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From YouTube: City of Madison Redevelopment Commission - March 7, 2023
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A
B
Next
up
claims
approval
looks
like
we
have
85
865
dollars
and
seven
cents,
Timbers
Custom
Signs
Downtown
parking
study
a
couple
there
for
Reedy
financials
as
far
as
Professional
Services,
Jacobian,
tombs
for
Madison
Plaza
and
then
one
Duke
Energy
for
Bicentennial,
Park
and
then
another
one
for
Duke
and
Madison
Plaza.
It's
everybody
a
chance
to
review
those.
Yes
entertain,
a
motion
to
approve
and
all
those
in
favor.
C
Yeah
Gary,
would
you
like
to
just
address
the
current
financial
review,
real
quick,
our
current
state.
D
Yeah
Gary
Smith
Reedy,
Financial
Group.
This
is
a
report
you
receive
every
month
a
financial
update.
We
also
have
the
April
15th
reporting
requirement
on
the
agenda
as
well,
but
jumping
to
page
number.
Five
on
the
monthly
cash
balance
projected
projected
ending
cash
balance
in
February,
1
million
eight
hundred
nineteen
thousand
and
March.
We
have
a
projected
ending
fund
balance
of
one
million
733
808.
D
E
A
C
C
You
wanted
to
review.
You
want
to
review
for
the
statute,
go
ahead
and
review
Google
yeah.
F
F
F
F
C
C
F
A
What
do
we
what's
the
Frequency
that
we
need
to
look
at
the
decrement
process,
I
guess
for
these
Parcels
in
our
typically
I
think
we
did
it
a
couple
years
ago,
but
what's
the
Frequency
Gary
that
you
recommend,
so
we
can
make
sure
we're
maximizing.
You
know
value
of
the
diff
allocation
areas.
D
A
D
A
D
Any
point
during
the
year
that's
the
same
four-step
process
as
you're
establishing
of
an
allocation
area.
You
can,
you
can
elect
a
car
about
decrement,
a
lot
of
communities,
just
don't
really
look
at
it
ever
and
they
really
should
because
there's
significant
value
to
be
had.
But
you
know
thumbing
through
this
parcel
list,
which
is
Page
I,
don't
know
what
10
through
31
20
Pages
yeah
those.
A
D
C
D
D
The
property
can
be,
could
be
erased
or
you
know
values.
Could
this
be
going
down
in
general?
It
would
actually
cause
that
net
to
fall
down
below
where
it
was
when
the
allocation
area
was
established,
creating
a
negative
value
and
that
negative
value
then
gets
gets
tributed
amongst
all
your
positive
values
and
there's
the
opportunities
to
go
in
and
reset
that
to
where
it's
healthy
and
functioning
as
it
should
again.
D
So
you
can
have
decremental
personal
property
as
well.
You
want
to
be
strategic
about
how
you
capture
personal
property,
because
real
property-
you
know
you
have
your
base
assessment
date.
So
if
you
set
up
an
allocation
area
today,
your
base
assessment
date
would
be
1,
1,
2023
pay,
2024
and
then
every
year
we
would
go
through
and
say
well
what
kind
of
changes
are
there?
Can
we
capture
that
as
a
Redevelopment
commission
or
not
neutralization
with
personal
property?
We
don't
really
do
that
or
we
don't
do
that
at
all
personal
property.
D
Is
we're
going
to
designate
you
know
Myers
or
whomever
as
designated
taxpayer,
we
look
at
whatever
their
net
assessed.
Value
is
for
personal
property
at
that
moment
in
time,
and
that
is
your
base
forever.
It
never
changes
and
then
anything
on
top
of
that
would
be
what
we
would
capture
where
we
have
to
be
careful
with
personal
property.
D
You
know
talking
about
decrement
personal
property,
subject
to
depreciation
yeah
so
year
over
year,
it's
going
to
be
going
down
and
trending
down
in
value
until
it
reaches
its
property
tax
floor
The
Only
Exception
I
would
say,
is
if
they're
reinvesting
in
their
personal
property.
D
E
D
It's
a
conversation
we
like
to
have
around
this
time
of
year.
Definitely
before
certification
going
into
certification.
You
guys.
Are
you
interested
in
doing
that
or
not
it's
something
you
want
to
do
if
you
guys
would
like
to
do
that,
that's
something
we
can
get
started
on
sooner
than
later,
there's
no
penalty
in
you
know
doing
it.
D
Is
the
juice
Source
The
Squeeze
right
yeah,
you
know
I
would
say
a
few
hundred
thousand,
probably
a
basic
rule
of
thumb.
The
math
would
be.
You
know
if
you
took
your
total
negative
increment,
which
is
100
000,
you
know,
demonstrate
you
know,
presumably
you're
losing
around
three.
That's
what
you're
losing.
E
D
So
I
would
say
you
know,
roughly
speaking
with
financial
and
legal,
would
be
about
10
grand
Financial
charges
to
do
that
process.
You
know,
is
it
worth
it
to
do
that
and
if
that
cost
benefit
makes
sense,
then
absolutely
absolutely
okay.
In
some
cases,
it's
hundreds
of
thousands
of
dollars
of
new
Revenue
that
yeah
otherwise
would
wouldn't
be
capturing.
Okay,.
C
Yeah
I'm
happy
to
come,
come
to
you.
Finally,
with
the
bid
report
on
the
Habitat
for
Humanity
housing,
neighborhood
that
the
RDC
committed
to
funding
I'm,
not
happy
to
report
that
it's
over
budget,
as
as
we've
had
a
number
of
projects
recently
given
the
bidding
and
climate
and
so
forth,
but
we
would
recommend,
after
further
conversation
with
Reedy
and
others
in
terms
of
dollars,
to
recommend
the
contract
with
sedan
Contracting
for
232
450
dollars,
with
an
ask
for
an
additional
85
000
to
be
approved.
C
In
for
the
plan
to
complete
that
project,
the
budget
was
established
over
four
or
five
years
ago
and
that
that
number
had
been
held
in
the
budget
line
item.
Obviously
things
have
changed
drastically.
So
at
this
point
we
do
we
have
the
dollars
available
to
move
forward
with
this
project
at
the
232
450.
A
We
could
put
a
cap
on
that
and
then
also
I
think
it's.
We
would
be
prudent
to
you,
know,
reconvene
with
habitat
and
and
see
where
they
are
with
regards
to
the
fundraising
that
they
need
for
the
first
couple
houses,
because
what
we're
really
trying
to
do
with
that
subdivision
is
do
about
10
years
worth
of
housing
or
three
years,
and
that's
why
we
wanted
to
make
a
substantial
commitment
toward
the
subdivision.
A
But
we
also
don't
want
to
do
the
subdivision
work
and
make
that
investment
and
then
it'd
be
several
years
before
they're
ready
to
do
the
housing
but
I
think
that's
a
I.
Don't
know
if
you've
talked
to
Habitat
lately,
but
you
want
to
make
sure
we're
10
habitat
up
our
habitat's
team,
their
research
resources
up
at
the
same
time,
we
are.
C
Yeah,
their
Economic
Development
agreement
had
a
completion
date
of
2026
in
there
with
the
with
the
houses,
which
was
basically
through
three
and
a
half
to
four
years,
and
at
this
point
they
have
not
indicated
that
that's
not
their
goal
now
in
terms
of
how
much
dollars
they've
got
left
to
raise
in
that
Gap
I
don't
know,
but
we
certainly
can
reconvene.
C
They've
had
some
changes
in
their
leadership
in
the
last
quarter
and
it's
time
to
you
know,
have
a
different
kind
of
conversation
and
understanding
some
things,
but
but
in
the
economic
development
agreement
they
had
made
a
commitment
to
have
those
completed,
those
six
houses.
There's
nine
total
three
on
Green
Road.
If
you
remember,
they
made
some
concessions
there
as
well
to
doing
the
driveways
and
the
and
approaches
and
concrete
which
they
did
not
do
initially
and
then
build
these
six
additional
houses
and.
A
We
added
we
added
this
habitat
opportunity
into
our
Redevelopment
plan,
probably
about
three
years
ago,
and
not
surprised
that,
where
we're
Landing,
because
costs
have
gone
up
everywhere,
that
that
to
me
still
seems
like
a
reasonable
number
for
for
the
subdivision
work
we're
doing
up
there.
Do
we
need
a
motion
for
just
the
85.
Then,
since
we
had
150
in
or
do
you
need
I.
C
Saddam
Contracting
at
their
bid
amount
and
authorize
the
additional
85
000
for
the
for
the
construction
of
the
plan.
C
C
A
C
So
this
this
is
a
new
allocation
area
that
we
had
been
discussing
last
year
as
a
part
of
some
new
development
opportunities
in
and
around
downtown
to
help
capture
that
increment
as
a
part
of
the
investment
that's
going
on
in
this
area.
The
resolution
2023-1r
resolution
of
the
city
of
Madison
Redevelopment
commission
approving
certain
amendments
to
the
the
declaratory
resolution
and
economic
development
plan
for
the
North
Madison
Economic
Development
Area,
including
the
creation
of
a
new
allocation
area
related
matters.
C
That
resolution
basically
establishes
the
parcels
in
and
around
downtown,
based
upon
the
map
that
was
provided
to
pull
them
out
of
the
allocation
area
in
the
North
Madison
economic
development
plan
and
set
up
a
new
allocation
area.
Much
like
we've
done
with
some
other
areas
in
town
that
allows
for
that
area
to
capture
that
increment
on
its
own
and
then
as
we
can
discuss
further.
That
gives
us
an
extension
on
that
on
those
revenues
coming
in
versus
leaving
us
as
a
part
of
the
North
Madison
allocation
area.
C
We
anticipated
a
number
of
projects
in
and
around
this
area
over
the
next
year
to
to
two
to
four
years.
That
will
create
increment,
where
we
think
it's
worthy
to
do
that
and
you'll
notice
that
basically,
the
allocation
that
we
currently
will
be
taking
out
is
roughly
ten
thousand
dollars
out
of
our
current
yearly
allocation
to
the
North
Madison.
So
the
cost
benefit
analysis
is
really
strong
to
go
ahead
and
create
this
allocation
area.
C
Considering
the
improvements
that
we
have
going
on
in
the
district
that
we're
pulling
out,
which
is
basically
Parcels
from
on
West
Street
down
to
St
Michael's
and
the
hints
alley
basically
South
to
the
river
and
that
you
know
that
includes
a
number
of
housing
projects,
the
new
hotel,
the
Chandler
it'll,
include,
we
hope,
a
grocery
store
here
shortly.
The
central
hotel
is
making
a
huge
investment,
the
cinnamon,
Tea
Room
just
got
purchased
and
we
turned
into
housing
and
so
we're
given
those
those
those
kinds
of
developments.
A
Just
this
year
there
was
another
attempted
legislation
that
ended
up
not
going
forward
to
the
Senate
when
they
did
the
swap
or
the
crossover
for
legislation
that
would
have
take
taken
20
percent
of
our
revenues
off
the
top
and
redistrative
redistributed
to
them
to
other
units
of
government
in
the
county
and,
as
we
have
worked
really
hard
for
a
really
long
time
to
grow.
Our
revenues
in
the
Tiff
District
that
that
Revenue
increase
would
just
essentially
evaporated
and
we've
been
really
successful
at
leveraging.
A
And
so
we
just
continue
to
Lobby
really
hard
for
the
value
of
Tiff,
but
strategically
for
us
here.
We
have
to
always
be
managing
Tiff
for
the
future.
Knowing
that
you
know
we're
we're
getting
to
this
Tipping
Point,
where
leveraging
that
Revenue
stream
out
of
Tiff
is
going
to
be
difficult.
That's
one
re!
That's
one
thing
that
we're
trying
to
manage
and
the
other
one
is.
We
know
that
that
the
primary
tip
allocation
area,
the
North
Madison
allocation
area,
has
an
expiration
date
on
it
around
2035..
A
So
we
need
to
be
creating
new
allocation
areas
where
that
clock
that
that
that
time
frame
hasn't
begun
yet
and
we
can
start
capturing
increment,
because
the
Investments
we're
making
all
across
the
community
is
growing,
assessed,
values
downtown
too,
where
we're
also
seeing
a
lot
of
investment.
But
we've
got
to
really
be
managing
this.
A
We
have
to
just
attack
it
on
all
fronts,
both
the
policy
side
at
the
state
level
and
then
here
doing
whatever
we
can
do
that
we
are
allowed
to
do
to
create
these
new
allocation
areas
to
preserve
revenue
for
the
future,
and
then
the
other
one
that
we've
been
talking
about
too,
is
leveraging
the
North
Madison
allocation
area
so
that
we
don't
miss
that
opportunity
to
bring
those
millions
of
dollars
up
front
new
investment.
Now
because
you've
seen
our
Redevelopment
plan,
it's
very
ambitious.
A
So
there's
lots
of
you
know,
working
with
with
Gary
and
Cole,
and
our
attorneys
there's
just
a
lot
of
thought
that
has
to
go
into
managing
the
stiff
District
to
extract
the
maximum
value
out
of
it,
which
is
why
we're
talking
now
about
a
downtown
allocation
area
that
is
carved
out
of
the
North
Madison
allocation
area.
A
And
issue
of
the
process
here
will
be
like
it
was
when
we
created
the
Super
8
TV
allocation
area,
it'll
go
through
plan,
commission
Council
and
come
back
to
be
ratified
if
I
describe
that
correctly.
Gary.
Yes,
here
at
the
Redevelopment
Commission
in
a
couple
months,
we'll
prepare
a
tax
impact
statement
and
we'll
go
out
to
all
overlapping.
A
A
whole
lot
to
add
commission
just
that
a
lot
of
our
Focus.
This
first
quarter
has
been
project
management,
working
working
with
the
projects
that
we've
already
received,
funding
on
and
and
there's
quite
a
few
all
across
town
that
want
to
welcome
Emily
too,
because
she's
already
very
involved
in
the
project
management
with
Tony
the
legislative
effort
that
that
I
described
we're
halfway
through
the
2023
legislative
session.
So
so
far,
things
are
looking
really
good
relative
to
what
we
wanted
to
accomplish
state
state
level
policy
wise
on
the
Tiff
statutes.
A
We
submitted
applications
for
ready,
1.5,
we'll
start
learning
about
those
in
probably
another
month
or
so
as
those
cycle
their
way
through
the
Southern
Indiana
RDA,
and
and
confirm
if
there
will
be
additional
ready
dollars
that
had
previously
been
allocated
that
could
be
reallocated
to
other
other
communities
with
projects
ready
to
go
like
us
and
we're
we're
ready.
We
submitted
two
more
projects.
A
There
is
already
2.0,
that
is
in
the
2023
budget.
It's
a
half,
a
million
half
a
billion
dollar.
Excuse
me
that
will
be
very
instrumental
for
Economic
Development
Across.
The
state
just
like
the
first
first
batch
of
ready
has
been,
and
we
could
be
more
pleased
with
just
the
robust
nature
of
our
Economic
Development
and
the
Partnerships
that
we
have.
That
culminated
yesterday
at
board.
A
Public
Works
signing
three
new
sub-recipient
agreements
for
our
partnership
with
the
Ohio
Theater
for
the
Ohio
Theater,
facade,
restoration,
our
partnership
with
Hanover
college
and
Heritage
Trail
for
the
first
phase
of
the
New
Hanover
Mass
and
connector
Trail,
and
then
our
partnership
with
historic,
Madison
Inc
on
the
Bicentennial
Park
improvements
and
HMI
lock
down
on
a
Riverfront.
So
we
signed
the
Grant
sub-recipient
agreements
yesterday
after
approval
by
Board
of
Public
Works.
And
then
those
are,
you
know
co-signed
by
the
Redevelopment
authority
of
Southern,
Indiana,
Redevelopment
Authority
and
approved
by
iedc.
A
So
we
have
already
put
that
funny
in
place.
But
the
good
news
about
those
Grant
fundings
is
we're
leveraging
dollars
from
investment
that
the
Ohio
Theater
and
a
2.1
million
dollar
Trails
Grant
from
Next
Level
trails
and
then
also
the
donation
of
pretty
Valley
of
property
from
HMI
all.
So
those
are
three
more
projects
that
will
break
around
on
here
pretty
soon
while,
while
we
continue
to
manage
about
a
dozen
other
projects
across
the
city,
probably
yeah.
C
C
The
goal
would
be
to
have
the
Marquee
lit
by
maybe
Christmas,
so
that
that's
that's
a
project
that
we'll
be
bidding
here
again
through
the
Board
of
Public
Works
process
here,
starting
in
in
April
and
May,
the
Hanover
connector
Trail
will
take
a
bit
longer.
We
hope
to
select
consultants
for
design
on
that
here,
yet
in
Q2,
and
then
that
project
will
will
probably
not
construct
until
the
spring
of
2025.
C
and
then
the
third
project,
the
HMI
lot.
We
hope
to
bid
late
summer,
early,
fall
and
begin
work.
This
fall
and
try
to
be
concluded
before
Regatta
of
next
summer.