, the other stage is the infrastructure,
- so. Right, I understand what it is. I'm just looking at, as we have these continuations, if there's
- a tabulation, I know previously Jessica had done something for Hopewell, so these ones, so we have,
- we know what that long-term overall effect would be. Yeah, I think Stephanie's the one that takes care
- of those, so I can get with her and get some sort of timeframe for you.
- Cause it's kind of like, we know the tip, you know, I know some of these are CBDG and are outside of
- the tip itself, but just so everybody has an idea what the overall financial commitment is. Not a problem.
- All right, thank you. Any other questions? Okay. Seeing none, may I have a motion for approval of the
- claims register for 22726? So moved. And is there a second? Second. It's been moved and seconded.
- We'll do a roll call vote. Lori McGrady, yes. Randy Cassidy, yes. John West, yes. Steve Scambaleri,
- yes. That passes unanimously. Thank you. That takes us to our payroll register for March 6, 2026. Are
- there any questions or comments on the payroll register? No. I'll make a motion to approve as noted.
- Second. It's been moved and seconded. We'll vote by roll call.
- Lori McRobbie, yes. Randy Cassidy, yes. John West, yes. C. Scambaleri, yes. That passes unanimously.
- Payroll register is approved. Takes us to reports. I know Director Kellyanne Hanson is not with us today,
- but is there any report on her behalf? No report today. Okay. Legal? None for me. I know Kendall's here
- to give a staff report though at some point. I don't know if you want the controller to go first. May
- I just mention that
- My report was going to be re-presenting the annual report, which is mandatory and extremely important,
- but they're not here yet. So I may have to ask you to postpone that report till after your agenda item.
- So let me defer, and I'm going to go out in the hall and see if they're wandering around waiting for
- us. Thank you. And is there a business development report? I don't have a business development report,
- but I did want to say to the commissioners,
- It's because all of the business development activities are bundled up and meshed in all the
- other development activities. So I think they tend to fall under the other work that the commission
- is doing. So I just wanted to share that because I never have that day for you. Thank you. But she is
- definitely very busy. Yeah. Sometimes. OK. Any questions for any of those?
- hit the controller when he comes back. Okay. All right, we'll actually postpone, per Jeff's request,
- we'll postpone the Treasurer's Report and the TIF Report from Reedy, and we'll move ahead and take up
- new business. Oh, I'm sorry, I didn't see Hopewell on here. No, he's just gonna give it in staff updates,
- if that's okay. PG.
- Yeah, so just as requested with the contract for the Hopewell South engineering and subdivision, just
- want to keep continuing to give you all updates. So kind of the biggest update is based on the last
- City Council meeting. We are charging forward with design. We did not see any real red flags that indicated
- to us that City Council is going to change substantially what's being proposed. They may make some changes.
- But we felt like the risk was low enough to continue to charge forward. So I wanted to bring that in
- front of you and make sure that you're all in agreement with that. But based on what we saw at City
- Council, we feel confident to continue moving forward. And we have to move forward if we want to stay
- on the schedule that we have. So I guess that's the other side of this thing. But I just wanted to kind
- of bring that in front of you and hear any discussion you may have on should we continue to charge forward,
- which means we're spending money in that contract.
- or should we hold off, we believe as staff that we should continue charging forward. And I can tell
- you legally, at a PUD, the council can approve it or not approve it. They can, you know, reasonable
- conditions can be put in place, but legislatively, council doesn't have the authority to amend a PUD.
- They could just put in place reasonable conditions. So we think it's a good idea to continue to move
- forward. And that appears to be what they've
- raised in their first session for several reasonable possible amendments. When is their next council
- meeting? It is March 25th. Right, so it's not that long off. And is that the final here? It could be.
- It's the second reading. So they could take a vote and approve it. They might not. They could postpone
- it. OK. And then the other question I have is, what's our burn rate so far as far as dollars?
- We haven't even gotten our first invoice yet. That's good. The consultant is definitely charging along.
- We're moving. We're spending money. Just checking to see what that metric was on a consistent basis.
- I can't tell you exactly how much we've spent. And what will you require of this body going forward?
- Well, so the next approval that I'll bring in before you is essentially permission to file and go to
- plan commission for the primary plat, which is scheduled for May 11th, apparently.
- So prior to that May 11th date, I'll just request permission to submit that primary plat and have it
- heard by plain commission on your behalf. So that's kind of the next step. And then after that, if the
- plat's approved, we'll submit for our permits for our secondary plat. And eventually, I'll come back
- and ask for construction funding for the build out of all the infrastructure. So on the current schedule,
- we can start construction mid-August. And we're still on that schedule.
- Given the current contract that is let, not for this particular Hopewell, but the one we approved previously
- for Second Street? Second Street is... The sewer and such that's occurring. Oh, yeah. That sewer work,
- that's already completed. Okay. So all of that is complete accordingly. And what I'm curious in regards
- to is where we had done the park and they had put the grass and such, where they put a temporary walkway
- around it. If you take a look at that,
- while the sidewalk was out, we now have a nice little rainbow arc in the grass. It's minor stuff, but
- if you drive by Roger Street, take a look. It's trying to make sure that as the spring comes that we're
- able to have vegetation cover. Oh, you're saying there's exposed soil. Well, what occurred while they
- were working in that particular area on Roger Street
- There was a sidewalk that was out, and they put a temporary sidewalk around in an arc. Oh, right, yes.
- And they've done the sidewalk, but the restoration has not occurred. So it's just this nice little arc
- that's in there. With spring coming up, making sure we get some vegetative cover. I know exactly what
- you're talking about. Appreciate that. So our consultant, we have filing for the development review
- committee at the end of the month this Friday. So they're going to be submitting grading plan, preliminary
- utility layout,
- you know, site plan, first draft of the plat, that's all going to get submitted to our planning department
- this Friday. And then all of the city departments will have the opportunity to review and discuss, I
- think it's the 30th of this month, is the DRC, not RDC, DRC meeting where we'll discuss all of that.
- So just moving through that process, that's for the May 11th Planning Commission meeting. And that's
- DRC stands for Design Review Committee? Yeah, it's the Development Review Committee.
- All the departments are part of that fire, you know, police, engineering, everybody. So a few other
- updates. Based on the grading, we are likely going to impact one of the adjacent centerstone lots. And
- so we have a meeting set up to kind of talk to them about that. We don't have to impact their property,
- but we think it's going to be beneficial to both projects. We get to lower the road a little bit, which
- helps our grading out.
- And then they basically get a new parking lot out of it because we'll have to reconstruct their parking
- lot in order to do that. So I think it's going to be beneficial to both parties. We're going to talk
- to them. We don't know if we're moving forward with that, but just wanted to make you aware. And then
- I did want to, I'm going to see if I can share my screen on the zoom. So John can see this as well.
- is. So we have some contract amendment coming up as well that we'll be bringing to you and this is to
- address some additional off-site improvements that have come up in the design. So the first one is on
- the south side of this exhibit, this blue line that I've drawn here. This is a new or it's an existing
- water main that needs to be replaced. So this water main down here where I've drawn this blue line is
- 1937 right now.
- And CBO has requested it be replaced as part of this project in order to serve the new development.
- So we are going to have to include the design and construction of a new water main in Wiley. So that's
- what's shown on the south end. And then another request from CBU is we did not have room to do any detention
- or water quality on the west portion of the site. So the east portion all drains down to the 714 building,
- but the west portion,
- drains to the west and we had initially proposed over detaining in this area to accommodate that. But
- CBU has come back and said, you know, in the mobile home community down here, there's flooding issues
- and they'd really like to see this project do some kind of detention water quality treatment. So we
- do have some room along Wiley in the right of way. So they've requested that we take a look at that
- and evaluate if we can do some detention in there to serve this project. So because of that,
- We'll have to include some additional survey of this area to do the design. And then we need to get
- utilities out of this area. And that's proven to be a bit difficult with our stormwater. So we'll have
- to come up either through down first or through this existing platted alley with some utilities. So
- we'll need to survey those locations. And then there's also been talk about potentially doing some kind
- of a sidewalk or alley connection in the existing alley.
- Because right now our development is building an east-west kind of thoroughfare that dead ends right
- here at this existing alley. And so especially if we have to do a utility in there, it might make sense
- to do some kind of a sidewalk or an alley build out. That's still something we have to evaluate. So
- right now I'll probably be coming to you with a request for additional survey in an upcoming meeting
- and then potentially an additional design depending on what we determine is feasible.
- When we look at this existing water line that's got to be replaced, what kind of dollars are we talking
- at? Because as we move forward on Hopewell, trying to get into an affordable housing situation, each
- one of these things, while it's necessary for public infrastructure, also goes into the overall density
- and the amount of cost per unit. I don't have a cost for you yet. I will try to get something together
- so I can let you know approximate. I will say that
- You know, these kinds of infrastructure improvements are pretty typical on a development. But yeah,
- I'd like to get a price for both of them before I come and ask about it. But we still need to evaluate.
- So the first step will be additional surveying. As we look through the infrastructure's critical
- redevelopment of this thing, but as we've got other things in the community where we require all the
- private people to also be cognizant of what those overall costs are,
- since we are the most expensive place in the state. So appreciate that. And what about timing? Is that
- something that will do the survey and presumably if everything looks like it's on track, you'll just
- proceed to do that replacement and it'll be done? It'll just be done as part of the project. But at
- what point? I mean, obviously early on. So before ground was broken for the housing or?
- Yes, so the infrastructure will be done before ground is broken for the housing, with the exception
- of those two or three lots that we're trying to do early. But all the infrastructure is going to be
- done at once, and utilities will be first. So they'll be getting into the site. They'll be masquerading.
- They'll be installing storm sewer water, sanitary. And then they'll get into the adjoining streets and
- do the utility work. I mean, there's going to be all kinds of connections and things going in. Right.
- So it'll all just be done at once. Yeah.
- on that vein as we go through this in order to try to move things forward, providing the council approves
- everything. Where, as you're having these discussions on utilities, where any of the other utilities
- that can tend to hold up some projects might be, we're already having coordination discussions with
- those. Yeah, so CBU, you know, does the Big Three water, storm, and sanitary, and these are the only
- things that came out of those conversations.
- We're not going to be installing any new gas mains on this project based on the PUD not allowing gas
- service in these developments. So it's really just, we still have to meet with Duke Energy to talk about
- how to serve it from an electric standpoint. But otherwise, all the communications will be able to fit
- in. OK. From your preliminary basis, you're not going to have massive relocations that could actually
- hold up this project? No. No, we're not going to be waiting on anybody to relocate their utilities that
- we're aware of.
- Any other questions for Ken? Seeing none. Okay. Thank you so much. Thank you so much. Let's circle back
- to the Treasurer's Report and the TIF Report from Reedy Financial. Jeff, do you want to take us into
- that? Fantastic. Thank you very much. I would like to introduce Justin Chang from Reedy Financial. He
- is going to present the Annual Report for the Redevelopment Commission.
- very important and mandatory step that this will fulfill. Yes, so to start off, my apologies. I thought
- the meeting started at 5.30. I was actually in the parking lot about 5.05 waiting for the clock to run
- down. So I do apologize. But yesterday, we're going to go over the April reporting requirement. A lot
- of you may have done this in the past, but just
- Just as a quick overview, this is to show a lot of the RDC's information from the prior year. Most of
- it is around financials, but also RDC members, underlying units, parcel list, information like that.
- The way that we format the Airport Reform Department is going to look very similar to the financial
- plan that we presented and we provided in previous
- previously with the core of the update. So a lot of this will look very familiar, but today we're going
- to focus mainly solely on 2025. Last time I was here, I think I presented for nearly an hour, so I'll
- try not to do that this time. Are we going to share, or is there anything to share? And just to clarify
- this, what is being presented here was also part of your packet and has also been available to the public as well.
- So table of contents, again, it'll look very similar to the TIF financial plan. The only addition that
- we've added here that isn't on the normal TIF financial plan is that one will go through all the annual
- reporting requirements required for the RDC, as well as, and you'll see a list of all the parcel lists
- for all tip allocation areas in the RDC. So that's one of the reporting requirements that's required
- for this reporting, but that won't be included in future financial plan packets. Next page, page three,
- is the annual requirements. This will look similar if you guys remember last year from
- The annual TIF impact reporting, we've put together a list of all the reporting that the RDC has to
- do. This is essentially that list, but we break it out into more detail for the RDC. Today, we're doing
- that very first one under that green column.
- That says prior to April 1st, clerk treasures any report to the RDC that will be this report. And then
- no later than April 15th, we'll have to provide this to the mayor and the city council either through
- an email or in their meeting packets, as well as we'll work on the gateway uploads and we'll work with
- Jeff to submit it once we've uploaded it. The rest are just all the other report requirements. You guys
- should know these for the most part, but if there are any questions, please feel free to let me know.
- But if not, we could go to the next page. I've got one silly question. Yeah. We show no employee information,
- yet we approve a payroll register every time. There is a employee information? No. I'm just asking.
- It shows none. And I understand it's probably just under general. And what's your question? No. Well,
- just where we go employee information. It shows none in our report.
- And while we don't have any employees, we pay employees. Do you approve payroll and claims? And you
- approve payroll for employees that aren't employees of the RDC? Exactly. Yes. OK. Yeah. So this is very
- clear. If the RDC pays employees. If the RDC had a separate employee. Yes. That would be listed there.
- Yes. Thank you. Most of the time we see maybe economic directors that are solely for the RDC would be
- listed here. OK. So these are.
- Again, a lot of this information is what's required of this reporting, but you guys all may know this
- already. One last question. Yeah. When we go to local council, and on all your report, it's got Kerlaw
- PC. So I'm just trying to make sure. We could update that is. Should that just be city and local council?
- Yeah. OK. He's not in private practice. And John has a question.
- And John? This answer, thank you. Okay, yes, we will fix that for future. Yes, we can definitely fix
- that. Normally we see a lot of local council being private practice, so that's why we looked it up on,
- looked it up sort of thing. But yes, we'll make sure that gets updated. Excellent, thank you. But that
- isn't actually brother. What about the commissioner terms? Is that the wrong year? This is for 2025.
- Are these not the commissioners for 2025?
- Yes. These are, right? This is last year's report. I'm pretty sure I've heard about Jeff or someone.
- So this is for last year's offer. This year's will update one for 2026. Yes, again, everything in this
- report is in a year, so we're looking at all of 2025. Any changes made in 2026 won't be shown just yet,
- but they will be in, I guess, next month's financial plan. And can I just, I know this came up last
- year as well, but Sam Fleener, who is a sort of ex-official member of the
- RDC, is that, how do we, just remind me how we understand Sam Cleaner's role. So Sam is the school member
- from MCCSE. So he's- Appointed by them. Yes, yes. So he's, we still have to include him on here even
- though he's not a non-loan member and we'll still include him in the gateway reporting, but that's-
- Doesn't count towards quorum, obviously. Yeah. Okay. Yes. We just have to, since he's technically a
- member of the RDC, we have to include him on here. Count towards quorum.
- And just if you read the statute that refers to this annual report, Justin's pretty much ticking through
- all the things that the statute says need to be included. Yes, yes. Perfect. But yeah, we try to make
- the financial plan that's similar to this, so to cut down on initiated costs. But yeah, a lot of this
- is ticking through the boxes of the report on the statute.
- So to the next page, that's the monthly balance for the Wilmington consolidated TIF allocation area.
- Big picture, what we're seeing is that the RDC's cash grew by $15 million. I think I mentioned this
- when I came last time, but really this page is more useful for units that might be a little tighter
- in cash, where yes, it looks like they'll end the year in the positive, but there may be a month or
- two where they go negative, and this is where we can show that kind
- kind of cash flow, but the RDC has pretty healthy cash flow, so this page is very much for informational
- purposes, not even needed for the April report requirement. If we go to the next page. Just to verify,
- as of October 31, we've got outstanding obligations, but we're still looking at $32,511,325. And leftover
- cash. And leftover cash.
- can be allocated for future projects. Yes, and we'll go over that in a couple of pages. There's a fun
- tab that we'll look at that as well. OK. North Kinser Pike, this is one of the allocation areas that
- is in public consolidated TIF. Like Jeff mentioned, each TIF needs to have their own fun tab parcel
- list. So this is separating that out between North Kinser Pike and the consolidated area. Just as a
- reminder, this TIF is set to expire
- after this year. So we currently have 767. I believe that should be close, maybe 850, $900,000 by the
- end of 2026. So that's money that we can look into spending as this TIF expires. So from an allocation
- standpoint, dollars, 800 and some thousand, we just need to identify the projects that need to be done.
- Because will they have to be closed out in order to work this, Jeff, by next year?
- By the end of this year, will the allocations have to be allocated prior to? No, they can stay in there.
- Even though it expires, you just don't start, you don't continue to collect money. Okay. But you don't
- have to spend it all. But we don't have to have it? No. How about everything all completely spent on
- it? That's, well, to verify so then it wouldn't be distributed back to the different taxing units. Correct.
- All right, thank you. Yes, and it's that process of letting the county know that its tip expires, we
- will do that with the functionalization. We'll let them know this tip is expiring.
- And we won't neutralize it for the upcoming year. The next page, again, this follows a lot of what is
- on the TIP financial plan, which is why this fund is on here. But 2519 technically doesn't go on the
- April 4. So we don't need to spend a whole lot of time here. But when we do the gateway submissions,
- we won't include the financial information from this fund. And I think it is useful for everybody to
- see the cash balance. Because you all ask about the cash balance from time to time.
- And this is included in all our tip and action plans. So when we provide the Q1 in April, this one will
- be on there. Any questions on the monthly cash balance before we go into the? On the 25-19, I'm just
- looking at the February portion of it, where we received 4.6 and we cash outlayed 4,593,000. Is that
- a specific instance on that?
- So that is tied to that revenue of 4.6. I believe that funds sold the property. That was first deposited
- here and then deposited into the, yeah. So that's our trades district basis. Then that fund that receded
- in and then got transferred. And then it's been transferred back out into a different fund.
- It was transferred into the consolidated tip fund. So you'll see in February for this green,
- green page. There is 4.5, almost like exactly. There's interest in there. The next three pages is similar
- to what the monthly cash balance is showing, but instead of a monthly cash balance, we show this as
- individual projects, and the reason we do this is when we go on to
- gateway to do the submissions. Let's say we spent $294,000 on First Street. We have to show that. So
- we have to do capital outlays, First Street, and then the dollar amount. Same thing with debt payments
- and other services and charges. We have to separate that out. The one difference is that under debt
- payments, we have that as a total debt. But when we do go in and do the gateway submissions, that will
- be broken out into each individual debt. And we have to break that out into principal portion and interest portion.
- Overall, the largest expenditures for the RDC last year, number one, were all the debt payments. Number
- two was the hope well, which that's expected for 2026 as well with conversations. For informational
- purposes into 2026, where if you guys look, there's $20.2 million in TIF revenues collected in 2025.
- Still finalizing the abstract. We're still waiting on that from the state, but we're looking at closer
- to maybe $24 million. Don't quote me on that if it comes out different, but as of numbers today.
- But yes, we will try to get that in the next financial plan. Hopefully, we'll have those finalized numbers.
- Any questions on this page for me? And I'll pause here for a second, just because this is an important
- page. I just want to give everybody a chance to formulate any questions.
- So what you're telling me is as of 12-31, we have $32 million in cash, so. Yes, yes, 32 and a half.
- Now, we've got expenditures planned that is not just cash to be utilized. It's already got payments
- and such that'll be happening. You certainly, you have obligations, yes. You have obligations that you're
- committed to. OK. And this obviously does not include the Kinser Pike
- That is completely separate. That's not in this number. Correct. That's actually in the next page. Right.
- Yeah, sorry. I know it doesn't show from the top, but that's consolidated allocation area. Yeah. And
- then the 2519 fund. That's also separate. It's also separate. Yes. That would be the page after Kinser
- Pike. Based on those two broke up where we got the Kinser Pike and then we got our consolidated TIP
- area then.
- Of the consolidated TIF, there's other TIF areas. It's everything that is not North Kins or Pike or
- Meridian. Is all consolidated, and we don't have allocation based upon what those other TIF areas are.
- Allocation as in? The old individual TIFs before they were consolidated. What the revenue is that each
- one of those is collecting accordingly, like the Adams Crossing TIF. We have that, yes we do. So that
- could be an appendage that could be added to.
- Yes for informational purposes only not not because of what needs to go into gateway gateway has specific
- Items that have to be put in yes. Yes, and we can do that if you think about look at this as an Excel
- It would be like all the way up here is where all those rubies would be calculated I'm just looking
- at as we put these particular areas and those tip allocation areas where dollars that have been utilized in those
- TIF areas are. Consolidated TIF was put together years ago for specific reasons to font bond things.
- So we could get that as an appendage somewhere or? Yes, yeah, of course. We couldn't include that in
- a separate file just because there's so many. This will make this a much larger document. You could
- just provide that in some fashion, not in this particular one. Yeah, we can definitely do that.
- Thank you, Justin. Any other questions? One thing I want to point out.
- You see that 5.3 million in interest slash miscellaneous revenues, that does include the 4.5 that the
- trades district plans for. So that won't be 4.5 in 2026 and going forward. That's a one time hit. Unless
- you sell anything else. Yes. We have some to sell. Any other questions on this page before we keep going?
- No. No? Okay.
- Next page is that North Kinser Pike allocation area. We received $91,000 in TEF revenue collections
- that's expected to stay the same in 2026, and that will be gone after 2026. So you'll see at the bottom,
- we're looking at 767 by the end of last year. If we add another roughly 90,000 to it, we're at just
- over $850,000 to spend out of this allocation area.
- Next one is the Meridian allocation area. We don't have a monthly cash balance page for it because there
- has been nothing coming into this fund as of 2025 and it doesn't look like there are assessed values
- in 2026. It is a personal property so we don't get to see that until they show it to us really so if
- there is anything we will let you all know but as of
- January or February, there weren't anything, and there were no assessed values in the meridian tip.
- That says it comes in from the county assessor. Yes, but that is self-reported by the taxpayer. Right.
- But I mean, it's not something with the information that we generate. We receive it from the county.
- Correct. So what we do to functionalization is we explicitly remove personal property because we can't
- neutralize that. That's just what it is. Yes. So when we get into the personal property reporting,
- basis and Jeff to the fact that the city doesn't have anything in regards to doing that. How do we identify
- when that personal property will be reported? You mean when we start seeing AV? Yeah, when we start
- seeing AV and I understand based upon how this spider tiff was put out, you know, the allocations of
- the dollars will go right back out. But just trying to identify because it's been, what, two years now?
- You know, I don't know the answer, but I can talk to the assessor tomorrow and try to get an answer.
- Just trying to identify, because we know that they've got facilities put in, and I think there's still
- some outstanding issues that we have with Meridian as a community. So try to resolve that. And if there's
- nothing being paid in, there's, yeah. Right, nothing that goes out. Exactly. But yeah, I will find out
- from the assessor when we anticipate seeing some. Yeah, personal property, because of the self-reporting
- situation. I mean, if they don't report it, we don't see it, it doesn't come back in.
- All right, thank you. Appreciate it. Yeah, so yeah. Once there is any revenues to expand, revenues come
- in, we'll make sure that that gets updated. 2519, again, not required for the Gateway impulse submissions,
- but this is the information that we currently have for it. If there's any questions on here,
- let us know. But this isn't a TIF fund, so it's really different. It's controlled by the REC, but it's
- not a TIF revenue fund.
- fairly different from the three other TIF funds that we track for the RDC. When we look at this from
- a revenue standpoint, the realities of the lease rental revenue is only $491,000 on what we have at
- the present moment. And then our $5 million is actually the trade's sale. Is that correct in regards to it?
- Yeah, so we take out the 4.5 in trade sale. We're looking at 500 in interest slash miscellaneous revenues.
- Now, what are the breakouts, breakdowns of the interest slash miscellaneous? I have to look on the Excel
- version, but if we take out the sale, we're looking at a million dollars. Okay, so we're in a million
- without the sale. That's what I was trying to see neutralized, because that's an inter-fund transfer,
- but that 4.5 went into the consolidated. And that's a one-time infusion.
- reality where we are, we started at 2.1 and we're at 4 points. So we've got 490,000, so we're a couple
- hundred thousand in a deficit spend. Yeah, if we look at this as a whole, we could really take, you'll
- see that inter-fund transfer of $4.5 million. If we remove both of those top and bottom revenue and
- expenditures, we're still looking at a deficit of about $700,000. So you can just look at that bottom number.
- because that nets out from the top line and bottom line. Any questions? Next page, debt overview. One
- of those check boxes that we have to have as part of the report requirement, but again, we track this
- throughout the year as well, because when we look at the city's reports, we match debt payments with
- amortization schedule to make sure the city is paying the correct amounts. But the DLGF does require
- us to input this information on Gateway, all the debts that the RDC are paying, what is the outstanding
- amount of those debts as of 1-125. So this, we're looking really a year and a half backwards. And then
- the actual amount that the RDC paid for those bonds.
- So what I mean by we're looking at a year and a half backwards is, as of 1-1-2025, so the last payment
- would have been 7-15-2024. So really it's looking at after the July 2024 payment, how much that is still
- outstanding. So it's significantly less than what is shown here right now. But again, we're looking
- back. Can we take the refunding amount at the bottom on that? Basically, it's the 27-4-50 minus the
- 32-40. Three million, 2-40 is 8-75.
- Yes. Well, not exactly, because a big portion of that is interest. The interest aspect, so. Yes. So
- for like the 2024, interest might take up more than half of that. The scopes are so early on in that.
- It goes early on in the bottom. But essentially, we've got 16 years is when everything's going to hit.
- Yes, and that actually ties up with the exploration of most of the consolidated outpatient areas.
- No questions here. The rest of the pages are all the parcels in the allocation area. I printed them
- out. That's why this thing is so thick. But there's nearly 60 pages of parcels. Again, feel free to
- take a look. Ask us if there are any questions. But we will upload all those parcels onto Gateway as
- well. There's an upload section for that specifically. So let me ask one question. Just as we look at
- these from a debt standpoint and then
- Is there any of them based on what interest and time frame is that you could try to pay ahead or just
- like the refunding bond we did in order to reduce our interest rate? What's the calculation or time
- frame we look at what that? So there really isn't a calculation. It's more what is on the bond transcript.
- So it'll say this bond becomes callable where you could buy back the bonds in
- let's say 2030, 2036, we'll have to look at the bond transcript for each individual bond to determine
- that, yeah. From a municipal standpoint, as we retire bonds and we look at the other infrastructure
- projects that we have to do, how do we calculate? Yeah, we can. Our interest rate environment is super
- low right now, so that might not be a good idea, just because let's say we do it. What I'm looking for
- right now, I'm just saying as we move forward with 16 years on those loans. Yeah, we should always be
- looking for opportunities.
- to refund when it makes sense. Yeah, when it's beneficial. Well, we'll bring it up to Jeff as well when
- we see opportunities for interest savings. OK, thank you.
- a little bit of a lag. This is just basically a list of parcels. As you go through the parcels, when
- we look at these and you're looking back a year and then we have other properties that are coming on
- in these consolidated TIF districts, what's our time frame when it starts to hit where you're looking
- at it from the allocation standpoint just whenever the county
- distributes accordingly or gives you your report? You understand what I'm trying to say? Because we've
- got larger projects that we're in arrears always in the state of Indiana on our collection. Are you
- saying where we'll see the parcels on the parcel list? Yeah, we'll see the parcels that then also create
- the allocation that goes to the TIF. I'll just use an example of where somebody tears down a existing
- multifamily and then rebuilds up and it has we increase our increment of course. Is that a one year,
- two year lag situation before it hits you in a reporting standpoint where we actually are able to calculate
- that into our financial plan? It's about a year and a half to two years lag so how it works it's
- it's built, assessed, pay. So if something is built in 2026, it doesn't get assessed till 2027, and
- then we're paying it in 2028. So if you look at sort of like a developer purchase deal with a bond,
- we always have like two periods of capitalized interest to make up, to account for the built year assessment,
- and then we pay. It'd be a two year capitalization time in order to get the revenues there. One and
- a half to two years, yeah. Okay, thank you.
- So I guess there really wasn't anything else in the long list of parcels. Anybody have any other questions
- for me or for Justin? Two quick questions. When we look at this from our standpoint with this, we have
- to do this in an approval rating. And then after we do this, then we'll start looking at what we're
- looking to do future-wise, bond-wise.
- Well, yeah, I mean, we have several bonds, I think, that you've already considered issuing. And so we'll
- be working with Justin and the team on doing the modeling for that. On how the modeling of the financials
- will be in regards to that. So is that something in the next three, six months, either? I don't know
- that the projects are yet to that point of maturity. I think the police station is probably the most urgent.
- But even that, we don't have a lot of the project details yet. Perfect. Do we need to accept? One other
- question. So how again should we handle their responsibility for presenting to the city council and
- to the mayor's office? Did you say just email it or do they actually have to do something on the record?
- So there's two ways really.
- If the time allows included in the city council's meeting packets by April 15th or certain units,
- you know, the timeline doesn't match up, the city council doesn't meet till the end of the month, then
- we'll just, we just tell our clients, they just email this to the city council and to the mayor. Would
- you typically send it to the city clerk as the sort of the secretary for the council?
- Yeah, or really, Jeff could send it out as well. It's really on Jeff's responsibility, technically.
- All right. Well, as long as they get it, it's OK. Yes, as long as they get it. We're in a little weird
- position where the city council actually doesn't have any staff right now. Yeah, I remember
- this conversation. The question I would ask as far as email and coordination, is that something where
- once we approve and if we approve it moves forward and then would it be something that we would need
- to present to the council just to there's no legal requirement well i understand yeah i wasn't looking
- for a legal requirement i was looking for if that's the situation and it would be i don't think i've
- really presented to the council of city council before no but again not a legal requirement we can if
- needed but we've never been asked to
- You would be willing to if it's needed based upon staffing concerns. Or Jeff could do it. I would be
- happy to. Thank you. But it's good to know what the legal requirements are. Thanks. Yeah. Thank you.
- Appreciate it, Jesse, very much. And to Laurie's question, do we need a vote to accept this order? I
- would put it, yeah, I would like that in the minutes.
- Okay. Just on the record, too. So I will move to accept the Livingston Redevelopment Commission,
- the report, as presented by a reading financial. I'll second it. Moved and seconded. We'll do a roll
- call vote. Warren McGrady, approved. Miranda Gaste, yes. Down to West, yes. Sue Scambler, yes. That's
- four to zero. Thank you. Thank you very much.
- Quick question, since we're still in the financials. Where does the Housing Development Fund fall into
- redevelopment? Does it have anything at all in there or not? I'm just curious. It has nothing to do
- with the redevelopment. OK. It just comes in. It's a city fund. OK. I was just reading through where
- it previously thinks it was there, and that's been a while. It's not moved. It's moved a little bit,
- I think. Thank you. Appreciate it.
- That takes us to new business resolution 2621, or the everyone's really busy resolution. That's exactly
- right. So who would like to speak to this? I can speak to this. Thanks so much. So staff put this together
- because we're not sure who's going to be available for the closing on the property that the hotel is
- going on in the trades district. And so this resolution is short-lived.
- If you pass it, it will expire March 31st, but it provides the legal authority for the president, vice
- president, secretary, or as a last resort, the executive director, Anna Kellyanne Hansen, to sign documents
- for the closing. And so again, it's something in writing that the title company can rely upon.
- But it's a very simple resolution and very short-lived. So if you have any questions about it, I will
- be happy to answer. Questions from commissioners? My understanding was that pure development was not
- part of it at this point. That was a statement and a question. A question, I guess, is a quality.
- whatever you call it. But originally they were. Yeah, originally they were. I think it's just a whereas.
- He's just kind of going through the history. He's going the historic. But yeah, my understanding, it
- came back to us when we did the agreement and that it did not have pure development in that. And I think
- he's just giving, again, I don't think this whereas has changed anything in the resolutions. He's just
- factually. Yeah, I'm good with it. I know there was a dispute with
- development and I didn't want us to get tangled up. Oh I don't think we will be. I mean what are you
- what is your fear of entanglement? Is there something you're proposing? Well I'm just looking at it
- from resolution if I mean I guess, I don't know. It just states that we approved it. Yeah we approved
- it I just yeah we approved it but it's got and there was resolution from two years ago. Right it's the
- resolution two years ago. Which I think was
- Are you saying it wasn't passed that way? I think that one was passed that way, but it was also brought
- up by that AUN was no longer doing it with pure development, and pure development had some issues internally.
- So when it says resolution 2478, the RDC entered a real estate conveyance and project agreement, that
- I think is factually correct with AUN and pure development.
- And then later, you're saying they got it. Well, that one, one of the resolutions that we had to sell
- the property at that particular time fell off. It aged out. I don't have to ask Mr. Fernandez. So are
- you saying that you think that whereas is incorrect? I'm just, it's got pure development in there with
- whereas we approved the letter of intent. Can you pull off resolution 2478?
- I'm sure that one has it. It's just the following one. So I'm not disputing what resolution 24. Yeah.
- So he's just kind of going through the history. Yeah. I don't think there's even. So it's OK if they
- fell off. For resolution 2478, I think they were on it. Almost there. Yeah. They probably were. I'm
- sure they probably were.
- Afterwards, the people we were actually selling it to was not including Pure Development because...
- Right, it says the closing did not take place and then there was a new agreement. Right. Yeah, so I
- think he's just actually going through the history. So, yeah, we're just approving who's going to sign.
- Yeah, yeah, this is not... The whereas's are also not binding, they're just providing the history. No,
- we're looking at the therefore be it resolved. Yeah, you're looking at paragraphs one, two, three, four.
- Okay. Because those were razors are factually correct, I believe. Right. I just want to bring it up.
- If you saw peer development in 1, 2, 3, and 4, you should raise a red flag, but I think we're good.
- Because all 1, 2, 3, and 4 says that, you know, the RDC reaffirms its commitment to do the project agreement
- with ALUN only.
- And then has the whereas is have no bearing in regards to the lead anything that would come back from
- a legal standpoint. No, they're not. They're not. I mean, and they are accurate. Yeah. So I think they're
- fine. OK, so yeah. All right. Thank you. Additional questions. Yeah. Have you given yourself enough
- time, as far as 31st, the deadline that you think we're going to be able to live with? Yeah. Because
- if you don't have to come and do this again,
- You know, I certainly would not be opposed to if you wanted to give it another two weeks in case there's
- a hiccup. I don't expect any hiccups. But you've probably gone around this block a lot of times. And
- you realize that the best laid plans might. So if you guys want to, if you want to, what's your next
- meeting after this one? We don't have another one in March. It would be like April. The first Monday in April.
- April 6th. Yeah, so if you want to change 4 to say, you know, a couple days after that, let's say April
- 10th. That'd be fine with me. I'll make it one day is April 10th.
- Yeah, okay. I'll make a motion to amend the resolution to April 10th. I'll second. So it would read
- how? So it would that April 31st date would say the authorization and appointment shall expire on April
- 30th. April 10th, 2026.
- So there are some extra words in there anyway. Okay, is there a second for the John seconded, I believe?
- Yeah, I did. All right, we'll take a roll call vote. Laurie McRobbie, yes. Randy Cass. Yeah, Randy Cassidy,
- yes, is amended. We're just voting on the amendment. Oh, sorry. We're voting on the amendment, yeah.
- Randy Cassidy, yes. Laurie McRobbie, yes. Yes, for the amendment. Cease Gambler, yes, for the amendment.
- Okay, so that passes. So we now have an amended resolution 2621 before us. And line four now reads,
- this authorization and appointment shall expire on April 10, 2026. Okay. Are there any other questions
- from commissioners before we go to public comment? Okay. Is there any seeing none? Is there any public
- comment either in person or online?
- Seeing none, let's come back to commissioners. Is there a motion to approve? Move approval of resolution
- 2621 as amended. Second. Second. It's been moved and seconded. We'll take a roll call vote. Lori McRobbie,
- yes. Brandi Cassidy, yes. John West, yes. Sue Scambaleri, yes. That's four to zero. Thank you. That passes.
- Is there any additional business we need to think about? Okay. Is there a motion to adjourn? So moved.
- Thank you and thank you. We're off. Thank you everyone.