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From YouTube: City of Madison Redevelopment Commission - March 1, 2022
Description
1. Call to Order
2. Approval of Minutes
3. Claims Approval
4. Old Business
- Monthly Financial Review
- Approval of Industrial Site Appraisals
5. New Business
- RDC Finance Reporting 2021- Reedy Financial
- Retail Development Update and Action
- Madison Plaza Presentation
- Approval of Madison Plaza Shopping Center EDA
- Approval of Housing Development Resolution for continued negotiations of property
- Approval of Madison Plaza Property Purchase Agreement
6. City Matters/Updates from Mayor Bob Courtney
7. Next Meeting Date: April 5, 2022 at 3:00 p.m.
8. Adjourn
A
A
C
To
first
of
all,
welcome
all
of
our
special
guests
and
definitely
our
economic
development
partners,
who
are
here
today
and
and
commission.
As
you
know,
over
the
course
of
the
last
couple
of
years,
we
have
embarked
on
a
strategy
to
really
elevate
our
economic
development
activities
in
the
city
of
madison
and
even
though
the
pandemic
has
slowed
us
down
a
little
bit,
it
certainly
has
not
altered
our
our
goals
or
our
strategies
a
little
bit
of
history.
C
C
Our
strategies
for
workforce
housing,
retail
development,
public
safety,
improving
our
tax
base
and
certainly
the
quality
of
life
in
madison.
By
bringing
more
retail
options,
so
the
community
has
been
focused
on
for
the
last
two
years,
so
we're
pleased
to
not
today
to
introduce
tony
stein
our
economic
development
director,
as
well
as
our
partners
here,
but
two
years
ago,
we
we
set
on
a
path
where
we
were
going
to
buy
the
property,
subdivide
it
and
essentially
co-develop
it
with
our
partners
and
today,
after
two
years
of
continual
work,
we're.
C
To
not
only
bring
like,
we
said
needed
retail,
but
one
of
the
one
of
the
greatest
things
we
have
in
our
community
is
housing,
and
so
we're
very,
very
pleased
to
be
embarking
on
the
redevelopment
of
this
former
site
and
with
the
euro's
health
and
the
continued
support
of
council
and
the
planning
commission
and
our
economic
economic
development
partners.
We're
going
to
bring
bring
significant
capital
to
to
the
hilltop.
D
Thank
you.
Thank
you
mayor.
I
think
the
mayor
said
it
well
in
the
state
of
the
city
addresses
today.
Madison
might
be
a
small
town.
We
have
a
historic
future
and
madison
is
on
the
move,
and
today
we
really
are
on
the
move.
This
site
has
been
vacant
for
over
20
years
on
the
hilltop
and
has
been
a
real
deterrent,
so
I
think
future
of
to
growth
in
that
area
and
to
ultimate
future
growth.
D
Today,
we're
going
to
introduce
a
54
million
dollar
private
investment,
we've
been
heavily
negotiating
with
the
groups,
and
I
want
to
just
say
that
over
the
last
two
months,
they've
been
a
very
collaborative
and
very
thoughtful
group.
They
understand
the
city's
vision
and
I
think
that's
really
good,
where
you
can
find
developers
that
want
to
partner
with
you
in
a
way
that
they
see,
and
you
see
your
community
wanting
to
grow,
the
the
project
will
bring
in
six
up
to
six
national
retailers
that
are
not.
D
D
The
madison
plaza
development
is
about
22
acres
on
the
hilltop
at
the
intersection
of
clifty
drive
and
michigan
road
on
the
south
east
corner.
The
area
on
the
slide
that
is
in
purple
is
the
area
that
is
well.
The
whole
area
is
owned.
Currently,
by
crm
and
madison
plaza
group
llc,
the
purple
area
will
be
retained
by
that
group
for
the
retail
development.
D
Those
many
of
those
incentives
and
infrastructure
improvements
are
part
of
the
redevelopment
of
commitment
to
this
criteria.
Next,
please
you'll
start
to
again
see
some
concepts
that
are
still
being
worked
through
again,
as
things
continue
to
evolve
over
the
next
couple
months.
The
site
plans
and
those
sorts
of
things
will
continue
to
change,
but
you
can
see
that
the
retail
center
is
again
on
the
western
portion
of
that
site
and
then
on
the
eastern
side
is
the
units
again.
D
188
units
attainable
workforce
housing,
60
percent
of
the
area,
median
income
and
above
will
be
set
up
for
those
apartments.
You'll
also
see
a
major
stormwater
retention
basin
in
the
south
east
corner
of
the
back
parcel,
that's
being
placed
there
to
help
with
the
downstream
crooked
creek
watershed,
so
we're
not
putting
any
more
water
and
impacting
that
ship
creek
watershed
in
an
unresponsible
way.
So
there's
some
major
infrastructure
there
as
well
in
terms
of
stormwater.
D
D
We
will
be
buying
some
land
and
then
turning
around
and
reselling
that
to
a
residential
developer.
The
city
will
subsidize
that
or
incentivize
that,
with
some
half
a
million
dollars
to
help
the
retail
development
take
hold
the
boulevard
construction
which
you'll
see,
which
is
the
extension
of
crestwood
drive
to
the
east.
We
are
investing
a
million
dollars
into
that
process.
D
There's
some
design
fees
associated
with
that.
We
have
some
due
diligence
that
was
done
over
the
last
month.
The
sewer
line
issues
in
that
part
of
town
were
at
some
capacity,
so
we
had
to
resolve
some
of
that,
so
the
sewer
line
is
at
a
750
000
number,
which
is
a
little
higher
than
we
talked
about
in
our
executive
session.
But
there
was
some
capacity
issues,
certainly
with
adding
188
units.
D
So
what
what
does
the
eda's
that
have
been
worked
through
and
that
are
being
signed
today?
Do
an
eda
agreement
basically
starts
to
commit
minimally
the
developers
commitments
to
us
establishes
timelines.
It
helps
them
for
us,
as
we
discussed
in
some
of
our
earlier
sessions,
the
architectural
aesthetics
which
are
important.
It
also
defines
the
site
amenities,
plus
it
defines
what
the
city
is
going
to
do
on
their
behalf.
Basically
the
previous.
D
D
We
expect
that
the
other
developer
would
would
be
in
a
place
to
purchase
and
or
start
construction
by
the
end
of
this
year,
with
a
number
of
things
with
the
retail
center
completing
construction
in
august
of
23,
so
short
15
to
18
months
from
now,
and
that's
very
dependent
on
leases
that
they
are
in
negotiations
with
and
have
lois
on.
They
set
very
stringent
milestones,
and
so
we
are
at
that.
F
F
F
Steve
percy,
who
is
also
architect
record
for
our
car
development
here
proposal
here,
and
we've
got
some
examples
of
projects
that
we've
worked
on
together.
That
I'll
show
you
in
just
a
second
but
kersey
and
kersey,
and
I
will
probably
not
do
the
injustice
but
they've
been
around
in
business
and
I've
personally
been
interacting
with
them
for
about
20
years.
F
F
F
F
So
this
this
is,
we
call
this
project
the
foundry.
This
is
located
in
louisville
kentucky
198
units
of
affordable
workforce
housing
located
in
really
central
part
of
louisville,
a
little
outside
of
the
watterson
expressway.
If
you're
familiar
with
the
geography,
we
placed
that
project
in
service
early
last
year,
really
early
the
year
before
but
finished
the
lease
I
think,
last
year,
property
performs
very
well
again
working
with
courtesy
currency
on
the
design
side.
F
F
F
So
so
this
property,
this
project,
really
will
be
placed
in
service
next
year,
and
so
this
will
be
available
for
occupancy
next
year,
but
it's
under
construction
and
again
it
highlights
a
collaboration
between
currency
and
currency
and
winter
incorporated.
So
I
just
wanted
to
highlight
a
couple
of
our
past
successes
together.
So,
as
tony
mentioned,
we
are.
We
do
think
that
we
can
build
188
units
on
the
site
in
eight
residential
buildings.
F
We
also
contemplate
full-time
staffing
office
on
site
with
amenities
that
would
be
available
to
not
only
the
residents
but
to
other
interested
community
members
as
well
total
development
costs.
The
estimates
were
up
there,
but
I'll
say
it
again
of
about
36
million
and
right
now
we're
working
with
the
city
to
have
the
appropriate
balance
of
veteran
types
in
universities.
F
D
G
G
and,
more
importantly,
about
this
project.
Approximately
a
couple
years
ago
when,
after
mayor
courtney
came
to
office,
we
had
a
meeting
in
louisville
that
kind
of
spurred
the
redevelopment
efforts
of
this
project.
He
and
joe
came,
and
we
had
a
good
meeting
and
it
kind
of
got
everybody
excited
on
all
sides
of
the
table
that
maybe
we
could
find
a
collaborative
ways.
G
So
I
do
want
to
tell
you
that
we
have
been
the
owners
of
this
property
for
quite
some
time
that
actually
started
out
long
time
ago
to
be
a
kroger
center
and
there's
a
story
there
of.
Why
that
property
that
entity
went
to
a
different
site,
but
it's
now
time-
and
you
know
we're
excited
to
get
this
project
going
and
really
create
something
special
here
in
in
madison.
G
The
parties
that
are
actually
you
know
doing
most
of
the
work
from
our
my
perspective.
Anyway,
are
these
two
individuals
here,
garen
denning
and
megan
walson,
so
they'll
be
familiar
faces
as
this
project
moves
along
and
they've
got
a
vast
amount
experience
among
themselves
as
well,
but
my
moment
right
now
is
just
to
tell
you
thank
you
for
your
consideration
of
this
thanks
for
making
something
happen,
and
obviously
it
takes
everybody
rolling
in
the
same
direction
to
create
something
special.
H
Thanks
craig
thank
you
all
commissioners
and
and
the
mayor
tony
as
well,
we
are
excited
to
be
here.
This
is
one
of
the
fun
meetings.
We've
developed
a
lot
of
different
things,
and
this
is
one
of
the
fun
beings
to
get
to
kind
of
start
to
see
the
vision
happen.
So
I'm
going
to
take
you
through
a
few
slides.
This
will
be
really
quick,
but
give
you
a
little
bit
of
confidence
and
background
in
us
and
the
project
there's
a
little
bit
of
duplication.
So
we'll
go
quickly
through
this.
H
So
a
little
bit
about
our
partnership
group,
that's
madison!
Plaza.
We've
been
in
the
development
business
over
30
years.
I
think,
combined
from
the
partners
that
own
madison
plaza
it's
probably
a
century.
So
we
could
say:
we've
been
doing
a
little
bit
a
little
bit
of
time
developed
over
10
million
square
feet.
We've
done
projects
ranging
from
as
well
as
a
million
dollars
to
as
much
as
a
quarter
of
a
billion
dollars
or
250
million,
and
this
is
in
various
aspects
of
the
project
it
could
be.
We
have
privately
financed
built
own
and
operate.
H
What
we've
done.
We've
also
done
projects
with
tiff
financing,
which
is
what
we're
talking
about
today
and
then
we're
the
largest
public-private
partnership
developer
in
the
state
of
kentucky.
We've
done
a
number
of
projects
for
the
commonwealth
shown
there
is
one
of
those,
but
over
the
last
few
years,
we've
done
over
a
quarter
of
a
million
dollars
just
in
public
private
partnerships,
that's
a
little
different
than
tif
financing.
We
actually
go
out.
We
sell
the
bonds,
it's
our
reputation
to
deliver,
but.
H
With
different
operations
and
different
ways
to
do
it,
and
this
project
is
an
exciting
one
for
us
to
add
to
the
portfolio
some
just
development
experience
we
have.
This
is
a
sampling,
it's
not
all
encompassing
by
any
means,
but
we've
done
office
a
t
building
throughout
the
southeast
commonwealth
baptist
health.
H
E
H
Know
the
retail
landscape
there's
not
a
lot
of
national
tenants,
and
you
know,
at
least
in
this
area
of
the
country
that
we
haven't
dealt
with
in
some
way:
shape
or
form.
Costco
hobby
lobby
best
buy
target,
walmart
lowe's
and
then
we're
in
the
hospitality
business,
our
hospitality
business.
We
we
build
the
hotels,
we
own,
the
hotels
and
we
operate
the
hotel,
so
they're
our
employees.
There
we've
done
a
number
of
different
flags.
Currently
we
have
two
a-loft
hotels
that
we
own
and
operate
one
in
westerville,
ohio
and
one
in
louisville
kentucky.
H
These
are
some
examples
of
our
projects
and
much
like
winter
wood.
The
purpose
of
this
is
just
to
give
you
an
idea
of
the
quality
of
work
that
we
do.
We
really
pride
ourselves
on
that
and
the
mayor
and
tony
have
been,
I
think,
really
passionate
about
making
sure
this
is
a
landmark
project
for
the
city.
So
this
is
a
project
we
did
in
frankfurt,
the
capitol
plaza
1100
employees,
a
thousand
car
parking
garage.
H
We
actually
had
to
demolish
or
raise
a
20
story
building,
which
was
a
first
for
us,
but
that
was
a
good
photo
op.
If
nothing
else
for
this
project
we
keep
going.
This
is
our
hotel,
our
aloft
hotel,
it's
a
100
room,
hotel
in
westerville
and
then
the
prettiest
photo
is
the
raisin
cane's
chicken
fingers
and
for
some
reason
it's
not
showing
up.
But
we.
H
H
H
H
You
you
know
this
plan,
but
I
think
the
key
things
to
look
at
and
what
we
look
at
when
we're
looking
at
building
a
shopping
center,
you
can
see
if
we
start
on
the
left
national
tenant
anchored
shopping
center.
The
largest
tenant
is
going
to
go
right
off
of
east
cliffy
drive,
that's
key
for
them
for
visibility.
H
They
want
people
going
both
ways
to
be
able
to
see
them
and
then
from
that
we
break
it
down
into
smaller
spaces
depending
upon
the
user,
and
we
are
really
far
along
with
multiple
tenants
that
take
the
vast
majority
of
this
shopping
center.
This
top
box
right
now
and
actually
today,
is
a
pivotal
moment
in
terms
of
our
conversations
and
signing
on
the
dotted
line
with
them.
H
So
that's
kind
of
the
phase
three,
but
that
that
takes
you
through
how
you
know
how
we're
looking
at
doing
this,
the
key
to
that
stoplight
there
on
michigan
road
and
creating
a
that
boulevard
type
of
experience
and
and
really
just
changing
the
entire
landscape
of
that
from
that
road.
So
do
you
guys
have
any
questions
for
me
or.
A
H
H
With
a
number
of
options,
so
it's
not
it's
not
common
to
see
that
10
years
and
kind
of
walk
away,
particularly
when
you
have
to
pro-forma
this
this
kind
of
deal,
but
there
are
10.
I
think
some
of
these
are
15
but
nothing
short
of
a
10.
With
the
major
tenants.
Now
we
may
have
a
2
000
square
foot,
restaurant
user.
That
goes
in
the
main
shopping
center,
that
you
know
it
could
be
a
mom
and
pop
or
a
local
restaurant
tour,
and
they
can
only
assign
a
five.
H
D
B
D
B
A
Any
questions
anyway,
before
we
move
on
to
the
resolution.
I
think
this
is
it's
been
something
we've
worked
on
as
we've
been
on
board
together
for
a
number
of
years,
so
it's
exciting
to
see
progress
and
exciting
to
see
the
investment
in
the
quality
of
life,
things
that
we
need
here
in
madison,
so
very,
very
excited
that
you
guys
have
moved
forward
on
this.
Let
me
kind
of
outline
what's
in
the
resolution
he's
doing.
D
D
All
the
required
promotions
on
the
madison
plaza
shopping
center.
So
thank
you
all.
Thank
you
for
entrusting
us
craig
and
karen
and
all
the
work
we've
done
over
the
last
two
months,
and
I
can
tell
you
that
it's
going
to
be
an
exciting
shift
here
in
the
madison
community
for
many
years
to
come
and
we're
going
to
be
the
heroes
here,
as
other
developers
have
become
in
the
past.
So
congratulations
on
that.
So
this
time
I
think.
D
J
One
thing
I
will
say
just
kind
of
keep
an
eye
forward
is
that
these
states
should
be
certifying
abstracts
in
march.
Hopefully,
fingers
crossed
what
that
means.
Is
that,
hopefully,
by
april's
meeting,
we
will
have
a
100
concrete
look
into
projections
for
revenues
for
this
year.
I
lean
pretty
heavily
on
the
ones
currently
in
the
plan,
but
just
as
far
as
the
state
goes,
those
will
be
100
certified,
hopefully
by
next.
So
at
that
point
you
can
chat
further
about
that.
J
For
new
business
now
so
shifting
over
to
the
other
report,
it
looks
pretty
much
identical
to
the
one
you
guys
see
monthly.
However,
this
one
does
say
four
year
end
to
december
31st
2021,
as
tony
mentioned,
this
is
going
to
be
checking
off
the
box
for
the
first
recording
requirement
owed
by
the
rebel
commission
april
1st,
it's
pretty
simple.
It's
basically
just
a
annual
financial
report
for
the
rdc
needs
to
be
presented
to
you
guys
by
that
date
and
then
upon
your
approval
to
go
before
council
and
then
finally
on
the
gateway.
J
So
as
far
as
what
is
contained
within
this
report
itself,
it
does
look
very
similar
to
your
monthly
financial
report,
except
we
are
keyed
in
only
on
2021
a
month.
So
this
is
what
will
go
into
gateway
for
the
submission
piece.
We
can
see
beginning
cash
balance,
you
see
all
your
revenues
for
the
year.
I
am
on
page
six.
Apologies.
J
You
see
all
your
revenues
per
year,
all
your
expenditures,
nothing
new
nothing's
changed
on
this.
One
key
piece
I
do
want
to
point
out
is:
there
is
a
deficit
on
here.
If
you
might
remember
some
of
that,
those
expenditures
are
more
just
reallocating
moving
cash
into
holding
funds
for
grant
matching
preparation
in
the
future.
So
if
we
just
net
out
the
moving
of
the
funds,
basically
more
of
a
breakthrough
in
the
picture
for
the
rdc
for
last
year,.
J
Pages
8
through
19
of
this
document
are
the
parcels
within
the
madison
adult
commission.
The
first
couple
pages
are
going
to
be
your
original
area,
followed
by
the
expansion
and
then
the
final
page
page
19
include
the
smaller
allocation
areas
of
which
one
of
them
is
madison
clause
that
we're
talking
about
tonight
so
parker.
J
I
do
believe
I
recall
correctly,
that
is,
there
was
no
delinquencies
from
last
year-
great
collection
percentage,
if
not
even
beating
slightly
revenue
projections,
so
good
good
news.
There
moving
down
netting
in
capital
projects,
debt
payments
and
again
moving
of
the
funds
into
other
holding
funds.
I
would
call
them
we
did
in
the
year
the
deficit
of
643
000
but,
as
I
did
note,
it's
more
of
a
washing
effect
and
then
the
year-end
balance
of
one
billion
three
hundred
seventy
three
thousand
nine
hundred
and
fifty
nine
dollars.
C
One
of
my
favorite
parts
of
the
meeting
is
always
where
I
get
an
opportunity
to
update
you
and
the
community
on
what's
going
on,
but
today
was
exciting
because
we're
bringing
to
fruition
lots
of
work
on
the
parts
of
the
commission
and
council
and
the
plain
commission,
and
certainly
our
our
economic
development
partners,
and
I
think
it's
very
indicative
of
where
our
community
is
going.
The
economic
indicators
for
our
community
with
regards
to
unemployment
and
growing
wages.
C
Quality
of
life
here
or
population
growth
is
what's
driving.
The
demand,
as
well
as
the
interest
for
national
retailers
and
our
our
partners
here
today,
to
want
to
invest
tens
of
millions
of
dollars
in
the
city
of
we're.
Also
very
excited
to
inform
the
commission
that
at
the
last
city
council
meeting
city
council
ratified
the
resolution
that
created
the
new
super
atv
allocation
area.
C
So
at
the
next
redevelopment
commission
meeting,
we
will
be
presenting
to
you
an
economic
development
agreement
codifying
the
multi-multi-million
dollar
investment
by
super
atv
and
expanding
their
their
reach
globally,
with
an
innovation
and
research
center,
as
well
as
an
expansion
of
their
manufacturing
facilities.
Also
on
the
hilltop.
All
of
this
is
working
really
really
well
with
the
investment
plans
that
we
have.
C
We
talked
a
lot
about
ready
and
the
impact
that
it
that
it's
going
to
happen
our
community
in
the
next
three
years,
but
the
tremendous
amount
of
capital
is
being
invested
by
the
city
and
the
state
along
the
clifty
drive
corridor,
sidewalks
changing
improving
the
intersection
at
clifty
and
michigan
road,
additional
lighting
of
shunt
pike
for
better
handling
industrial
traffic
management.
There
and
again
all
of
this
is
a
catalyst
for
what
we
believe
will
be
at
least
a
quarter
billion
dollars
economic
impact
in
the
city
over
the
course
of
the
next
three
years.
C
C
On
the
ready
front,
the
southern
indiana
regional
development
authority
is
still
working
through
the
the
method
in
which
they
will
be
awarding
the
50
million
dollar
grant
we
received
from
the
iedc,
which
is
indian
economic
development
corporation.
We
believe
that
that
will
spur
about
a
billion
dollars
worth
of
economic
activity
across
the
five-county
region.
So
madison
is
a
gateway
to
indiana
and
a
gateway
to
the
region,
and
what
we're
doing
here
is
going
to
be
fell
all
across
the
five
county,
southern
indiana
region.
C
So
things
are
going
great.
You've
heard
today
the
representation
from
them
of
the
caliber
of
development
partners.
There
will
be-
and
we're
super
excited
to
over
the
course
of
this
this
month,
the
next
month
announce
about
100
million
dollars
worth
of
economic
development
activity
for
the
city.
That
is
been
in
the
planning
stages
for
quite
some
time
and
as
I
talked
about
in
our
state
of
the
city
address
last
week,
2022
is
the
dividend
year.