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Home My Public Portal About017-2014 - Authorizing funds for infrastructure fpr tje creation of a Transitional Care Facility along Industries RoadRICHMOND REDEVELOPMENT COMMISSION RESOLUTION NO. 17 -2014 A RESOLUTION AUTHORIZING THE EXPENDITURE OF FUNDS ( "IMPROVEMENTS TO PUBLIC INFRASTRUCTURE WITHIN THE REDEVELOPMENT AREA FOR THE CREATION OF A TRANSITIONAL CARE FACILITY ALONG INDUSTRIES ROAD ") WHEREAS, the City of Richmond Redevelopment Commission (hereinafter "Commission ") has previously adopted a Declaratory Resolution, which has been amended, thereby establishing a Redevelopment Plan by which certain projects may be funded with excess Tax Increment Financing ("TIF ") revenue; and WHEREAS, pursuant to I.C. 36- 7- 14 -39, such excess revenues may be used for the purposes described therein; and WHEREAS, pursuant to the above actions, the amended project list includes construction of new and /or improvements to the City's infrastructure; and WHEREAS, it has become necessary to make certain infrastructure improvements in the TIF district as referenced in Attachment A to facilitate a transitional care facility along Industries Road. NOW, THEREFORE, BE IT RESOLVED by the Richmond Redevelopment Commission, that such Commission hereby approves and agrees to reimburse the City of Richmond and /or pay for necessary expenditures incurred in performing certain infrastructure improvements to facilitate a transitional care facility along Industries Road. Such funding shall be paid from excess TIF revenues received during the year 2014 and placed into the allocation fund, all of which is allowed pursuant to the TIF Redevelopment Plan of 1989, as amended. previously adopted by the Commission. BE IT FURTHER RESOLVED that the above reimbursement and /or expenditures shall not exceed the lesser of $246,000 or the allowable excess amount following the retention of all necessary funds for the reserve regarding the 2014 payments for Bond principal and interest payments. THIS RESOLUTION IS ADOPTED this lb day 2014 RICHMOND REDEVELOPMENT COMMISSION By By By By: By: Resolution 17 -2014 Attachment A See attached Redevelopment Commission Applications for Redevelopment Commission Funding Resolution 17 -2014 UT �1 ,t Dt P City of Richmond Redevelopment Commission APPLICATION FOR REDEVELOPMENT COMMISSION (TIF or CTP) FUNDING Applicant Information Date: Name: 10/21/2014 Chris Alexander /7 -Zay Name of Organization: MS Richmond, LLC Address: 14390 Clay Terrace Blvd., Suite 205 - Carmel, IN 46032 Email Address: calexander@maininvest.com Phone: 317-582-6925 Is this a non - profit organization: Project Information Fax: 317- 420 -0206 YES x NO Project Location: 400 Industries Road - Richmond, IN Amount of Request: $ 246,000 Loan or Grant: Duration of Funding: One -Time Multi- Period Source of Funding requested: ?, TIF CTP Other (Explain): Grant Duration: Page 1 of 4 Other sources of financing secured by the applicant (describe): Applicant has secured mezzanine financing from an outside investor. Bank lending may be obtained, but has not been finalized at this time. Level of financial participation by applicant for the project (describe): Equity participation will be 20% of the project cost. Project Details Purpose (Explain the project and attach drawings or plans if applicable): The project would involve the construction of a 48,000 s.f. transitional care center with 70 beds. A rendering of the exterior and the site plan is attached. Is the Project within the TIF or CTP District? it Yes No (If not, explain how it would serve or benefit the TIF /CTP District): Explain how the project fits into existing community plans (such as the Comprehensive Plan, Downtown Plan, Transportation Plan, Park Plan, etc...): The project would provide a Next- Generation transitional care center for aging Americans seeking short -term, post -acute care transitional care. With the aging Baby Boomer population, this option will become only more appealing and desired from prospective guests. The project MUST fall within the parameters of the Redevelopment Commission Project List. Describe how the project falls within one or more of the required criteria. The grant would provide funding support for a water line extension. Will local contractors be used for the project? N Yes L No (Explain) Applicant's contractor will proactively make bidding opportunities available to local contractors. Page 2 of 4 Other sources of financing secured by the applicant (describe): Applicant has secured mezzanine financing from an outside investor. Bank lending may be obtained, but has not been finalized at this time. Level of financial participation by applicant for the project (describe): Equity participation will be 20% of the project cost. Project Details Purpose (Explain the project and attach drawings or plans if applicable). The project would involve the construction of a 48,000 s.f. transitional care center with 70 beds. A rendering of the exterior and the site plan is attached. Is the Project within the TIF or CTP District? E Yes ❑ No (If not, explain how it would serve or benefit the TIF /CTP District): Explain how the project fits into existing community plans (such as the Comprehensive Plan, Downtown Plan, Transportation Plan, Park Plan, etc...): The project would provide a Next- Generation transitional care center for aging Americans seeking short -term, post -acute care transitional care. With the aging Baby Boomer population, this option will become only more appealing and desired from prospective guests. The project MUST fall within the parameters of the Redevelopment Commission Project List. Describe how the project falls within one or more of the required criteria.. The grant would provide funding support for a water line extension. Will local contractors be used for the project? 29 Yes J No (Explain) Applicant's contractor will proactively make bidding opportunities available to local contractors. Page 2 of 4 RETURN ON INVESTMENT Estimated Potential new TIF Revenue: Estimated Employment Opportunity: n New .lobs: o Retained Jobs: S 152,000 /year * Approx. 70 permanent, including 50 FTEs n/a Other benefits to the community (Explain): This transitional care center will provide a significant source of new property tax revenue, as well as multi - million dollar annual local economic impact based on similar studies commissioned in other markets. Applicant Certification 1 understand that the submittal of this application does not guaranty funding and that the Richmond Redevelopment Commission will consider the merit of your project based tip on the benefit to the conmurnity, benefit to the TIF or CTP district, and how it complies with existing community plans. I understand that I it-ill need to appear before the Redevelopment Commission to represent this request. 1 understand that my request is governed by state enabling legislation for Redevelopment Commissions (IC ) andfor Certified Tech Parks (IC ) and that the local Richmond Redevelopment Commission cannot consider a request that does not fall within those guidelines. I understand that I may be required to submit receipts andlor other documentation to the City of Richmond. Indiana State Board oj'Accounts or other sources as part oj'the project. I understand that my request is considered public information and sources such as the local media nu y have access to this application. 1 understand that if funded, memorandums of understanding andlor other agreements may need to be drafted and,frrnding may only be available to on a reimbursement basis. I understand that my application will be considered in accordance lvith the timelines attached to this application and that timelines may be extended due to unforeseen circumstances. Submitted By (Signature): A, Date: to Return completed application to Tony Foster, Department of Metropolitan Development, 50 North 5th Street, Richmond IN, 47374 or tfoster @richmondindiana.gov Page 3 of 4 t Total construction hard costs (excluding land) of $9,500,000 assessed at 800 nultiplied by rate of 20 (cap applied to non - homestead residential property). For Internal Use Date Received: Reviewed by Metropolitan Development: Date: Reviewed by Mayor' Office: Date: Project falls within one or more categories of the Redevelopment Plan: _Yes No Project is complies with Redevelopment and/or CTP enabling legislation: Yes No Application is eligible to be heard at the meeting. Other: 2014 Meetings - All meetings will be held at 12:00 noon Meeting Date Application Deadline January 22 January 8 February 26 February 5 March 26 March 5 April 23 April 2 May 28 May 7 June 25 June 4 July 30 July 2 August 27 August 6 September 24 September 3 October 22 October 1 November TBA November 5 December TBA December 3 Page 4 of 4 ,-NIPPER a. . ....... . . ........... ............. RICHMOND - OVERALL EXTERIOR ELEVATIONS 08121014 7� Z: arc:'',: - , 1^111mainstreet / / / / . ° , ^ | ' {' | / | 5/ .' | / ! || �� . ° , ^ | ' {' | / | 5/ .' | / ! || �� ^ .. / ' , Al: � VOW IL w