Redevelopment 08-03-2023 - Laserfiche WebLink

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Commissioner Williams asked who the steering committee consisted of. Commissioner Culp shared as was stated in July that the committee is comprised of Dana Heidenreich, Brian Culp, Greg Swinney, Dave Moore and Chelsey Manns. New Business: Parks Department Presentation: Parks Director Philip Cornelius introduced Park Board President Matt Saner who spoke on behalf of the Park Board on partnership and execution. Mr. Cornelius presented additional information elaborating on last month's presentation regarding a cost summary of proposals for phases I and 11. After a lengthy discussion, a request for a capital plan was made. Commissioner Williams made a motion to ask Manns to work with Baker Tilly to create a capital projects list to see revenues and expenses regarding future projects in addition to the parks project. Commissioner Pipkin seconded the motion. The motion carried 4-0. Legal/Managerial Update: Commissioner Culp made shared a written report from Manns: After discussions with the Clerk -Treasurer's office, Clerk -Treasurer Wamsley and Deputy Clerk -Treasurer Monts met with Citizens Bank. Prior to the meeting, Citizens Bank increased the interest rate in June from .57% to 1%. After the meeting, Citizens is now providing a 4.5% interest rate to all of the Town accounts, including the Redevelopment Commission. In July alone, interest earned for the Commission was $38,643.13. Jason Semler with Baker Tilly provided an email recommendation, which is included below: That is great news about Citizens Bank increasing the rate they are offering. In regards on how much the Commission should invest, it really depends on the future spending plans of the Commission but based on what we have previously discussed I think holding back $1-$1.5 million in cash should be sufficient far your needs. Just as an FYI the difference in interest for $15 million at a rate of 5.1% compared to 4.5% is $90,000 a year. The Fed did increase rates last week therefore I would not be surprised if the TrustlNdiona rate and possibly your bank would also increase. I think as long as rates are staying constant or rising, I think staying with the bank or Trustlndiona is a good option. Once we think rates are going to decrease, I think it would be good for us to consider locking the rates in at the higher rates through CDs etc. which at that time I think we could add more value. Review of Claims: The claims were presented in the amount of $32,053.90. Commissioner Pipkin made the motion to approve the claims as presented. Commissioner Heidenreich seconded the motion, which carried 4-0. For the Good of the Order: On Friday, August 11" at 3:30 there will be a ribbon cutting at the new Ivy Tech facility that the school corporation invited the Commission to attend.