►
From YouTube: City of Madison Redevelopment Commission -March 2, 2021
Description
Agenda
• Call to Order
• Approval of Minutes from February 2nd, 2021
• Claims Approval
• New Business:
o RDC/ Main Street Pass Through Agreement for Ohio Theatre
o Bond Refunding Analysis
(taxable economic development tax increment revenue bonds of 2019, series A)
o Affordable Housing Project
o PACE Funding Request
o 2020 RDC Fiscal Reporting Requirement
• City Matters/Updates-Mayor Courtney/Matt Wirth
• Next Meeting Date: April 6, 2021 @ 3:00 pm
• Adjourn
B
B
C
Lord,
if
you'll
recall,
we
have
been
meeting
and
having
the
ohio,
theater
friends
of
the
ohio
theater
group
attend
our
meeting
a
couple
of
months
back
and
the
board
saw
fit
to
help
spur
their
their
theater
project
along
to
to
allocate
250
000
to
that
organization.
For
that
project,
specifically
tied
to
the
mainly
the
exterior
of
the
of
the
building
of
the
facility.
C
C
Complex
when
we're
dealing
with
not-for-profits
and
how
redevelopment
can
help
allocate
funding,
we
couldn't
allocate
it
directly
to
the
to
the
friends
of
the
ohio
theater.
So
we
had
to
find
a
pass-through.
If
you
will,
you
know,
I
was
able
to
secure
the
madison
main
street
program
had
agreed
to
do
that.
C
It
was
a
much
more
natural
fit
for
their
organization,
since
it
is
on
main
street
and
they
have
been
supportive
of
the
theater's
efforts
over
the
years.
So
they've
agreed
to
be
our
pass
through.
So
what
you
have
joe
can
elaborate
a
little
further
in
your
package.
You
have
an
agreement
that
we
need
to
execute
today.
D
Yes,
essentially,
what
you
have
there
is
a
agreement.
It's
a
three-way
agreement
between
redevelopment
commission,
madison,
main
street
and
the
friends
of
the
ohio,
theater
you're,
awarding
a
grant
to
madison
main
street
for
the
purposes
of
rehabilitating
the
ohio
theater
and
in
our
conversations
with
main
street.
D
They
would
like
the
city
or
ignore
the
redevelopment
commission
to
be
involved
from
a
construction
funding
aspect.
So
if
you
would,
if
you're
going
to
pass
this
agreement
to
approve
this
agreement,
I
think
it
would
be
best
to
do
it
contingent
upon
and
giving
the
mayor
the
authority
to
negotiate
terms
of
a
drawdown
schedule
that
will
allow
you
guys
to
make
sure
that
work
is
being
complete
and
it
takes
some
of
the
pressure
off
of
main
street.
And
the
mayor
has
some
thoughts
about
that.
But
we
believe
that
that
would
be
the
best
way
to.
E
E
D
H
E
H
G
E
E
G
E
There's
no
penalty,
but
the
bonds
were
issued
in
2019
have
a
have
a
call
date,
so
we
can't
refund
them
until
2024.
So
what
will
be
factored
into?
The
analysis
is
the
carrying
cost
of
a
new
bond
issue
at
a
lower
interest
rate
to
determine
if
it
is
feasible
right
in
2020
to
carry
those
bonds
until
2024,
at
which
time
we
can
redeem
the
2019
bonds
without
any
penalty.
So
it'll.
C
E
A
E
On
track
in
fulfilling
several
avenues
of
this
social
service
strategy,
but
in
2000-
and
I
want
to
say,
13
or
14,
habitat
for
humanity
had
received
partial
zoning
of
plat
zoning
and
plant
approval
for
a
subdivision
in
a
parcel
that
they
own
beside
the
restore
facility
up
off
of
linear
drive
and
there's
that
subdivision
flat,
but
there's
also
several
properties
that
are
adjacent
to
it.
On
green
road,
those
of
the
the
properties
on
green
road
have
already
been
built
out,
but
we
did
meet
with
them
and
they
have.
They
have
an
excellent
board.
E
E
They
will
be
raising
the
money
to
actually
build
the
homes
and
then
they
will
select
through
an
application
process,
a
credit
worthy
family
who
would
be
the
recipient
of
a
mortgage
on
that
property
to
build
that
home
and
that
person
will
be
committing
sweat
equity
to
the
construction
of
the
property,
along
with
the
other
materials
that
are
being
donated,
and
then
habitat
for
humanity
will
essentially
provide
long-term
financing
to
the
homeowner.
But
it'll
put
six
six
homes
on
property
tax
rolls,
and
this
will.
E
E
B
C
C
So
they
are
asking
the
program
is
asking
for
an
additional
appropriation
this
year
from
the
redevelopment
commission,
so
I
thought
it
prudent
that
nicole
would
come
and
kind
of
give
you
some
some
updated
information
on
how
successful
it
is
and
why
that
request
is
needed,
and
I've
also
asked
her
to
talk
a
little
bit
about
stellar
on
our
clifty
drive
sidewalk
project.
So
without
further
ado,
I
will
turn
it
over
to
nicole's.
Show.
G
A
G
G
E
We
are
happy
to
report
that
I
believe
zero
dollars
was
actually
used
for
demolition.
All
of
it
was
was
either
for
a
rehabilitation
or
a
preservation
of
a
dilapidated
structure.
So
it's
the
the
program
is
working
as
intended,
and
the
result,
if
you
drive
around
town
you'll,
see
a
very
robust
environment,
housing
environment
here.
In
fact,
housing
prices
are
increasing,
pretty
dramatically
in
downtown
there's
very
little
housing
stock
and
there's
also
honestly,
very
little
stock
relative
to
what
investors
are
looking
for
to
actually
rehab.
So
program
program
is
working.
E
We
expanded
into
the
hilltop.
We've
got
our
first
application
under
approved.
I
think
it's
already
been
approved
on
the
hilltop,
because
now
we
also
have
storage
structures
on
the
hilltop
and
there
are
pockets
on
the
hilltop
just
like
downtown,
where
black's
creeping
in
a
little
bit.
We
want
to
make
sure
that
we
attack
it
so
program
has
worked
really
well.
E
It's
supported
in
three
three
ways:
city
madison's
annual
operating
budget,
it's
supported
through
in
our
local
agreement
that
we
negotiated
with
jefferson
county
and
then
through
contributions
by
the
redevelopment
commission,
and
we
want
to
continue
to
make
sure
that
we
meet
the
demand,
which
is
why
we're
here
asking
for
the
redevelopment
commission
to
approve
it's
increasing
its
contribution,
which
is
being
matched
by
city
and
county
funds,
to
eliminate
blight
and
preserve
structures.
Both
downtown
around
the
whole
time
feel
free
to
add
anything.
If
you
want
to
they're
cool.
E
That's
probably
right
because
we
did
catch
up
right,
so
we
came
in
last
year.
We
did.
We
did
a
catch-up,
there
was
a
year
or
so
where
the
maximum
amount
had
not
been
utilized.
And
then,
when
we
changed
the
program,
we
wanted
to
super
size,
the
amount
of
money
available
and
what
we're
at
so
that
that
number
is
correct.
H
E
I'll
reiterate,
we
have
a
lot
of
kind
of
wish
things
in
here,
we're
not
going
to
spend
more
money
than
than
we
definitely
have.
We
are
having
active
dialogue
about
financing
about
refunding
the
bonds
that
we
just
talked
about
and
prioritizing
the
investments
that
the
redevelopment
commission
was
making.
E
E
Talked
about
this,
a
lot
that
we're
going
to
have
to
replenish
for
redevelopment
commission
funds,
we're
going
to
be
doing
that
through
a
future
borrowing
that
will
give
us
money
to
to
take
care
of
the
projects
that
are
high
priority
for
us
as
well
as
keep.
I
think,
a
target
amount
of
at
least
one
year's
worth
of
revenue
collections
for
opportunistic
opportunities
that
come
up
here,
cushion.
G
E
C
G
Yes,
so,
as
you
know,
we
were
awarded
a
stellar
designation
in
2017
which
started
2018..
They,
the
redevelopment
commission
during
that
time,
pledge
2
million
dollars
towards
our
stellar
projects,
one
of
which
is
our
flippy
drive.
Sidewalks
you'll
have
a
site
plan
there,
showing
the
sidewalks.
We
are
installing
sidewalks
on
the
south
side
of
clifty,
between
wilson
avenue
and
michigan
road,
as
well
as
sidewalks
on
the
north
side,
from
where
they
end
in
front
of
mcdonald's.
G
All
the
way
to
brushes
that
project
construction
cost
is
us
made
at
two
and
a
half
million
dollars.
Two
million
dollars
of
that
will
come
from
a
grant
from
ndot.
We
have
to
match
twenty
percent
of
that
grant
so
500
000
for
construction,
as
well
as
cover
the
construction
engineering
which
is
300
000.
D
G
A
G
G
G
G
G
F
E
F
E
E
Has
been
sidewalk
repairs
or
replacement,
so
we
are
doing
a
comprehensive,
sidewalk,
inventory
and
evaluation.
I
believe
we're
in
the
process
of
engaging
a
third
party
to
do
that
for
similar
to
what
we
do
with
the
streets
and
that
will
really
give
us
an
idea
of
the
condition
of
the
of
the
inventory
of
our
sidewalks
across
the
city.
A
G
Yes,
so
we
are
pre-funding
it,
and
I
asked
that
we
have
the
project
ready
to
go
when
they
have
funds
available.
Currently,
it's
scheduled
to
let
forbids
in
november
of
2022,
however,
there's
a
potential
that
will
move
it
forward,
so
we
need
to
have
all
of
our
plans
and
funding
in
place
in
case
that
happens.
E
H
B
B
E
H
E
Know,
if
you
remember
also
about
stellar
one
of
the
changes
that
we
made
was
rather
than
spreading
stellar
out
over
a
bunch
of
projects
we
consolidated
them
crystal.
Beach
is
a
probably
the
most
ideal
example
of
that,
where
that
bidding
is
actually,
I
think,
we've
already
left
the
left
a
bit
or
we
haven't
let
it,
but
we've
announced
the
bid
for
crystal
beach's
restoration
and
what
we
ended
up
doing
is
taking
all
of
the
okra
grant
money
and
consolidating
into
one
federal
project
rather
than
several.
E
There
was
multiple
reasons
why
that
was
a
benefit,
and
then
the
match
money
that
the
city
that
the
city
had
committed
is
work
instead
of
using
a
combination
of
okra
and
city
match
money,
we're
using
all
okra
and
all
city
on
different
projects,
it
really
did
simplify.
I
think
the
whole
process
for
us.
B
E
G
C
C
I
I
I
I
Reporting
requirements
owed
by
the
redevelopment
commission
at
the
top
you'll
see
a
couple
of
the
requirements
that
are
going
to
be
done
to
cover
fiscal
year.
2020
this
this
one
will
be
the
april
first
one
and
then
later
this
evening
at
the
city,
council
meeting
will
be
satisfying
april
15th
requirement
and
then
there
at
the
bottom
of
the
blue
section
you'll
see
later
in
the
year
once
we
move
along.
Those
are,
should
be
some
of
the
requirements
owed,
planning
ahead
for
2022.
I
I
I
C
E
Madison
courier
there's
a
top
of
the
of
the
of
the
paper
here:
five
million
dollars
for
main
street
we're
happy
to
announce
that
city
of
madison
received
one
of
the
largest
federal
highway
grants
awarded
this
year
to
any
city
across
the
state.
We've
been
working
on
this.
It's
a
continuation
of
a
lot
of
infrastructure
improvements.
As
noted
here,
mayor
armstrong
really
brought
the
bridge
to
the
city
of
madison.
E
E
Been
essentially
setting
aside
the
match
money,
knowing
that
we
were
going
to
be
pursuing
this
grant
and
we
were
successful
in
receiving
it
just
announced
recently
and
we're
going
to
be
doing
doing
this
in
multiple
phases.
The
first
part
is
utilizing
community
crossing
grant
funds
we're
going
to
be
applying
a
liquid
asphalt
to
the
stretch
of
former
highway
56,
which
is
the
west
side
of
jefferson
street,
all
the
way
to
the
top
of
hanover
hill.
It's
about
4.4
miles,
but
probably
closer
to
you
know,
seven
or
so
lane
vinyl.
E
So
we
will
continue
to
set
money
aside
for
the
city
of
madison's
match
outside
of
the
redevelopment.
Commission
is
our
commitment
there
in
addition
to
the
match
that
we've
made
for
the
community
crossings
grant
we
do
have
a
design
firm,
that's
been
hired
by
the
city
and
we
have
a
main
street
steering
committee
that
is
looking
at.
How
do
we
re-envision
that
portion
of
main
street,
although
again
it'll,
go
all
the
way
through
the
west
end
of
town
to
the
top
of
hanover
hill?
E
But
I
want
to
let
you
guys
know
that
those
highway
improvements
are
forthcoming
in
those
those
multiple
phases
and
it'll
be
really
concentrating
on
pedestrian
safety,
multimodal
forms
of
transportation,
certainly,
traffic
management
traffic
calming
thinning
down
the
roads,
a
bit
to
make
it
safer
for
everybody
and
also
through
the
community
cereal
mainstream.
So
that
was
a
fantastic
award
for
us
that
we've
been
working
on.
Congratulations,
yeah,
thank
you
and
thank
you
very
much,
a
big
team
effort
to
get
that
finished.
E
Matt
and
I
have,
as
you
know
the
last
meeting,
we
got
approval
to
enter
into
an
agreement
to
purchase
a
former
ruler
building,
so
we're
in
the
due
diligence
phase
there
and
in
just
the
past
month,
we've
already
had
two
two
more
interviews
with
grocery
store
operator
prospects.
So
we
are
the
velocity
of
finding
an
operator.
It
continues
to
be
a
high
priority,
but
it's
also
growing
for
us
and
within
the
next
couple
of
months,
we'll
wrap
up
our
due
diligence
and
come.
H
E
To
the
redevelopment
commission
for
approval
to
acquire
that
acquire
that
property
along
with
another,
eight
or
so
parcels
of
the
cities
acquiring
throughout
the
city
of
madison's
acquiring
throughout
the
city
for
strategic
purposes,
so
a
lot
of
momentum
going
on
on
the
economic
development
front.
So
we
appreciate
all
of
your
support
and
help
and
guidance
and
we're
making
progress.
B
C
Work
just
a
quick
update,
I'm
continuing
to
work
with
our
survey
firm
on
plotting
out
the
parcels
of
property
for
our
commercial
flashlight
industrial
tie
in
kind
of
with
the
miss
madison
group
that
was
here
last
week
that
that
project
so
should
know
something.
Hopefully,
the
next
45
to
60
days
get
everything
wrapped
up.
E
Melissa
fultz
joined
the
city
of
madison
recently
as
a
grant
writer,
so
she
is
here
today
filling
in
and
taking
taking
minutes
for
us,
but
she
has
been
really
working
hard
to
identify
grant
opportunities
to
help
us
with
a
lot
of
different
initiatives,
particularly
the
preservation
and
traffic
front.
So
I
want
to
welcome.