►
From YouTube: City of Madison Redevelopment Commission -May 11, 2021
Description
Agenda
• Call to Order
• Approval of Minutes from February 2nd, 2021
• Claims Approval
• Old Business:
o K-Q LLC (Ruler Property) Purchase
o Financial Planning Updates-Mayor/Matt/RFG
• New Business:
o Stellar Update-Mayor/Nicole Schell
• City Matters/Updates-Mayor Courtney/Matt Wirth
• Next Meeting Date: May 11, 2021 @ 3:00 pm
• Adjourn
C
C
B
B
Good
afternoon,
as
you
know,
we
are
we
have
completed.
Actually
our
due
diligence
on
the
former
ruler,
grocery
store
property,
known
as
k-q
llc,
are
the
property
owners
on
record
and
honestly,
through
a
lot
of
support
from
you
folks
here
at
the
redevelopment
commission
in
the
mayor's
vision.
We
we've
arrived
at
at
this
point
today,
it's
a
big
step
for
us,
but
a
necessary
step,
as
the
mayor
has
alluded
to
before
we
we've
gone
at
this
a
couple
different
ways
and
we
really
feel
best.
B
B
D
Couple
comments
here:
the
board
had
already
given
us
approval
to
enter
into
the
purchase
agreement
for
the
property.
So
what
we're
doing
today
is
asking
the
board
to
approve
a
resolution
to
acquire
the
property
with
200
000
down
and
the
owners
of
the
property
or
the
sellers
of
the
property
will
be
financing
the
balance
for
us
over
the
next.
I
think
it's
three
years
with
one
percent
interest
rate
so
with
favorable
terms,
property
is
about
twelve
thousand
square
feet.
Sixty
parking
spaces,
it's
a
primary
initiative
for
revitalizing
that
entire
corridor.
D
In
addition,
we're
getting
what
I
would
consider
favorable
terms
and
the
information
you
have
in
your
package,
you
see
both
appraisals.
The
average
appraisal
for
the
building
and
parking
lot
area
was
about
541
thousand
dollars.
Our
purchase
price
is
525,
so
there's
a
there's,
a
slight.
You
know
discount
to
market.
We
also
believe
that
that
property
is
really
central
to
our
revitalization
of
that
corridor.
D
We
already
have
plans
for
working
with
the
madison
area,
arts
alliance
for
for
the
diagonal
parking
lot
there
on
mulberry
and
2nd
street,
and
we
also
believe
that
our
investment
there,
as
we
continue
to
work
toward
attracting
a
an
independent
grocery
store
operator,
will
will
also
bring
additional
investment
not
only
in
that
corridor,
but
all
the
way
down
to
bond
drive.
So
we
have
a
lot
of
plans
across
the
city.
The
city
is
under
contract
to
acquire
about
four
million
dollars
with
property,
all
strategically
located
and
all
part
of
revitalization
effort
to
attract
private
capital.
D
D
D
D
There's
been
conversations
but
nothing's
been
committed,
yet
so
we'll
it
has
not
changed
our
plans
at
all.
We
still
think
that
this
is
a
strategic
acquisition
for
us
and
it
has
value
to
the
city
beyond
a
grocery
store.
Frankly,
which
is
why
we're
advocating
doing
it,
but
it's
still
our
number
one
priority
is
to
have
an
independent
grocery
store
operator
occupy
that
space
with
financial.
D
D
It
it
it
turned
out
to
be
the
most
attractive
location
because
of
square
footage
and
on-site
parking.
We
looked
at
three
separate
locations
and
and
talked
we
didn't.
We
did
that
ourselves,
but
also
talked
with
grocery
show
operators
who
we
were
prospecting
with
and
and
those
two
were.
Those
two
elements
were
important,
which
was
the
square
footage,
having
a
large
enough
space
for
retail,
as
well
as
storage
area,
which
this
accommodates
and
parking.
D
C
C
B
B
I
know
you
see
the
claims
before
the
meeting,
but
I
went
ahead
and
put
that
in
there
for
you
ahead
of
time
you
can
you
can
take
a
look
at
those
a
little
better
and
then
I
had
not
received
any
other
additional
feedback
in
terms
of
big
particular
projects
or
projects
in
general.
So
I
believe
we
are
very
close
to
the
point
now
of
finalizing
our
projects
and
the
dollar
amounts
associated
with
those
projects.
E
F
In
the
tip
revenue
collections
line,
you
will
see
that
that
number
has
adjusted
slightly
since
your
last
report
scene,
basically
the
the
note
being
that
county
abstracts,
which,
for
those
who
aren't
learned
an
abstract,
is
it's
basically
assessed
value
database
released
by
the
state,
and
so
what
the
the
numbers
that
are
filmed
in
abstracts
are
what
were
sent
out
at
the
time
on
the
tax
bills.
So
those
numbers
are
no
longer
going
to
change
versus
what
the
taxpayers
are
seeing.
B
F
See
those
in
the
circuit
breaker
allocation
to
the
redevelopment
commissions
released
all
that
stuff,
so
the
number
you
see
there
is
going
to
be
outside
of
the
effect
of
delinquencies
or
penalties
or
anything
along
those
lines.
That's
going
to
be
a
pretty
accurate
expectation
for
the
rdc
for
what
you'll
receive
in
debt
revenues
for
the.
D
D
We're
still
working
on
a
capital
plan,
we've
identified
a
lot
of
a
lot
of
projects
here
that
are
part
of
the
redevelopment
plan
and
then
really
monetize.
What
the
amount
of
additional
financing
we
need
in
order
to
fully
affect
the
plan
and
maintain
a
one-year
cash
reserve
goal.
So
that's
still
that's
still
in
progress
and
then
in
a
few
minutes
I'll
give
you
an
update
on
some
additional
matters
that
have
come
up
that,
I
think,
are
complementary
to
the
plan
here.
D
D
Is
fluid
honestly
right
now
we
are
pretty
resource
constrained
on
a
lot
of
things,
we're
doing
and
we
have
financing
available.
We
just
not
have
negotiated
the
final
final
part
of
that
and
started
that
legal
process
of
bringing
through
a
redevelopment,
commission
and
city
council
so
it'll
be
later
this
year.
E
G
G
I
think
they
may
even
have
the
site
open
for
tours,
but
that
really
finalizes
that
project
down
at
the
old
tower
tack
factory
other
projects
crystal
beach
bids.
We
opened
those
in
april
at
board
of
works.
We
received
three
bids:
those
range
from
two
and
a
half
million
to
three,
which
is
a
little
higher
than
we
anticipated.
G
D
Good
for
this
reason,
nicole,
had
mentioned
that
we
opened
bids
about
three
weeks
ago
and
the
three
bids
that
we
received
for
the
crystal
beach
restoration
came
in
between
25
and
50
over
budget,
so
we're
working
with
executive,
director,
spinner
and
oprah,
as
well
as
the
stellar
executive
committee
to
identify
gap
financing
on
that
particular
project.
We
had
a
stellar
executive
committee
meeting
last
night
and
it
was
unanimous
that
we
absolutely
have
to
preserve
crystal
beach,
which
is
the
remaining
stellar
project.
D
D
So
it's
going
to
be
my
recommendation
at
next
week's
board
of
public
works
that
we
go
ahead
and
award
the
contract
to
the
low
bidder
in
order
to
lock
in
that
pricing,
not
jeopardize
the
cost
additional
cost
or
exposure
of
additional
costs
to
the
city
for
crystal
beach
and
then
also
not
place
in
jeopardy.
The
okra
grant,
which
is
two
million
dollars,
that
the
timetable
has
already
started
on
that
we
have
about
18
months
in
order
to
complete
the
project.
D
E
D
It
won't
further
impact
the
redevelopment
commission,
but
it
may
it
may
cause
us
to
make
some
decisions
on
how
we
allocate
funding
from
redevelopment
commission
redevelopment
commission
had
previously
committed
matching
dollar
support
to
the
stellar
projects
and
there's
one
left,
and
that
is
crystal
beach,
and
we
absolutely
have
to
get
that
one
done
or
we
potentially
jeopardize
the
two
million
dollar
open
rank.
So
that's
where
we're
at
with.
D
That's
a
good
suggestion
have
more
dialogue
with
them
and
we
will,
and
as
nicole
mentioned,
they
had
already
supported
other
parts
of
stellar
and
then
part
of
our
interlocal
agreement
that
we
executed
sometime
last
year
called
for
them
to
support
our
pace
program.
So
we
had
approximately
45
000
a
year
of
their
preservation
dollars.
They
go
directly
toward
our
pace
initiative.
They
have
a
strong
balance.
D
E
D
F
B
Update-Wise,
just
real
quick.
We
finished
up
the
survey
on
our
what
I
refer
to
as
our
smaller
industrial
park
out,
where
the
new
massive
brewery
is
those
lots
adjacent
there.
As
you
know,
we've
had
a
request
from
the
miss
madison,
the
hydroplane,
our
local
hydroplane,
to
possibly
build
out
there
we're
close
to
finalizing
those
those
parcels,
so
that
is
moving
forward
and
I'll
reach
back
out
to
them
to
let
them
know
that.
E
D
The
city
of
madison
was
awarded
2.4
million
dollars
from
the
american
rescue
plan
act.
Jefferson
county
received,
I
believe,
about
6.2
million
dollars.
The
town
of
hanover
received
almost
three-quarters
of
a
million
dollars,
we're
still
trying
to
learn
and
understand
exactly
how
we
can
spend
that
money.
The
the
broad
brush
use
of
it
really
is
is
water,
sewer,
type
infrastructure,
broadband
covered
relief,
type
activities.
D
Meeting
deputy
mayor
mcgee
will
be
presenting
an
ordinance
to
council
to
to
begin
the
approval
process
on
establishing
the
fund,
which
will
hold
those
monies
and
then
we'll
have
to
go
through
an
appropriation
process
with
council
on
exactly
how
we're
going
to
spend
those
monies,
and
so,
as
parker
will
tell
you
that
it's
still
really
fluid.
There's
a
lot
of
information
directly
from
the
u.s
treasury
on
how
those
dollars
can
be
utilized
jeff.
D
A
Is
since
it's
federal
dollars,
there's
a
variety
of
regulations
that
we
typically
don't
need
to
worry
about
at
the
school
level
we
already
have
federal
funds
coming
in,
so
those
grants
are
managed
exactly
the
same
way
through
the
exact
same
portals.
So
it's
simply
a
matter
of
following
those
protocols
that
we
already
follow.
A
We're
receiving.
There's
three
esser
grants
that
we've
received
so
far.
The
first
one
was
like
six
hundred
thousand
second
was
2.2
million,
and
then
the
third
is
5.5
million
and
some
change
so
we've
already
submitted
and
had
our
essay
one
and
two
monies
as
budgets
approved
and
we're
in
the
process.
Now
going
through
the
public
comment
phase
on
sr3,
we
actually
have
to.
D
D
D
The
second
thing
that
I
wanted
to
alert
you,
which
is
also
really
exciting,
is
in
the
governor
holcomb's
new
budget
that
the
state
legislature
had
grew,
includes
500
million
dollars
for
a
program
called
ready,
which
is
a
regional
economic
development,
acceleration
initiative
and
they
are
going
to
deploy
those
funds
with
the
intention
of
leveraging
that,
with
local
and
private
capital
and
for
the
southern
indiana
region
of
which
we're
part
of
there
are
five.
There
are
five
counties
in
the
southern
indiana
regional
development
authority,
which
we're
part
of.
D
We
anticipate
that
with
the
state
and
local
dollars,
combined
with
the
required
private
capital
investment
it
could,
it
could
generate
approximately
300
million
dollars
worth
of
investment
in
this
five-county
area.
The
state,
through
the
indiana
economic
development
commission
also
has
parameters
on
how
that
money
can
be
deployed,
but
it
is
really
to
attract
private
capital,
invest
in
community
capacity
building
infrastructure,
and
so
what
we'll
be
doing
over
the
course
of
the
day,
we're
really
on
a
tight
timetable.
D
In
the
city
of
madison
in
jefferson,
county
again
is
going
to
be
what
what
can
we
offer
to
that
redevelopment
plan?
That
is
of
regional
emphasis
and
again
city
madison,
I
think,
is
ideally
positioned
because
of
our
proximity
to
louisville
and
the
other
counties,
floyd
clark,
scott,
washington
and
jefferson
county.
That's
in
that
I
think
we're
ideally
located
to
do
things
that
will
certainly
position
us
for
an
even
better
tourism
economy
than
we've
experienced
pre-coping,
so
we'll
be
placing
our
dollars
or
our
suggestion.
D
Investment
on
things
that
are
tourism
related
that
build
capacity,
quality
of
life
here
and
some
infrastructure
and,
as
you
guys
have
participated
over
the
course
of
the
last
year
with
us.
We
had
a
lot
of
projects
that
we
had
envisioned,
probably
a
dozen
parcels
of
real
estate
across
the
city
that
are
under
contract
that
are
going
to
help
facilitate
and
drive
drive
our
growth
here
in
the
city
of
madison.
D
So
we're
at
a
good
time
that
that
that
capital
is
starting
to
meet
the
you
know
the
conception
of
the
ideas
that
we
have
on
economic
development,
but
the
timetable
on
that's
going
to
be
quick.
End
of
july
plans
to
be
submitted
to
the
state
in
august
and
they'll
make
awards
before
the
end
of
this
year.
So
a
lot
going
on
there,
which.
E
D
Me
into
my
next
thing,
which
is
a
lot
of
what
we've
been
doing
over
the
course
of
the
past
year
year
and
a
half
has
been
building
the
foundation
for
where
we
want
to
take
economic
development
with
the
city.
Matt
has
been
very
instrumental
in
that.
As
I
mentioned,
we've
been
doing
property
acquisition.
We
did
small
business
relief
programs
all
across
the
city.
We
did.
We
had
a,
I
think,
just
a
fantastic
colbig
response
throughout
the
course
of
the
pandemic
and
we're
gonna
miss
matt.
D
I
know
that
matt
has
made
the
announcement
to
you
guys
into
the
community
that
he's
leaving
to
re
re-engage
his
career
in
the
private
sector,
but
he's
made
a
great
contribution
to
a
lot
of
things
that
we
came
in.
It
centralized
really
economic
development
and
aligned
it
under
under
under
the
authority
of
our
redevelopment
commission
and
so
we'll.
Let
known
that
that
we
appreciate
all
the
work
that
he's
done.
D
B
D
B
B
D
B
E
E
B
B
B
Mr
president,
our
next
your
your
next
meeting
date
is
scheduled
june
1st
at
3
pm,
and
if
I
could
ask
each
of
you
to
stick
around,
we
do
need
to
sign
a
resolution
today
to
make
that
official.
So
please
don't
leave
and
I'm
assuming
the
claims
ended
up
somewhere
up
there
too.
So
again,
thank
you
very
much
and
an
honor
to
serve
with
you
guys
and
got
a
lot
of
great
things
going.