RDC 04-04-2024 - Laserfiche WebLink

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surveys were completed by Banning Engineering. Bushhogging was completed by Mike Hardin multiple times at the property prior to the sale. Indianapolis French Investment Corp purchased 16.818 acres of land for $1,160,442 ($69,000/acre). The sale included an additional +/- two acres in the northeast corner of the property at no charge that is landlocked and undevelopable for the Commission. Buffers USA purchased the shell building in the amount of $5,000,000. The Build -Operate -Transfer (BOT) agreement and subsequent lease payment financing through First Merchants Bank was paid off at the time of closing, with net proceeds of $655,573.77 returning to the Commission. Old Dominion Freight Line purchased approximately 55 acres for $3,156,045.07. The Commission hired V3 Engineering to bid the previously designed signal at SR67 and Merriman Road. The Commission requested the Town Council rescind the tax abatement for the shell building as one was not needed. The recission was granted. A brownfield assessment grant was applied for through EPA. The Commission was unsuccessful in their bid, however, it was later determined CDFI Friendly Bloomington was awarded the assessment grant which includes all of Morgan County. There was not any excess assessed value passed through for 2023 pay 2024. The Town Council requested the Commission pay for 197 new banners for the light poles throughout town in the amount of $19,890, which they agreed to do. A request for proposals was issued for design services for Main Street from Monroe Street to Maple Lane. Multiple firms submitted but the team of Banning Engineering and TSW Design Group was selected. The initial kickoff meeting for downtown property owners took place in December. More public input sessions along with preliminary design will happen in 2024 with construction intended for 2025. Parks board representatives along with Parks Director Phil Cornelius requested assistance for upgrades to Pioneer Park. The Commission agreed via Resolution 2023-6 to provide a reimbursement agreement for an amount not to exceed $3,150,000 for park improvements. The project consultant with direction from Attorney Steuerwald worked with town employees regarding interest earned on town funds. After the Clerk -Treasurer's office met with Citizens Bank, interest earned monthlyjumped from .47% to 4.5%. Commercial Team Construction (CTC) purchased the former Patel property with the desire to develop the approximate 46 acres into smaller commercial/industrial lots. Resolutions 2023-4 and 2023-5 were for the declaratory and confirmatory resolutions to include the former Patel site into the TIF as it had been annexed into the Town by CTC. After much discussion, a BOT option was selected by the Commission to assist with the needed road and infrastructure needed to support the site improvements. After issuing the request for proposals for the BOT, only one was received by CTC. The Commission selected CTC as the BOT provider for the road project. Negotiations took place regarding