[0:01] It is 3:34 April 16th, so we'll call this meeting

[0:05] to order. We have a quorum. First order of business is to approve

[0:10] the minutes. Is there a motion to approve the minutes?

[0:14] So moved. Second. Thank you. All those in favor

[0:19] Well, are there any clarifications or amendments?

[0:25] Corrections to the minutes?

[0:28] All those in favor, please say I. I. >> I.

[0:32] All those opposed, please say nay. Any abstentions?

[0:36] The minutes are approved. Next order of business is the approval

[0:40] of the claims. Is there any discussion about the claims

[0:45] brought forward this month?

[0:55] Hearing none, is there a motion to approve the minutes? Uh sorry, to

[0:59] approve the claims. So moved.

[1:03] Thank you. Second. Thank you.

[1:07] All those in favor of approving the claims, please say I. I. All those

[1:11] opposed, please say nay. Any abstentions?

[1:16] The claims have been approved.

[1:20] Is there any unfinished business to be brought before the commission?

[1:27] Hearing and seeing none, we'll move on to new business.

[1:30] First order of new business is a contract proposal from Baker Tilly.

[1:38] Good afternoon. We

[1:42] as we were looking through, there's a new requirement I'll start back at

[1:45] There's a new requirement in our state statute that requires

[1:49] any municipal entity or public entity to

[1:52] post on their website their services with financial advisors. And so

[1:58] as we started going through what current contracts existed for the RDC, we

[2:02] realized that we had not executed a new agreement for Baker Tilly for 2026. So,

[2:08] um, they obviously they were here last month.

[2:11] They assisted on the April 15th um, tip report uh, and have continued to

[2:16] provide as needed basis as needed services. So, uh, we reached out and

[2:20] asked them to provide a contract for 2026.

[2:24] Um, they've done so. Uh, it's set up to be DocuSign, so you do not have a

[2:28] physical copy of it today. Um, but the request would be for you to

[2:32] approve the Baker Tilly financial uh,

[2:37] analyst agreement for 2026 for the Redevelopment Commission. As you know,

[2:40] they assist in many of those kind of ongoing uh, regular reporting

[2:44] obligations that the RDC has to both the city council

[2:49] uh, and to to the Department of Local Government

[2:52] Finance. So, the request would be to authorize Greg to sign that um, on your

[2:56] behalf via DocuSign.

[3:00] Uh, is is there any difference between 26

[3:03] and 25? >> I think the only thing would be updated

[3:06] rates um, for them, which most folks are updating their rates. And I I frankly

[3:10] did not go back to look at what the comparison with rates are. Um, but

[3:13] they've been very fair with us. Okay. And and then the other question that I

[3:16] have is there are um, certain statements in that amendment

[3:21] uh, specifying that the city will do certain things.

[3:24] Has the city already agreed to do those and are those already in place? Cuz it's

[3:28] beyond the scope of the RDC. Yeah, so there some of those things are

[3:32] obligations of the of the uh, controller's office cuz the controller's

[3:36] office serves as treasurer to the Redevelopment Commission. And so, those

[3:41] would be some of those obligations under that agreement. Okay. And they're

[3:44] already in place to do those things. Yeah, or or we will make them in place

[3:47] to do them. Yes, sir. Okay.

[3:53] Any other questions about the updated contract with Baker Tilly?

[4:04] Is there a motion to approve the contract?

[4:06] » I guess I do have one other question. So So what we were provided was the

[4:09] amendment to the basic contract. Is there a broad city-wide document or

[4:14] » so there there's a 2020 2024 the Redevelopment Commission entered into an

[4:18] agreement with Baker Tilly and as many of those are they just do an amendment

[4:22] each year to kind of update scope and update rates. And so that's that's what

[4:27] you've been provided as the amendment to the Okay, so the So the base contract is

[4:31] still in place. This is just the 2026 amendment to that base contract.

[4:34] » and rates would be the things that would changed. Okay, thank you.

[4:43] Any other questions about the updated contract with Baker Tilly and

[4:47] the city of Lawrence?

[4:52] In so far as it pertains to the Economic Redevelopment Commission, is there a

[4:57] motion to approve the contract? So moved.

[5:03] Second. Thank you. All those in favor of approving the

[5:07] contract, please say I. I. >> I. All those opposed, please say nay.

[5:12] Any abstentions? So the contract is approved.

[5:17] The next item on the agenda is the Executive Director's report. Thank you.

[5:23] So Greg Goodnight, Executive Director of City of Lawrence Redevelopment

[5:26] Commission. Just a few things. Just a reminder, we have the opening of the

[5:31] bids for the Pendleton Pike Islands next

[5:35] Friday the week of 4:24 at 2:00 p.m. Um

[5:40] just had a couple meetings with different

[5:43] local property owners about their desires to redevelop their properties

[5:46] and their willingness to do that possibly themselves or with uh

[5:51] working with the developer. Uh we've had multiple meetings with multi-family

[5:55] developers uh throughout looking at different parts

[5:58] of Lawrence. And um just if if you didn't watch the April 6th City Council

[6:04] meeting, uh Dustin Meeks from Barnes & Thornburg uh I thought he gave a nice

[6:08] explanation to a to the to the council as to why city

[6:12] should be focusing on residential development versus commercial

[6:15] development. So if you get a chance to go back and review that, it's just a

[6:17] couple minutes. But I thought he did a good job and

[6:21] kind of nice information. Um other than that, I'm open for any

[6:24] questions. Yeah, Greg. Um

[6:28] in the

[6:31] in the bills that were paid this month that we approved, there was

[6:35] something regarding the Monarch property with Project Indigo.

[6:40] I don't that wasn't familiar to me. Is that something that we've already

[6:43] approved or something that we're going to be hearing about or

[6:47] Do you have those claims claims in front of you?

[6:51] It was from Creek DeVault, I believe. Oh, that

[6:56] we from time to time that I'm going to guess. Do you remember what the amount

[7:00] was? Was it a few hundred bucks? Um I don't remember off the top of my

[7:04] head. I think it was more than that. Okay. I think it was almost a thousand.

[7:08] So so so from time to time we'll get calls from the Indy Chamber,

[7:13] different groups, uh economic

[7:16] Indy what's the Indy Economic Development Corporation?

[7:19] And they'll they'll have leads on on the Monarch property and we'll kind of

[7:23] compile and give them some data on that. And I'm guessing that might that might

[7:27] be what that's for. I'd have to go back and look at it.

[7:30] Okay.

[7:35] Any other thing? Yeah, it was a it was a thousand dollars for Project Indigo,

[7:38] which again was not anything that So

[7:42] that be a uh A lot of times the economic development

[7:46] agencies will use a project name as they're looking for potential sites.

[7:54] And so, one of the things that backfilling that space,

[7:59] looking at restrictions in the existing bond

[8:03] documents, looking at looking at how the bond documents might be modified in

[8:07] order to incentivize a new potential user to come in. So, CREE CREE has

[8:13] served as the the

[8:17] redevelopment commission has not issued any bonds in this administration. Has

[8:21] been kind of in that capacity and so, I'm not bond counsel and so, if you have

[8:25] bond counsel questions, we would depend on CREE develop for feedback on those

[8:29] types of questions. So, that would be the

[8:32] the project name, I believe is probably what as Greg described. It is coming

[8:37] from one of the economic development

[8:40] organizations, whether that's a state or local.

[8:43] They would have attached that as a potential applicant and then would have

[8:47] been looking at the Monarch TIF specifically to see if there were

[8:51] opportunities for modification or utilization of

[8:55] incentives in that TIF district for that purpose.

[8:57] » Okay. Do we have any feedback on that or is it still in the works or

[9:00] » I have not heard anything back from it. And that that happens every couple

[9:04] months. They'll have some sort of lead and they'll they kind of put it in their

[9:08] in in their portfolios as potential options within Marion County or the

[9:13] general area. It seems like the last one did

[9:15] did it have the term the the title Cherry Blossom? I think that was one of

[9:19] cuz they usually don't disclose who the who the corporation is or something, but

[9:23] they usually give them names like that, so it's kind of

[9:27] Okay. Yeah. All right. Thank you. Yeah, thanks.

[9:30] Anything else?

[9:34] Is there an update on the overlay district?

[9:38] We have had Yeah, I I am I actually neglected to

[9:43] give that to you last month. I meant to give you an update on that last month.

[9:47] We actually had a meeting um with RAA, Greg, and myself uh with

[9:52] the city of Indianapolis 2 weeks ago Monday uh about it. The city

[9:58] of Indianapolis gave us some feedback, some

[10:02] verbal feedback, and we were anticipating getting their written

[10:06] comments and feedback. Um

[10:09] it's overdue from the city of Indianapolis. They wanted to

[10:13] There were some tweaks that they asked us to consider making, um which we not

[10:17] seen in yet. Uh once we see them, we will con- socialize that or circulate

[10:21] that as appropriate. Uh and once we have an agreement that the city of

[10:25] Indianapolis planning staff will support, then we can move forward with

[10:28] the introduction and moving forward. Uh we did emphasize the goal of having

[10:32] that completed yet this year. Um so that continues to be the the timeline that

[10:37] we're working on. Thank you.

[10:45] I have nothing else. Anything else?

[10:49] All right.

[10:57] Is there any other business to come before the commission? I I apologize. I

[11:00] should I was reminded of this when we were handed out the summary of of funds.

[11:05] Um we spoke Andy Mazur when he was here last month. We were talking through the

[11:10] various funds the three development commission has, and fund 408 uh is a

[11:14] debt reserve fund that is tied to the bonds that were just paid off, the

[11:19] Pendleton Pike bonds that were just paid off uh

[11:22] in December of last year. So that is a bond um

[11:26] debt reserve for that is no longer necessary to be held

[11:31] in a segregated account. Uh

[11:34] his suggestion was that we could simply uh as redevelopment commission

[11:39] um authorize the transfer of those funds to

[11:42] 406, which is kind of your your main spending account. Uh and and closing out

[11:49] uh 408. So, I would ask that the commission um just take that action of

[11:55] authorizing the controller's office to uh

[11:58] to transfer funds from 408 to fund 406 and close out of 408 as it is no longer

[12:05] needed.

[12:13] Does anybody have any questions about that before we take action?

[12:23] Just clarify when you issue new bonds, generally you

[12:26] will have a debt reserve that's a requirement of the of the bond documents

[12:30] and that's required to be held in a segregated account if in So, in the

[12:34] event that you could never make a bond payment, they would you would call upon

[12:37] that debt reserve to make that payment. Now that those bonds are retired, you no

[12:41] longer need that debt reserve. Mhm. I could tell there was a question

[12:45] coming, so I was trying to preemptively answer.

[12:49] It may have been for me. I didn't have one yet.

[12:52] Thank you for that.

[12:56] I'm assuming that's a It seems like a pretty straightforward

[12:58] and risk-free move. Yeah, you you don't you can't access you

[13:04] can't spend money out of that fund. So, in order to access that $185,000,

[13:09] you need to move it out of that fund for that purpose. Okay.

[13:12] Is there a motion to transfer the the remaining funds in the debt

[13:17] reserve the bond debt reserve from 408 to 406?

[13:22] So moved. Second.

[13:25] Thank you. All those in favor, please say I. I.

[13:29] All those opposed, please say nay. Any abstentions?

[13:33] So, that motion is passed. Sure.

[13:37] Is there any other business to come before the commission?

[13:44] Seeing and hearing none, is there a motion to adjourn?

[13:51] So moved. Second.

[13:54] Thank you. This meeting is adjourned at 3:48.

Redevelopment Commission 4.19.26

Transcript