Common Council - Regular Meeting

Um, thank you, Danny. Um, half of the public safety, which I think is the top half. Is that what you said, Chief? Or Oh, no. Okay. Anyway, but uh it ain't the top. We have great public safety. But Chief, if you'd like to go ahead and start I've been here once or twice. Uh, thank you for this time. I appreciate it. Um, I'm honored to stand before you today with great pride to recognize some of our firefighters here in Marian. Um, four of our firefighters were able to uh successfully save a man, 25 year old man uh this year from a burning house. And I believe that deserves some recognition. Um if I could have them come up front.

And four. Yeah. Um and while they're coming up, I just want you all to keep in mind that the four of them represents represent an example of our department to where uh 75% of our department has less than 10 years of experience and uh about 35% have less than five years experience. So, um, Steve, over here, Terminator Chief, never mind what I said. We can't get it right. So, yeah. Switch with Xavier.

I'm trying to get them in in seniority order, please.

They They just need my direction. It's okay. So, we have here on the on the far end, Captain Johnson with 19 years, uh, Private Layman with four years, Private Ramsay, who was driving the truck this day, uh, with three years, and Private Xavier Fuller with one year. And um just to read what happened that day. On Monday, March 2nd, at approximately 3:30 a.m., Marian firefighters were dispatched to 1321 West Third Street for a structure fire. While on route to the scene, they were told that there was a person trapped inside. Engine 5, the one on Kim Road, was the first to arrive. Captain Johnson reported a singlestory home uh with smoke coming from all openings. Uh they were met by an MPD officer who told them approximate location where they believed the victim was. The crew entered the home without a hose line and made their way into a smoke filled house with zero visibility. Captain Johnson went left. Captain or sorry, Privates Layman and Fuller went right. Captain Johnson noted that he as he was crawling through, he noted there was a fire there was fire growing up one of the walls. He then made himself made his way to the kitchen. Not finding the victim, he decided to backtrack and find his two privates. On his way back, the floor got he was going back through the kitchen and the floor got spongy and began to sink. Um, that's not something we want to feel as we're crawling through the house. He then noticed that there was fire coming through one of the one of the floor vents of the home. That's something else we don't want to see. Now, Captain Johnson knows that there's fire above him in the attic and below him in the basement. He met up with privates Layman and Fuller, who had already found the victim and they were pulling him down the hallway. He helped them successfully carry the man outside to awaiting personnel by

Marian Health, MPD officers, and other Marian firefighters. Captain Johnson's crew then decided they had enough uh people outside they were going back in to try and save what they could with the home. While Johnson, Layman, and Fuller were inside, Private Ramsay, who was successfully uh got into the scene quickly and safely, began to pull the hose line off the truck, straighten it out, fill it with water, and put the nozzle at the front door. This is normally done by two or three firefighters, and he did this by himself. By doing so, the next arriving truck in Engine 2 on Miller Avenue was able to get on scene, walk to the front door, grab the nozzle, and begin fire suppression. We work as a team to be successful, and today they worked as a team, and it was a perfect example of what they did. This was all done in less than two minutes. Um the person that pulled outside wasn't uh breathing at the time. Uh they were able to send him to Marian Health and eventually he went to Fort Wayne. Initial reports said he had first and second degree burns to his inside of his mouth, his throat, and trachea. Um I invited him here. I hope he's here. Brandon, are you here? I felt it was better for him to say how he felt. Thank you.

I just want to say first and foremost, thank you very much. I would not be here without all your efforts. Uh, I will say I don't remember a lot of that happened that night and that might be a blessing, but without you doing what you're doing, you know, I recommend or uh find great pleasure in knowing that uh you do what you need to do that night. Chief Carr, does does he have a family? Married and I don't know family kids or anything?

Um, far too often we we don't get to be successful. Far too often we find someone who's too it's too late and it's a great loss for us. And I would never try and compare our loss to someone's loved ones and their family members and their friends, but we take it as a losses loss as well. Um, but this was a win. Normally we we we say that person had a good life ahead of him. That person had good family. That person had had. It's always past tense. Today we get to say present and future tense. He has a bright future ahead of him. He has a opportunity to have a family. He has an opportunity to see his family he has with him. It's a win for us. But more importantly, it's a win for Brandon. This is why we do what we do. This is why we train as hard as we do. This is why we train as often as we do. This is why you see us out training all the time. They did exactly the way we're trained to do it. Because of that, Deputy Chief Overmmy sent their story to the state fire marshall's office and they thought that it was a great idea and the state fire marshall's office presented each of them with the heroic life-saving award. And I'll just read this state fire marshal heroic life-saving award recognizes the attempt to save a life effectively in execution and performance in honor of Steven Johnson, John Layman, Sam Ramsey, Xavier Fuller, her heroism, extraordinary skill and resourcefulness in patient care at the structure fire on March 2nd, 2026. Extricating an an unresponsive victim out of the burning structure successfully. Thank you for your service. I just want to say I'm very

proud of you all. You all do an exciting job. You do an extremely great job for us as a city, for me as a chief. I couldn't be more proud. I'm proud of all the guys who are here to support you and I couldn't I'm just ecstatic that you guys get this win. Thank you. Rob, you wanna uh we're we'll will say a couple things and if you would get some pictures before these guys leave too. Um I you know everybody knows I'm a retired firefighter. I could not be any more proud of these guys and wow Stevie shows uh your leadership. I know you've been on forever it seems like but but for your other three to have what is it a combined of like five six years something like that?

Eight years. Is that what it was? for the other three. I mean, that's a very young crew and it shows your training pays off and and kudos to the department for the training you guys go through. I know what it's like and and man, you're you're right, Chief. Feel feel so good about yourself, guys, because you know, you're going to have more the other way than we will this way. Unfortunately, that's the nature of the beast. But I want everybody to think about what he said. Two minutes, guys. I mean, how many people are watching a show and you try to hurry up and go to the bathroom and get back before the commercial's over and these guys pulled up on a scene to a house they'd never been in, full of fire and smoke with a young man inside that couldn't get out and these guys found him, pulled him out, saved his life in two minutes, you know, and I know when you guys call the police or the fire, either one, that it's it seems like it's forever. ever, but the response times are incredible. And with station one that'll be open soon, response times will be even better again. So, um, man, I I just I like I said, I just, uh, I couldn't be any more proud of you guys. Uh, weld deserving of this. And, um, on behalf of council, we also for spotlight, we give out certificates to everybody. So, um, I got these for you guys as well. Any other council members like to say anything?

Just an awesome go awesome job, guys, for you know, couldn't couldn't be happier for you guys and uh and you sir. Okay. Yeah, it's good to see you here tonight, too. Um, and I know your grandma and your aunt sure is good to see you here with them, too. Um, these these guys uh and they do it for not a lot of pay. This job is not done for the pay. It's done for moments like this right here. That's that's why each and every one of these young men do this. And uh I couldn't and same way it any one of these guys standing up back here would have performed this job the same way. This I've always I said this for years and years the Marian fire department pound-forpound. I'll put our department up against any department in the country. These guys these guys are fantastic and I'm proud of each and every one of you guys. Rob, you want to get a picture of these four first and then maybe one with the chief and then one with all the council? You guys want to come together like right there front? Yeah, right there's good. Yeah. Yeah. Awesome. Awesome. Thanks. All right.

Awesome. Yeah.

Mike, you can come out by Erica if you want and then Mike, you want to get up on the desk? Oh, okay. All right. If you can see me, I can see you. All right.

Thank you, guys. saying congratulations, man. Thank you very much, Chief. That was that was good. Um, our next spotlight is Erica's. You've kind of set this up, so I'm going to let you take this over.

Um, as you guys all know, my heart is with all the the youth in the community and making sure we're celebrating and bringing them forward. Um, we had the last cohort of interns from the Y join us for a meeting and they're back again with with today's meeting and wanted to let Ally who is an IWU student who's been their kind of their overarching mentor um to come up and speak just a few minutes about what this cohort is doing and introduce introduce the group that's helping us out tonight or joining us tonight I guess is the right word. Yep.

Awesome. Well, thank you. It's a pleasure to be here tonight. Um we're honored. This is um a mixture of our previous cohort and our current cohort of interns um who are all in high school. So um yeah, my name is Ally Denton like Erica said and I've had the pleasure of working with all of our interns um since the summer and um we've had three different cohorts. So the first one um consisted of 10 participants and then the second one was nine participants and now we have six current interns um along with some other we call them mentor interns um and we'll talk more about that. So, I'm going to have these guys introduce themselves and then I'll talk a little bit more about the program. Um, so yeah, if you guys could say your name and your grade in high school. I'm a senior at high school.

I'm a junior at high school. I'm a senior.

Awesome. So yeah, like these guys were saying, they're all from Marian High School, but um we've had a lot of the schools in Grant County represented um from Kings Academy um and then Marian as well um Oakill and Eastbrook. So um we are we're trying in our program to attract many different um schools and the youth that are attending those schools. And we're passionate about the learning that is done through this program. Um, and this program is specifically designed for career readiness and employability skills. Um, which we're hoping all of these are guys are learning through, um, an everyday program as well as our Tuesday learning nights, which, um, we're here for that tonight. Um, so, so currently in our building, um, we have three different rotations that each of these students are involved in. Um, one is our front desk. So, welcoming members at the YMCA and um, yeah, just greeting them and taking phone calls, managing money, those types of skills, learning how to use a computer. Um, and they'll talk a little bit more about that. But our second rotation is um in fitness. So they are learning how to um clean and um pro learning how to do programs within um the YMCA with volleyball and basketball other sports as well. Um and then also with our child watch program and child care program they're getting to um dive into skills with children's children as well. So um that's kind of what it looks like on the daytoday. And then of course we have our Tuesday night learning nights where we get to um go out into the community and um be mentored by professionals who are in different lines of work. So we've we've traveled to the Grant County Rescue Mission um learned about purpose driven and nonprofit work. We have um had Beacon Credit Union come in and teach us about financial literacy. Um there's a lot of different parts um and roles that

the community members have played in these these guys' lives which is really cool. Um Erica's actually led some coaching for them um which is is awesome for their life life skills and life coaching. Um same with IWU. So there's there's many people involved in this program um and we're excited about the ways that these young people are growing. um I'm growing along with them in these skills and um just learning how to hold a job um and and be successful in those jobs um in a way that is adaptive to our current age um with technology changing and um and different jobs going going out and um so yeah, these these guys are awesome. Um, I'm gonna have a few of them speak about their experience. Um, because yeah, they they're amazing and they've they've learned a lot, grown a lot through this. Um, so yeah, if you guys want to if Aiden, do you want to speak first for us? Okay.

Do you want

um Maiden Southwick? I got hired on through the uh YMCA after my internship. I am a secondhand intern. So um my dayto-day is I just uh work Cloud watch. So, we just work with the kids. We run them through different things. So, like there's uh we have this thing called Sky Zone where they build with like blocks and mats and stuff. Um we have a swim day um where they get to swim and learn how to swim and all that. So, um sorry, I'm trying to think. I got brought into the internship through my youth group and uh it's led me to meet more people into the community. So, it's a good way to reach out and meet people and people a part of the community. So, yeah.

Um, my name is Lily and I am also a second time intern. So, I'm a mentor, which I feel like has definitely helped me with my leadership skills because I have to do different things that are kind of a little bit more than the regular interns. And then also through my first internship, I feel like I've learned so many different things with being at the front desk and then working with kids. There's just so many valuable responsibilities that you have to take on. And then also um our Tuesday night meetings, we like go to the community like Ally said. And I feel like that's definitely helped me actually see what's going on in our community and how I can help.

Hi. So, I am a first time intern and I feel like this internship has just taught me many valuable life skills and stuff that will help me achieve and succeed in the professional world.

Hi. So, this internship has really taught me a lot about myself and um my strengths and weaknesses in the workforce so that I can go forward and move on with this knowledge about myself in my future endeavors.

Yeah, we're excited to continue to grow this program um and thankful for these interns and everyone who's involved. Thank you. Where my mic? What what a great program. I mean, you can tell just from the few testimonies already that this helps set these guys up for their future, which is is important. I mean, you know, this your school years are a a this much of your life. So, this is important. And kudos to you guys and everybody at the YMCA for this program and and helping our youth get ready for everything.

You want to say anything? Yes. And I appreciate you guys um bearing with me while I keep bringing the kids in, but it's part of their program. I think it's important to give them that public speaking piece and to allow them to present in public meetings and such a strong out showing for them. Um, and it's an amazing program through workforce development that they uh actually fund it uh for the Y. So, it's a great way for that skill building and um like they said career building. So, thank you guys for for having them here.

Marty, can you get a picture? Come on.

All right. Ready? One, two, three. Thank you guys.

Thank you, Erica.

Okay. Uh, next on the uh agenda is the consent agenda. I'll entertain a motion. If we don't have any questions or comments over it, I'll move we pass the consent agenda. Second. Okay, we have uh a motion by Councilman who was it Klein. Mr. Klein and a second by Councilman Kaine. Roll call, please. Kaine, I. Reyes, I. Ford Eyes. I. Brunner. I. Klene. Yes. Whitten. Yes. Divine. Yes. Calgill I any committee reports at this time?

You have any? Okay.

Um so the Marin utilities board met last Thursday. Um they were they gave a financial report which shows that all of the funds are in the green except for the water division which we're aware of and are working on. Um the water division is still showing about that $62,000 loss $63,000 loss per month. Um, so hopefully they said they did get the ordinance that we approved and into the IURC and are working on testimonies and are waiting um waiting to hear what the next steps are and hopefully we can get it moving and getting um the increase where it needs to be. Um they gave an update on several different projects. Um the lime sledge lagoon had the sewer connection completed as of last week. Um they said that the cso which is the um combined sewer runoff I believe project um is progressing through the preliminary. Um they also indicated that um the water towers that were um renovated and and repainted last season are entering into the end of their warranty work and are having to um go through and redo. They had some pits and some areas where the paint is left off. So they're fixing that under the warranty to get those repainted and back up to where they're the standard they're supposed to be. Um they indicated at the end of April they have two retirements. Uh Lee Rer after 33 years and Jason Reese after 31 years. Um they had a long discussion

about the meter reader. Um they have a contracted meter reader that goes around and reads meters at so much per meter. um they were discussing increasing that um so from 65 cents to 90 cents a meter due to the fact that those meters are spread out so far because of all the upgrades to the electric readable meters. There's only um they said about,00 to read yet per month and will continue to eventually drop and get down to where they're all um where it'll be just minor rereads in areas that aren't working. um he uses his own vehicle and covers his own insurance. They um talked about the Earth Day program which will be at Matter Park tomorrow from 4 to 7. Um Salad Waste gave an update that they're running about 881 tons. Um which is about 49 tons a day through the transfer station. They did switch from going to a further transfer station to one that's closer, so they're able to save some money that way. Um, see, they are also discussing that they're paying off the last of the 10-year lease on the trash trucks. And we'll be looking at um doing some trading and getting some new trucks since after 10 years. Those are at close to the end of their life. See what else? Um, and I think that was everything I had. Um, Mr. Ford, you were there. Was there something else that I missed?

Uh, I just didn't uh on the on the March meeting. I didn't know I know you uh um didn't make the March meeting. I was just going to update that. Okay.

When I was there um on the water department, um they had some uh uh specific updates that they have uh um and developments that they have done. The uh 2026 software purchase for the new water department. uh um their software as we know has always had a problem and that's why they had some issues with some of the uh the budget and deficits and um they are they are updating that and it's going to include all departments and uh we'll upload into gateway and come to the city of Marian for the controllers and try to uh alleviate some work for our uh department controllers department uh payrolls included in that uh banking information. Everything will be uploaded into that and they are going to uh convert all of their billing to ebills which is going to save them $115,623 a year from mailing bills out. So, um they will they will send out notices that uh your e bills you'll be able to pay your e billills online now. They'll send you a notice on cell phones. You can pay on your phone. Uh it'll verify your payment and your invoice uh will uh be included and go to cloud. So um and on the other bills that they send out, uh they send out 12,000 bills u a month and right now it's costing them 78 cents a bill. It'll take it down to 10 cents a bill. So um that was uh exciting on that. U new uh software update uh for them going to uh ebill. So um I thought that was something that the community should know and it's going to take them uh two to three months to get this installed and

up and running and then uh you'll start uh getting your bills and they'll send it to your phone or your computer just like e normal e billills. So, um, if you have any questions, uh, feel free to contact the utilities department and on the billing department and they'll update you and and give you all the information that you're going to need. But, uh, they said that, uh, uh, it will take two to three months once they get started on it and they're going to get started on it this summer. So, that's all I have. Do you have anything else, Erica? Okay.

Thank you, Councilman Ford. Nice. Anybody else? No. Okay, then we'll go on to unfinished business. Um, first thing is the uh additional appropriation 52026. Second reading and public hearing an additional appropriation appropriating $75,84865 to Marian Aviation. speaking representative from board of aviation. Welcome,

council members. And I try to be brief on this. We're just asking that this $75,848.65, which is the unspent portion of last year's additional appropriation, which uh through my own confusion and misunderstanding, uh I failed to have encumbered for this year. So, we're just asking that that be reappropriated for this year to help us avoid a shortfall in the replacement of their underground storage tanks. Any questions or comments from any of the council? No.

Okay. If you want to step aside for a minute, this is a second reading public hearing and I'll open up the mic to anybody would like to speak for or against. and you'll have two minutes to speak. Uh, say your name and your address and we'll be ready to go. I don't see anybody coming up.

Okay, I'm going to go ahead and close the public portion of this. Um, if there's no other comments or questions from the council, I'll entertain a motion. Mr. President, I move that we suspend the rules on additional appropriation number five, 2026. Second. Have a motion by Councilman Kaine, a second by Councilman Brunner. Roll call, please. Kane, I. Reyes, I. Ford Eyes, I. Brunner. I. Klein, yes. Whitten, yes. Divine, yes. Calgill, I.

Thank you. Thank you very much, Mr. President. I move that we pass additional appropriation number five, 2026. Second. Okay, we have a motion by Councilman Kaine, second by Councilman Brunner. Roll call. Kane, I. Reyes, I. Ford Eyes. I. Brunner. I. Klein. Yes. Whitten. Yes. Divine. Yes. Calgill. I pass. Thank you very much. Much appreciate. Okay. Uh we're going to go ahead and move on to new business. Uh resolution 42026.

A resolution of the common council of the city of Marian Indiana approving a project agreement Boot Street project. Speaking Joe Murphy, economic development director. Chris Gryel from Barnes & Thorn. Barnes & Thornberg and Baker and Tilly municipal adviserss.

Good evening, council members. Uh, as she said, Joe Murphy, your economic development director. Uh, really excited and proud to be before you this evening to discuss uh the the Boot Street project, the BW project, the Alrose at the Banks. It's taken on upon many names, but uh now officially the Alrose at the Banks project. um first to discuss the project agreement and then we've got some subsequent items to deal with after that. But uh before we get into all that, I just want to give you s some background on how this all came about to be. And so um if we rewind to December of 2024, almost 16 months ago, u Mayor Morell and I were pondering how we continue to jumpst start activity in our riverfront district and how we continue to develop on the things that we have going on down there. And um we identified 13 parcels across Boot Street and Washington Street between 1 and 2nd that were um in congruent with what we felt the future of the riverfront district looked like. And uh made a point to go out and strategically speak with land owners and acquire those parcels and and slowly but surely perform demolition services on those buildings and clear the pathway for a project. At that point in time, we weren't specific on what was going to come there. We understood that it needed to be a higher and greater use. Um then about five or six months after that, sometime last summer, we got fully engaged with BW Development and with Jake over here and started to really picture what this project could be and we challenged Jake to come up with something that would feel just as comfortable being in in Marion as it did in in Carmel or in Westfield or in downtown Indianapolis. and and what he came up with, which which is the project that you have before you today, at least an early iteration, something that is a true luxury product that's really heavy on amenities, really heavy on retail space, but has some really nice multif family apartment space as well at the top of the market. Um, ultimately, we've we've worked and worked through this process. Um, we had some issues with some flood plane

concerns. We had some issues with some land owners who were unable or unwilling to sell. Um, and so we've gone through several iterations. The redevelopment commission's worked really really well with with Jake and BW to finally put together this project agreement that we have before you today. And so I'll provide a quick summary overview of what that project agreement entails and then I would open up to questions. So it's an agreement. So we have two sides of the ledger. On the BW side they have agreed to perform the project that is described as this. It's a two separate buildings. It's described as at least three stories each. It's going to be four stories on each building containing a total of 66 multifamily units. six thou or 5,000 square foot of retail office space and 6,000 square foot of indoor amenity space as well as adequate parking for the entire site right now planning for 125 total surface lots. Um that's the project and and what Jake's going to share with you here in a minute is is the the quality of the finish and the quality of the product that they're going to be producing here. Um which is spectacular. It's top of the line for the city's participation. Um, we are required not required. Part of what makes these deals so challenging is that we live in a time and date where rental rates have not kept up with construction rates, especially in a community like Marian. That's just the fact of the matter. And so we have had to participate through public private partnerships, the same as we did in Jones, same as we've done with Riverock, um, to make sure that these projects are sustainable and supportable for the developer. And so what we've come up with is a really unique creative mechanism to do such that doesn't just involve injecting uh direct cash into the project. There's a portion of that, but there's also other creative means we went about to to protect the city and to quite frankly bet on ourselves as a community that we're going to perform above and beyond expectations. Um so the first component is a traditional tiff backed bond, developer backed bond. So we have a series A and a series B bond. They're treated very differently. The series A bond is 100% developerbacked, meaning that the property taxes developed from the site are going to be responsible, solely responsible for paying the debt service on the bond. Uh

we anticipate that is going to yield a total of $2.4 million towards the project. And it's backed by a minimum taxpayer agreement at $215,000 a year with a 3% annual um increase to account for the cost of u rising housing prices. The series Bond, that's the city's responsibility. that is going to yield a total of $3.5 million towards the project cost and is payable from the larger consolidated tiff. We have Andy Msworth Baker Tilly today. If there are questions about the city and the RDC's capacity to support such bond, I'm sure he'd be happy to answer them. I can succinctly share with you that we feel very very confident with the coverage ratios and have no lingering concerns about our our capacity to perform that. Um and then the the second component which is the new component for this council and this community is the loan agreement. So, we have a 10-year loan agreement as part of this project agreement where we are guaranteeing the company's net operating income at a level of $800,000 a year for the 10 years after substantial completion. More specifically, actually, at two years post substantial completion, we will begin that 10-year period. And for each year for 10 years after that, we will do an accounting in a rears where we will look at what their actual net operating income is and we'll compare to that $800,000 figure. If we are in the red, meaning we're below that figure, the city and the redevelopment commission, well, I shouldn't say the city, the redevelopment commission will be solely responsible for repaying that difference. If we are above and beyond the 800,000, meaning we performed above expectation, we share in those proceeds through a shared uh appreciation obligation. So if we perform at $900,000, that $100,000 above $800,000 will be shared equally between BW and the redevelopment commission based on our equity stake in the project, which were about 40%. Um the same can be said of the sale of the building. In the event at any point in time after construction the building were to sell, um that shared appreciation obligation

exists there as well. So once BW has their fees and their collective um money out of the project, the 17.5 million that it's going to cost to construct the project, any additional monies will be shared amongst the developer and the city. Um so again, it really is a true, you know, the reality is if we were to propose to you here before you today a straight tiff incentive, those numbers that I referenced, the 2.4 and 3.5 would be significantly higher. What we've done is set up a situation where we can through this loan agreement um perform at or above expectation and incur no additional cost moving forward. And and the additional kicker that we have in there is that in the event the city is able to perform at or above expectation, meaning we hit that $800,000 or exceed that $800,000 figure for three consecutive years, the loan agreement is terminated. Those remaining seven years or if it occurs in year five or six, the remaining years disappear. they go away. Um, on top of that, I will mention we do have two outstanding grant applications that are going to help support this project. They're treated a little differently as well. We've got a Lily gift, which is a gift number nine that is being administered through the community foundation that we are working towards an application. We're going to be submitting in the coming days. That's for a total of $800,000. We're anticipating inducting that pro that those funds directly into the project. those will be proceeds above and beyond what we've got committed here today. That'll help supplement the project. Um we feel incredibly encouraged by our conversations we've had with the community foundation today about that grant. And then we have a separate statewide grant which is the Lily endowment blight elimination grant that is being administered through the ready program that we've applied for $1.2 million in funding. Uh the great thing about that if we are successful in receiving that grant is that it will directly decrease that series B bond by an equal amount. So, if we do receive the full $1.2 million, our obligation on the 3.5 goes down to 2.3 and that

million dollar that $1.2 million from the state fills that gap. Um, so that's that's that's one that is um we still we also feel very confident. We've been uh announced that we've moved in kind of the third round of consideration for that grant. So, we're feeling very confident. We've got interviews coming in the coming weeks. Um but ultimately that is a much more competitive statewide grant. So, um we we'll see what ultimately comes of that. We feel very confident that um whether or not those grants come through or they don't, we have more than sufficient capacity to perform this project and we feel really really strongly about it. So that is the project agreement in a nutshell. I will reserve comment on the allocation area and more specific conversation around the bonds for later agenda items. I do want to welcome up really quickly Jake Bates from BW Development to provide a little bit more context on the actual building and what you guys are actually going to be receiving here as a community. Um, so Jake, you want to come up and share a little bit more about the project?

Yeah, council. Jake Bates, director of development for BW Development. Um, I want to say I really appreciate the time and the opportunity to discuss Aros at the Banks with you all. Uh, we believe Aros at the Banks will be a dynamic piece of the mayor's uh, Elevate Marian vision, revitalizing the riverfront and in downtown Marian. The development itself will be 66 multif family units, 5,000 square feet of retail, uh, spread across two buildings connected by a pedestrian walkway. Um, fit and finish level will be extremely high-end. Um, as as Joe mentioned, uh, this will rival many of our developments that are ongoing in Caramel, Westfield, and um, Fisers currently. Uh, heavy masonry on the exterior with glass. Interior finishes will be high-end luxury vinyl plank flooring. uh soft closed shaker style cabinets, quartz countertops, uh over amenitized throughout the development. We have over 6,000 square feet of of amenities space planned. Um which is is a pretty healthy portion uh when you look at 66 units. Amenities will be uh that will be included will be kind of a class A state-of-the-art fitness facility, golf simulator, uh you know, resident lounge, co-working space. Um our our value proposition as a company is to build the best projects in the best locations and we feel like Alro at the Banks really fulfills that. Uh we truly appreciate the the partnership with the mayor, with the redevelopment commission um with Joe and and his team and hopefully you all in uh in helping this uh project come to life. With that, I'd open it up to any questions you guys have about the project agreement. I would mention that the redevelopment commission did meet u last week or I'm sorry two weeks ago and approve the same project agreement um in this form. So we we have the the consent approval of the redevelopment commission who heard this first and now it is

coming to you for final approval. Any questions from any of the counc and then in a moment ahead um you had mentioned the Jones project. We have not heard a thing about the Jones project in probably a year. Can you give us an idea of what's going on with the Jones project?

Yeah, I'd be happy to. Um, and I appreciate you bringing that up. So, we we did close on that one was that back in late February, early March, we closed on the bonds for that project. Um, the uh you'll remember the commitment of the city very similar to this agreement. We had a series A and a series B bond. So, we closed on both of those bonds. The developer closed on their financing simultaneously. So all proceeds to the project are now available to the developer. Um they then subsequently uh requested the dispersement of the $650,000 we made available to them through a direct grant or actually a forgivable loan in this case uh for uh project costs related to construction. We've issued that as well through our community development corporation. So all project uh related expenses are now or not expenses all project proceeds are now available to developer and I would anticipate that you'll see a lot of activity there over the coming months and certainly over the next year plus.

Thank you. Yeah. And I believe the mayor had a comment he wanted to make real quick before we move into other questions.

Really quickly. Um good evening council. Um so good to see you all on this great um Tuesday night and the sun is shining all day so it makes it even better. But I just wanted to come in and just talk high level um uh specifically around the riverfront district and elevate Marian and how this project um is one of the I argue one of the finishing pieces to help pull this overall vision off. So I want you to consider and and view this as a an addition onto the already 70 plus million dollars that has been invested into this area. So, really quickly, um, when we first came into office, we had a housing study done that showed that the city of Marian was about 2,000 units short of what we needed to, um, supply the growth that we're trying to get into the city of Mary. And this was ranging everything from affordable housing, like government assisted affordable housing, all the way to luxury units. So, with that knowledge, I took that out and presented it to different developers and different teams around the state. And what we've been very successful in doing is creating um all different affordability level of housing within walking distance of each other. So if we look at um Jones Heritage, which um thanks Council Bunner for asking about that. As you drive past there, they're working every they they're working every day. They have the fencing up. It looks really good. Um is what they call workforce housing, which is the affordability level um consistent with um teachers and uh firemen. That's how they base it off of. We have River Rocks Loft as you can see is going on with that humongous crane downtown Marian. Um that's what's called a market rate for us and that's basically where the market is. This project we're doing here is unsemly a luxury um accommodations. So all within I would guess less than a mile walking distance from each other in the riverfront area. We have three different affordability levels to supply this housing. um the shortfall we have and obviously the um really towers been there boom thaw is going up and that's those are both um

market rate and um so it's like so this is uh an addition on to the great things going on and of course obviously um the uh old fish is doing really well the uh ballotfield project and obviously um the bridge which I don't have a name for it yet maybe I'll call it for ice walk um but the uh all all the different things that are going in to make to make our our downtown and specifically the riverfront district successful. This is one of the the final pieces to be able to pull out that full elevate Marian um presentation.

Mayor, the city, I'm sure, has seen major uh building going up with uh the project that's going to be across the river from the Y. Can you just kind of tell us how far that's going and and and what the dates are of that project when you'd like to see that get completed?

Yeah, so um that that one's called uh River Rocks Loft and that is um one our market rate um apartments that we're doing and that is um I think that the the numbers are telling me is they're hoping to be done by spring of next year. Um and they're and they're cranking it out as you can see that I think they're on floor two now maybe and they have to go all the way above the elevator staff. So, they got a they got a while to go, but it's moving along really well. Thank you. Going to questions now, Joe, or Yeah. Okay. Anybody has had a question?

Thank you, President. Um, yeah, Joe. The uh the only questions that I had was um actually were for um Jake at first. Um, if I could just have him answer a couple questions just to get him uh just to get the uh the people that are watching in the audience the the the caliber of the apartments that you're building. Um, what's your uh cost per square foot on building these? I mean, compared to to normal, I mean, you're saying it's a higher end. So, what are you anticipating your cost per square foot?

Yes, sir. I I generally look at uh cost per unit is my is my baseline. Um the unit sizes are about roughly uh 950 square feet on average. So we can do a little bit of math there. Uh the hard cost per unit at roughly 185,000 per per unit. Um the soft costs on those uh generally 50 to 75,000. Um you know depending on on our interest and and where that kind of shakes out. So uh we'll be we'll be right under 250,000 per unit. Okay. And um can you give us an idea on what your uh lease or rent rates going to be on your onebedroom, twobedroom, and then you had some threebedroom, I think four, right, Jeff?

Yes, sir. Yeah, a small amount of threebedroom, very heavy, and one and two bed. Uh, almost even split between one and twobedroom.

Um, so we are targeting a$150 a foot in rents uh across those different size units. Again, our average square footage is about 950 square ft. Um, so our onebedrooms are slightly smaller than that. Uh they'll be roughly 850 to 900 square feet depending on the unit specific. Uh so looking at roughly $1,400 a month for the onebedrooms, two bedrooms. Again, square footage on the on specific units change. Um but again 1,500 to 1,700 for the two beds. Uh around 1,700 again for the the three beds. Some of the larger two beds are similar in size to the three. And can you just give us an explanation of some of the amenities that like you talked about solid surface countertops and and the cabinets with self-closing doors and drawers and that that's that's a big upscale on a lot of

Yes, sir. Absolutely. Um like I said, we we uh didn't copy and paste, but we kept a lot of the finishes that that we are seeing that are very popular in in Westfield, Carmel, and and Fisers in our current projects. So, um high level countertops to to your point. Uh some of the units will have granite, some will have quartz, which is even a higher end. Uh soft closed, shaker style cabinets, which is, you know, modern right now. We we feel like that's that's the trend. Um and then luxury vinyl flooring throughout. So the the unit finishes themselves will be as as nice as as what you see any anywhere in Indiana. And are they going to be handicap accessible also?

Yes, sir. Absolutely. Um you know, we we follow all ADA guidelines. We also have an AHA consultant um that we utilize on the project to make sure that we're being uh you know friendly to to that community. Oh, awesome. And you're going to have elevator in each building. Correct. Yes, sir. Okay, that's all I got for you. I appreciate it, Jake. Very much. Andy, I got one question for you. If if you could give me uh your expertise on this um on the assessed appraised value after completion on the on the total project for the tiff allocation since we're going to come into that.

Sure. Um Andy Mouser with Baker Tilly. We have an estimates, you know, looking at comparable properties around the state. Um we would estimate that this project would likely assess somewhere around $7 million conservatively. Um again, the um BW will be guaranteeing the tax payments. So um annual tax payments will begin at $215,000 in the first year of completion. And then those tax payments would increase at 3% thereafter. And on that assessed uh valuation at 7 million, was was the taxation 215,000 on that 7 million?

Um we're a bit below that. Um with um the legislative changes with sea 1 of last year, um there will be new deductions that will be in place for 2% properties, which includes apartments. um those will ramp up um to 33% by 2031. Um so we you know again would you know estimate around $7 million would be um the net value um with those factored in. Okay. Thanks a lot. I appreciate that very much. Thank you.

I got a question real quick for Jake on those those rental prices the 14-700. I know the mayor just talked about high-end luxury things like that. Those price ranges that you're renting at are in line with Ridley Tower right now, which is considered market rate. So, what's going to set that building apart in regards to luxury if the price is the same? And how is that going to obviously differ if the valuation's at 7 million and it's costing

17.5 million to make to build that building or those buildings per se? Yes, sir. What are those other what are those other commercial entities going to be contributing in regards to rent and things that make up that difference?

Uh yes sir. So I think the the 1,400 to700 in in rents is is really what we need to hit and able to ensure we hit the guaranteed NOI um that is part of the project agreement. Uh so that's I would say that's our that's our floor, right? We're we're hoping to be above that. will let the market dictate the rents themselves. Um, we know we need to at least hit those to hopefully have no obligation of the city to pay on the loan agreement. Um, you know, if we can push, we we are incentivized to push up uh, you know, to to obviously make more profit on the deal. I'll say the fit and finish level of the building itself will be what separates it from um from other apartment complexes in the in the downtown area.

And then those commercial units, what are we what are how many are there going to be there? Obviously, we talked about 66 units. There's some other spacing spacing that's listed here. Retail office. How is that subdivided? Is that one big space? Is that multiple little spaces? Uh same thing with the 6100 foot of amenities. How is that subdivided? What does that look like?

Yeah. Um so the 5,000 square ft minimum of retail/commercial space will really be defined uh by the leasing activity of retail tenants. So, our goal is to have um commercial tenants that act as almost an extension or amenity for our residents. Um the 5,000 square ft of commercial space is located on the first floor of building A. Um and uh we we envision something like coffee shop, restaurant, etc. that's that's very accessible to our residents. Um whether or not that's split into two spaces or maintained as one space will be again determined by the the lease up activity. Um the amenity spaces we strategically split them between the two buildings. So the residence lounge, mail room, um co-working space will be within building A as well as the leasing office itself. Um building B will have the fitness facility and the golf sim.

Perfect. Great. I think it's a big win for the city if we can get it done. What's the estimated time frame to complete that project? Yes, sir. So, we're we're anticipating construction start in September of this year with a 14 to 15month uh construction schedule. So, hopefully finishing up December of 27 um and beginning lease up in January of 28. No further questions. Go ahead, Mike.

Yeah, first a comment. If if you read at all, if you pay attention Indianapolis Business Journal, you know BW is ambitious and you know they're pulling it off in Fiser Westfield and for Marian, I'm impressed you're moving this far north out of the donuts. So I think that's a good sign for us. My second is for Andy or Joe. I don't care who. tag team arm wrestle and it's a general thing. Talk about your confidence that we can pull this off financially. I know you've given some details but generally talk about your confidence in this please.

I I'll allow Andy to fill in my gaps here but um again it's why I like bringing a financial adviser with me. Um again, this so the series A. So I I see the the city's obligations as three separate things. The series A, the series B, and then the loan agreement. From a series A perspective, um that is fully backed by the developer. It's going to be purchased by a third party that's administered through the developer uh relationship and will be fully backed and only paid by those minimum taxes. Right? Okay. So, that $215,000 that we've referenced, that will cover the entire debt service. In the event there were to be a shortfall on that debt payment, there would be no responsibility to the city. Nobody would ever have the authority to come back to the city and the mayor at that time or the city council at that time and request that, hey, you need to make up our shortfall. It would be the responsibility of the developer. Um, and so that's that's that piece. The series B section, that's the $3.5 million in net proceeds to the project. Um, we we've done Andy has done I should say the analysis and the health of our tiff and and we feel supremely confident is how I would state it that we have well in excess of the coverage necessary to provide that again that would be payable by the entire consolidated tiff. So any unencumbered revenues that are captured and are not already spoken for for would be available to contribute towards this project from that tiff. And then the loan agreement, again, there is an exposure there. Of course, that's a longer term exposure. Um, but that's again that target goal of 800 NOI. Dr. Reyes just asked a fantastic question as it pertains to that. I mean, like I said, we're we're shooting for a$1.50 on the market. Uh, for the uh multif family side, we're shooting for $20 a square foot these release rates for the retail commercial side. um we're already seeing existing structures in this community achieve those levels and and what we're talking about is building something that again in our opinion is above and beyond

what we have here currently today in Marian. So, we have really strong asurances that we are going to perform at or above expectation. And my hope and and my strong feeling is that we'll never have to worry about this loan agreement. But if we were have to worry about it, I do believe that Andy would agree with me that we have more than enough financial security and long-term ability to pay on this loan agreement if the project were not to perform to expectation. You want to add anything to that? And

just one small point. Um, you know, as far as the consolidated tiff, I mean, that really is the tool, you know, to be aggressive on projects like this. The consolidated tiff, you know, remains very, very healthy. Um, obviously something we monitor on an ongoing basis, you know, how much you're bringing in in the current year, how much we project you'll bring in in future years, and then comparing that to all your your debt obligations, both existing projects as well as future projects and looking all the city's, you know, existing obligations, um, recent projects like River Rock Lofts and then future obligations like the, um, you know, Elevate Marian projects that we anticipate will be financed later this year. You know, we would still anticipate even with this project that tiff cover tiff coverage, excuse me, would remain um in the range of 165 to 170%. So for every dollar of debt service, you've got a $165$1.70 coming in to pay that debt service. And that's important for a couple reasons. One is to to make sure you've got that coverage, you've got the tiff available to make the debt payments. Um so no additional city backing would ever have to be used. Um and then also just to make sure redevelopment commission has additional revenues to continue to do um other projects um other initiatives and you know just for reference that you know extra 65 70% of coverage you know that should keep um redevelopment commission with um over $2 million per year for other projects for the foreseeable future. Can I add one more thing just to that again? Anybody can go and look at the uh the study that was done

about uh housing that the mayor had discussed. And and I bring up the the rental rates because the city of Marian of the the housing needs that are that are wanted and deter and have been determined by this particular study done by Zimmerman Vault Associates. We're talking 80% of those houses are wanted to be over average medium income for the state. That's a huge number. It's we're we're not we're looking for something specific, which I think is great. Why this project is going to be successful, why River Rock's going to be successful, is because we have 2,000 people and 80% of them want something better than what we've had in in the city up to this point. which is why, you know, I'm I'm going with them because it will be successful based on our need two years ago and that's only grown with Elevate Marian.

Echo those thoughts 100%. I think that it's it's a source of confidence for us as a staff that we have that study and we've seen it anecdotally in the community as well that there is massive bubbling demand for uh these apartments. And again, to to Dr. to Rey's point, these aren't, you know, we're not seeing it the demand so much in the low-income areas. It's it's in these high-income downtown areas, and this is the exact area where people want to be. And I think that we're doing a fantastic job as an administration in in giving those folks the assets they want around their housing um that's going to keep them here long term and continue to invest in downtown Marian.

Yeah, I totally agree. It's um we've like I said, we've talked about revitalizing downtown for years and years and years and it's finally happening and uh we got to have these type of housing for for people that that want it because if not, they're going to go somewhere else. So, we got to keep them here. I give a lot of credit to the mayor and to, you know, his his staff and Joe, you know, has done a fantastic job with the uh redevelopment. Um, you know, Andy, every and I gotta give some credit to Chris. He's taking some on the chin tonight. So, um, you know, we you've just put together a good team, mayor, and it's showing and I'm excited for Marian. You know, it's it's good to see.

Any other questions or comments or anything? Yeah, I'd like to echo that. Joe, I appreciate you and your team and Andy and Chris and Jake for for in investing in our community and and going through with all the hard work that you guys the time and everything on this. It's been exquisite with the mayor's vision and like to thank the mayor and you guys for for taking the chance on us and going ahead and going through with this project. I think it'll be great and fantastic. Thank you guys.

It's our pleasure. I think I speak on behalf of the team when I say that we're all incredibly excited for the future of Marian and um very very uh bought in on the mayor's vision for the riverfront district and for this community and we can't be um we're we're excited to get back to work and find the next project. I agree. And Jake, yeah, thank you for taking the opportunity uh for Mary and I think you're going to be very pleased in the long run. Okay. If there is nothing else, I will take a motion at this time. Mr. President, I move that we pass resolution number four, 2026. Second. Have a motion by Councilman Kaine, a second by Councilman Klein. Roll call. Kane, I. Reyes,

I. For ice, I. Broner, I. Klene, yes. Whitten. Yes. Divine. Yes. Calgill. I. Okay, we'll move on to resolation resolution 52026. A resolution of the common council of the city of Marian, Indiana approving certain matters in connection with an amendment to the declaratory resolution for the Maran consolidated economic development area and the economic development plan for set area. speaking Joe Murphy, Chris Gryel, and Baker Tilly, municipal adviserss.

Good evening. And would you like me to reintroduce myself or just keep on? Um, yeah, really quickly on this one, um, this is an administrative task that relates back to the project we just spent some time speaking about. So um as we referenced the series A bond on this project will be completely dedicated by sight specific tiff. In order to capture and appropriately dedicate those funds to this project for the series A repayment um we do have to establish a separate new allocation area. So we've taken 13 parcels, nine of which were inside of an existing tiff, four of which were not and and established a new allocation area. We took this before the redevelopment commission for the initial approval of the declaratory resolution back in February. We then went to the plan commission on March 28th to approve the uh resolution, the supplemental or the plan supplement and we're now before you all today for approval of resolution 5, 2026. We will then return to the redevelopment commission in May for the final approval through the confirmatory resolution. At that point, we'll also conduct a public hearing. But again, this is this is an administrative task that we are required to perform in order to appropriately dedicate those project and sight specific funds back to the project. The only other note I would make is and Ann Andy can speak to this as well if necessary, but the nine parcels that were inside of an existing tiff were all, you know, the idea behind the tiff, not to get too in the weeds, is that you establish a baseline somewhere back in time and then over time those assess values increase and you can capture that increment and perform projects. For those specific nine parcels, they were actually a drag on the tiff. They were performing below their base values. And so removing those from an existing tiff and establishing this new allocation area is not going to have no negative impact on the general consolidated tiff and obviously are incredibly important to this project. So with that, I'd welcome any questions.

We have any questions from the council on this? This is cleaning up blight in a different way. You're taking a negative and turning it to a positive. There's nothing better than that. 100% agree. Council member Brener, just again um because we're talking about a lot of money here. Um, when do you see this project being completed? And when do you see if you're not involved, whoever is, how long that Jones project might take.

Jones project, I I can't speak specifically to the con the developer and his timeline. Um, I know at the time that we closed on the bonds, I I believe, and I can double check on this because I don't want to speak incorrectly here, but I I believe their timeline is very similar for the phase one, which is the redevelopment of the existing structure. Um, it's in line with what what JKBW shared. It's it's a 12 to 14 month roughly construction timeline. Um, they've also got a separate industrial pro well light industrial project. It's a self-s storage project that's going to be operating kind of independent of that redevelopment. And then they have an additional phase that'll come on probably some years from now, which will be those standalone town homes that are going to sit on the the green space on property. So that's that project. Specific to the BW Boot Street project, as um Jake shared with you earlier, our hope and our expectation is that we'll break ground this September. And then again, it's a 14 to 16month construction timeline. So, we'll hopefully be cutting a ribbon in the cold sometime in November, December, and we'll have people living in that building, you know, hopefully January 1 of 2028.

Are you surprised how much work they've already been able to do on the other project? Because I've been driving by that and I thought, man, when did this all of a sudden happen? Yeah, I I know with that one that's that's has certainly has a long tale to that project and um the developer uh Zeke Turner has been working even in advance of our project agreement. He was performing a lot of demo services and kind of getting that building prepared for that redevelopment to occur. And then those operations have really kicked into overdrive in the last six weeks since we actually closed and made the the project finances available to us. So he's he's got everything he needs now and as my as I understand it, he's running as fast as he can down that track. Thank you. My pleasure.

Okay, we don't have any more comments. I'll take a motion on this one. Mr. President, I'd make a motion to pass resolution 05 2026. Second. Second. Okay. Have a motion by Councilman Ford Ice, a second by Councilman Whitten. Roll call. Kane. I. Reyes. I. For ice. Hi, Brunner. I Klene. Yes. Whitten. Yes. Divine. Yes. Calgill. I. Okay. We'll go on to general ordinance number 3206. Next.

An ordinance of the common council of the city of Marian Indiana authorizing the issuance of the city of Marian Indiana taxable economic development revenue bonds series 2026A Boot Street project. the issuance of the city of Marian, Indiana taxable revenue bonds series 2026B boot street project and authorizing and approving other actions in respect there too. Speaking Joe Murphy, Chris Gryel, and Baker Tilly municipal adviserss.

Good evening. Um hopefully we can be fairly brief on these but I I don't want to miss anything here. So this is obviously the first step. So this is the first reading uh for this ordinance. Um we will then after this assuming we vote to uh move this forward. This uh same document would go to the economic development commission for consideration because this is uh tiff related bonds and then it would come back to you for public hearing and and and second reading and approval at a later date. So this is the first step in that process. Um, the only other thing I would point out to you, again, this is for that series A and series B bond that we've spoken about so frequently tonight. Um, in order to create, again, $2.4 million in project proceeds on the series A side, $3.5 million in project proceeds on the B side. You'll see in the documents, we actually have uh an amount not to exceed of 3.5 on the series A, and amount not to exceed a 4.5 on the series B. Um, believe I made this comment to a council member earlier, but it's it's our assurance to you that we'll never issue a dollar above what we need to hit our project proceed goals that are outlined in the project agreement. We keep those dollars for the bond ordinance higher to account number one for cost of issuance as well as any other miscellaneous fees that are associated with actually issuing these bonds. Um, but it is is my expectation that we'll come in on both accounts on the A and the B well below those maximum thresholds. Any questions? If not, I will entertain a motion.

Mr. President, I make a motion to pass general ordinance 032026, the second reading, public hearing. Second. Okay. I got a motion by Councilman Ford. Uh second by Councilman Klene. Roll call, please. Kane. I. Reyes. I. For ice. I Brunner I Klene. Yes. Whitten. Yes. Divine. Yes. Calgill. I. Next on the agenda is resolution number 6, 2025 or Yeah. 20 26.

Yeah. Well, session five. I just read it. Boy, good thing I'm not a newscaster. Yes, it is 26. A resolution of the common council of the city of Marian, Indiana, approving a first amendment to lease between the Maran Redevelopment Commission and the Maran Redevelopment Authority and further approving certain Marian Redevelopment Authority lease rental bonds to refinance certain outstanding bonds. Speaking Joe Murphy, Chris Gryel, and Baker Tilly Municipal Adviserss. All right. I appreciate you guys sticking through it with us through this this marathon of items. Um this is uh related to the Elevate Marian project and and a further amendment of that um lease amendment and those bonds. So you'll recall back in November, late early November, late October of last year, we approved an amount not to exceed $20 million for four separate projects. That was the Ballard Fields project, the Mrs. Sino River pedestrian bridge, the fire or the fire department truck as well as the uh utility extension for the sear utility out to the uh the Maran municipal airport. Um all four of those projects are unchanged and the amounts available for those projects are unchanged as a result of this amendment. The sources of repayment for the bonds on those uh projects are also unchanged. It'll be a combination of food and beverage, the cumap development fund, as well as tiff. Um what we're requesting here this evening is to increase the overall bond amount by $17 million to in addition to performing those four projects also refinance five individual redevelopment commission bonds that are currently outstanding in the amount of just shy of $13 million in principal. So what we would look to do is issue bonds available to make proceeds available to pay off those five existing bonds, consolidate them over here in one collective larger bond and then continue

to commit the same amount of TIFF proceed or TIFF revenues to those the debt service on that one larger bond to be sure we continue to stay current with that bond payment. And as a result, because of lower interest rates in the marketplace right now, we expect to see a total of roughly $200 to $300,000 in annual savings back to the redevelopment commission. So, um, in the most simple terms, this is like refinancing your house. We just have to go through this process, and this is the the simplest and and most coste effective way for the city and the redevelopment commission to accomplish this by amending an existing lease agreement and bond structure. Um, I'll point out uh, as I did earlier with the the previous bond discussion, that that 17 million is obviously well in excess of the current principle remaining on the five bonds. will only issue the amount necessary out of this structure to pay off the principal on those bonds and cover our cost of issuance. No more will be spent. That's just again we shoot high on total price as well as interest rate to be sure that we don't have to come back to you and perform further amendments and request additional monies um if rates or some other issue were to arise. Um the only other comment I would make at this point in time is that again there's no impact to the existing projects and there would be no additional obligation of the city or the general fund as a result of this project. This would be strictly contained to TIFF and the redevelopment commission using existing revenues that we have on hand. Um and and obviously our coverage would be sufficient because we're paying those bonds today. We're going to be paying them tomorrow at a lower rate. Um we do have to because of the lease financing structure lease out an additional series of uh well Adam Street from what is it 1st to 29th Street I believe for this and that is just a product of the lease financing structure just as a brief refresher for the council. Um because of the constitutional debt limits established for municipal governments in the state of Indiana you can only borrow so much. It's I believe it's a third of a percentage point of your overall assessed value of your entire community

which which for Marion as well as other municipalities is is extremely low when you're aggressive and you're trying to perform a lot of projects. Um did I get the number wrong?

One third 2% there you go. Um lost my train of thought there. Thanks Chris. Um, in order to circumn that process, dozens and dozens of communities, a lot of the large growing communities in this state perform these lease financing structures whereby we lease an asset, in this case a road, to a redevelopment authority. They use that asset in order to take out bonds for the city. The proceeds flow back to the city to perform projects. We make lease payments equal to the the the bond payments back to the RDA. bond pays back the bond or the bond over time and we're able to perform these projects without having to navigate that constitutional debt limit. So, um on paper you will see another road leased out to the redevelopment authority as a result of this project. I can assure you that nothing's going to occur to that road. There's not going to be a bank or any other entity that's going to come along and try to seize that road at some future event if if something were to occur to the city or this financing structure. Um it is it is truly a paper structure to allow this to occur. So at that point I would entertain any questions um or look for an approval.

Go ahead council for I got I've got just a couple for you. Um I know that we had spoke earlier on the the amount total amount of the bonds that we're re uh financing or reissuing. I have argued it was 12,534,000 and you're going up to I'm assuming that's the cost of issuance too for the bond writing company and the attorneys and

yeah, it certainly won't even approach that $17 million number and I I have no expectation that it'll get near that number. But um again, I I' I'd welcome Andy up actually to speak to that a little bit as to why that is a thing that we do. I you'll probably recall we did this on the fire station as well as some other projects. It's just um something that we like to do to make sure that we're comfortable with the numbers. I guess Andy, my first uh uh question that I'd need answers is cost of issuance on that on that bond. Um as far as administrative cost, you know, bond writing cost, legal cost because that's got to be included in it. I'm assuming you roll that into it.

Correct. Um, typically that underwriting fee would be less than 1% on the par amount of the bonds. And then all the, you know, financial advisory, legal fees, you know, would just all be time and expense. And typically on a, you know, bond issue like this, we would expect that to be somewhere in the, you know, $100 $200,000 range. All in. I would note the the biggest piece of that increase why we're approving a $17 million jump to refinance a little under 13 million. Um, typically on a TIFF bond, we would fund what's known as a debt service reserve. So that's one year's worth of payments that are set aside. Okay. Um

payments on this with Elevate Marion included potentially would be up to 4 million per year in the highest year. Um we do anticipate that we'll be able to um hopefully obtain what's known as a debt service reserve shity policy. So instead of having to set aside 4 million from the bond proceeds, we can fund that through something much cheaper. Um, so to Joe Joe's point, I would not anticipate that we would issue the full 17 million to refinance 13 million, but it does give us that flexibility in case we did have to fully fund that cash. Okay, that completely answers my questions. I appreciate it. Thank you. Thank you. Okay, any other questions?

Go ahead, Andy. When we first uh reissued these bonds um last last fall, I was thinking that we also um had funded the skate park and the park in South Marian for the food trucks in that. Is that still a true statement?

It is. Uh, so it's not directly related to this lease amendment, but it is part of the larger Elevate Marian project list that the mayor has has shared and and with this group and and so many others um throughout all of his channels. But um those projects are not being funded through this lease structure. They're being funded through a parks bond that was passed and approved um in the same time frame as the this lease financing structure was performed. So, um, we we closed on that bond right before the end of last year and made a total of $1.5 million available to the parks board for those two projects. And so, we've we've um we have those monies in hand and those projects are both moving down the design development phase towards construction. I know actually we have a a meeting tomorrow to review a set of 90% design plans for the Southside Park, which is the food truck park, and we had a meeting today with the development team for the skate park. and we're working through some design iteration and moving towards final design on that one as well. So, those are both moving forward. Um, but they will not be involved in any kind of bond issuance as it relates to this lease financing structure.

I appreciate the clarification. Thank you. My pleasure. And Andy, I might uh go ahead and touch on that. Um, what we already had some park bonds issued and what we did was just go ahead and reissue them. We already had that in our budget to pay those bonds in our annual budget. So, we just went ahead and reshooted and forward those two projects. I'm sorry. Sorry. Can you um tell us what the difference in the interest rates are that has made us want to look at refinancing?

Oh gosh. Yeah. So, we've got five separate bonds. They all have different rates. Um Andy, you want to kind of run through anticipated savings on each one of those? happy to do that. Um, you know, as far as the new bonds, we would hope that those interest rates hopefully would be in somewhere in the 3 to 4% range with where market rates are currently. Um, the five bonds being refinanced um include the 2013 um A2 Cafe Valley bonds. Um, they currently are outstanding at a 5.46% interest rate. Um, the second bond is the 2015 Collins Group bonds. Um, interest rate on those is 6.19%. Um the third bond issue is the 2013 redevelopment district tiff bonds. Um interest rates on those is 4 and a.5%. Um so those would be likely minimal savings as those are the lowest of the five but um still some potential savings if rates hold. Um the fourth would be the 2013 Maran Land Development Project. Um those bonds are currently outstanding at a 5.5% interest rate. And then the final one would be um the 2008 university marketplace bonds. And those actually have a interest rate that resets every five years. Um it most recently reset in uh January of 2024 to 7.04%.

That answer it'll fluctuate a little bit once we lock in rates. we'll have a clear picture, but um we don't anticipate any less than $200,000 in annual savings to the Rebel Commission. And on a positive side, we could reach up to possibly $300,000 in annual savings. So, a pretty significant swing for the community, especially as we talk about tying up other assets and other places for performing projects on hand. This gives us additional ability to go out and perform and find that next project as I referenced earlier. Any other? If not, I'll entertain a motion at this time.

Mr. President, I'd make a motion that we pass resolution 06-2025. Second. I have a motion by Councilman Ford Ice and a second by Councilman Brunner. A roll call, please. Kane, I. Reyes. I. For ice. I. Brunner. I. Klene. Yes. Whitten. Yes. Divine. Yes. Calgill. Hi. Okay. Next is resolution 72026.

A resolution of the common council of the city of Marian Indiana approving certain matters in connection with an amendment to the declaratory resolution for the Maran consolidated economic development area and the economic development plan for set area. speaking uh Joe Murphy, Chris Gryel, and Baker Ty municipal advisors. Welcome tonight, Joe.

Thank you so much. Pleasure to be here. Um so, yeah, this this follows a very similar path to resolution number five, 2026 for the Boot Street allocation area with one key distinction. Um, this is for the Park View project that we've we've spoken about, I believe, in this council and certainly you've seen hopefully on on the media channels about that project that's getting ready to break ground next week, if you can believe it. Um, we're currently looking at establishing a new allocation area because that project has not requested any incentive and we're not providing any incentive. But the redevelopment commission and the city wish to capture the increment generated by that project again to continue to support a healthy consolidated tiff and allow us to perform projects in the area as we see foresee buildup in that I69 I uh state road 18 area to continue in the years to come. So, um, three of those parcels were already inside of a separate I69 State Road 18 area at obviously a much lower assessed value because they're currently vacant structures. And then one was not in any allocation area. So, we're going to pull those three out of that allocation area, bring the one additional in to make it four parcels that'll establish this new allocation area. Um, and then again, as soon as we get this file, we're going to see construction start. So, this is going to the AVs on these are going to jump pretty quickly. Um, unfortunately because Park View is a not for-profit healthcare company, there will be certain portions of their project that are not taxable. So, um, while it is a close to $30 million project, we won't see all of that return to the city in the way of tax increment captured through the tiff. But, um, we will see a substantial amount and that will, um, certainly bolster that area as well as the overall tiff for, uh, years to come. Thank you.

And again, we we initiated that process through the RDC on uh December of last year through the declaratory resolution approval. We went to that same plan commission meeting I referenced earlier on March 24th to have that same plan approved. We're now before you all today to approve this resolution. We'll return to the redevelopment commission in May for the confirmatory resolution, the public hearing to finalize the process for this allocation area. Go ahead, Council Brunner. Okay. Just so I'm clear on this. Yeah. When you talk about Park View, we have a Park View that is located what? 26 in the bypass. Yes.

Okay. Is this another location? Yes. So, out at I 69 and State Road 18 on the southwest corner, the former Harley-Davidson site. Gotcha. I know. I know where you're at. Yeah.

It's been purchased by Parkville. You may have seen in the last three or four weeks a sign go up at that corner Park View de. So they are building a brand new um first of its kind in this community o facility for Parkview Health. This will be uh what they forecasted as the first of hopefully many phases of development out at that area. Um and again I think the the current um number is somewhere between 25 and $30 million in overall capital investment for this first phase. Um and again that that's occurred unassisted from the city. So, that's one that we're just very we feel very fortunate to have Parkview as a new partner in this community and and we're we're thankful that they're going to allow us to capture this increment for um future projects.

So, Park View just continues to big build big buildings, right? That's apparently. So, I you know, I'm sure that's an interesting board to be a part of right now. Thank you.

Go ahead, Dr. Ree. Joe, can I ask one question, please? The uh we keep talking about consolidated tiff and a healthy green number. What is that? What is that realistically? What's what's a healthy consolidated tiff number like as we keep adding all of these, you know, allocations and things, you know, what what is considered good for our community?

Yeah. Yeah. So, I I'd welcome Andy to come up and speak more about that from a financial perspective, but seeing as you're talking to the executive director, what I would tell you is that we don't want our same as your household, right? You don't want your debts to become the only thing that you're responsible for. So, all of our money coming in, as second it hits our pocketbook, it's already accounted for. It has to go out to pay on debt that we've already taken out for existing projects. We want to be sure that we have adequate funds on hands to continue to pay all of our debts, number one, but then also have cash on hand year-over-year to perform projects as they come about. We want to be able to support all the quality of life initiatives that are really important, especially in the downtown area to sustain the investments we've made in these private developments. And so for me, making sure that as Andy referenced earlier, we have two to3 million dollars in cash on hand available to perform projects year-over-year. It's incredibly important. We also want to just be good, responsible stewards of this money. We want to make sure that we fund and maintain a reserve amount so that we have in the event there is, you know, 5 years, 10 years, however far down the line, a scenario where things begin to perform poorly, we do have cash on hand to pay debts if all of the sudden revenues coming in do not match debt service needing to come out so we can at least, you know, sustain ourselves for a period of time.

Care to add anything to that, Annie?

I always like that. Again, before I uh call for a motion, I it's really exciting to me and I'm sure I can probably speak for the whole council on this. um to see Marion going the way it's going and to seeing it grow and again uh Mayor Joe Andy Chris all you guys just you're doing a phenomenal job and it's it's nice to have this transparency and this work you know open communication between the administration and the council and just shows you how much can get done when it's like that. So I just thank you guys. It's just very exciting. And I will entertain a motion at this time if nobody else has anything else.

Mr. President, I move that we pass resolution number 7, 2026. Second. Have a motion by Councilman Kaine, second by Councilman Whitten. Roll call, please. Kane, I. Reyes, I. For ice, I. Brunner, I. Klene, yes. Whitten. Yes. Divine. Yes. Calgill I. Thank you, Joe. Absolutely. Move on to additional appropriation 62026.

An additional appropriation appropriating $18,168.58 to miscellaneous contractual services. speaking city administration.

I'll take the first crack of this one as well and then I'll invite the mayor up if he has anything else to add to my comments. Um so yeah, the uh Creed board met uh last month. Excuse me. And um after long deliberation, they made the the tough decision that they felt it was in everybody's best interest that they dissolve and return their monies to the city. Um the reality is that that board has not been collecting new revenues in some time. the existing pot of money they have has been fixed and slowly dwindling over time. Um I I've learned in recent months in fact that the projects that they have attempted to perform in recent years, some of which they haven't even been able to get the funds out the door because though they committed to providing the assistance, the folks that they were, you know, providing assistance for never called on that money to be allocated to projects. So, um, which I found interesting, but the the creed districts established in our city are not in any of the current areas where our develop development is focused and they're specifically earmarked for the type of development work and and public infrastructure work that supports, um, activities like what's occurring in the riverfront district. And so um from an administrative standpoint and from a board standpoint, we felt that we were aligned that these funds would be much better used and much more appropriately used if they could return to the city and be specifically allocated towards supporting the Elevate Marion program. So, um, my expectation would be once these funds are available that, um, and this is just the fact of the matter when we speak specifically to the public construction projects that we see in the community, the Ballard Fields project, uh, or the Mississippi River pedestrian bridge project, um, as those get bigger, as design gets running down the track on those, it's often the case that we have to do bid alternates or we have a budget that doesn't necessarily meet what we can afford. And so, um, I view these as dollars that'll be able to supplement those projects in a may that'll have really meaningful and and outlasting impact that'll allow the Creed Board in some small way to carry on beyond their existence. Um, and and doing that

instead of issuing a $10,000 grant here, $5,000 grant here for um programs that ultimately never come to fruition, I think, is is a much more direct and and helpful impact to this community. So, uh, Mayor Morell is actually a member of that board and was one of the folks that took a vote to dissolve that group. So, I would welcome him up to offer any other comment he has, but otherwise, we would look for your support for this, uh, initiative.

Um, good evening again. So, um, those who've been around for a while, you probably remember Creed. It was a state initiative established, good goodness, I think maybe like 99 or 2000. So, it was it was a long time ago. Um, and the I think the state deactivated that program maybe in like 2012 or 13. Don't hold me on that, but it's been that long long ago. And ours is we're one of the only CRE boards that were left in the whole entire state. And so, we still have some some money left in ours. And they kind of held on as long as they could. And I brought them the idea and said, "Hey, you know, there's no more money coming in this. The Creed districts that um we were established aren't honored anymore by the state." because so I said, "No, I think it would be a good idea if we would dissolve this board and take the the the the money that we have left to bring to what our new district we created, which is Riverfront District and Elevate, Marian." So, um the motion was accepted and approved on the on the board and what they would ask your consideration to honor what they voted for. Now, you don't have to, but we ask that you honor what they voted for in the dissolution of that board. Any questions from anybody on this

P? Did that surprise you at all? Um yeah, you know, so coming obviously being uh trying to discover all the different boards and learn about Creed, I had to take an educational um journey and learn about what it was and trying to figure out what all this money was sitting here that I didn't have access to and why. So by the time I finished it and learned about what it was and what it used to be, um then we were able to arrive at this decision. Thank you. If no other questions, I'll entertain a motion. Mr. President, I move that we pass additional appropriation number 6, 2026. Second.

Have a motion by Councilman Kaine and a second by Councilman Klein. Roll call, please. Yes, Kane. I Reyes. I Ford ice. I Broner. I Klein. Yes. Whitten. Yes. Divine. Yes. Calgill. I. Okay. Next up is uh the conflict of interest disclosure. Justin, if you'd like to introduce yourself to people who may or may not know who you are.

All right. My name is Justin Dickerson. I'm the new build.

Okay. My name is Justin Dickerson. I'm the new building commissioner for the city. Um I am John Shroud's son-in-law and the city does have a contract for the towing. So, I needed to get on record that I have zero financial benefit from the contract. I own zero stake in his business. Let me see. And the the contract was actually wrote up by the previous building commissioner, Jerry Falsight, back in 2024. So, it was actually in place before I came became building commissioner.

Okay. And again, this isn't something we vote on. It's just, you know, kind of a formality that we go through. And sorry you had to wait till the very end tonight, Justin, but I appreciate you doing it. Hey, I understand. Thanks, guys. Thank you. Thank you. That's what we we we make the new guys do that. We make them That's right. Listen to us. your dues blah blah blah all night long. So,

um that's the end of the business. I have do have a couple of announcements. Um the first meeting in May, remember guys, will be held on Wednesday, May the 6th because of election day being Tuesday, May the 5th. Um and the next citywide cleanup will be May the 16th. It'll be from 9 to 2. Uh, District 2 will be the only district that will be able to set their items out at the curb. Everyone else, um, you'll have to take your items and drop them off at 520 East 6th Street. Does anybody else have any other announcements?

Other than other than just a comment, I want to give kudos to the redevelopment commission. and they are they are rocking and rolling and they are they're bringing a lot of investments into this community. So, uh my kudos to them.

I agree. You know, even with Joe, they're still doing really No, Joe is a huge part behind it. Um you know, I sit on that board, so I see what kind of work Joe does and it's it's incredible. And u I'm very I agree. I echo Dave very much appreciate Joe with everything you do and uh just keep it going. I know and mayor what what what how much development have we done in your two and a half years? Um keeps growing. So that number keeps growing.

Yeah, keep it keeps growing. I um I I've kept track of the riverfront district specifically and I think we're at about $77 million, but we had a um we're working on a report that adds everything up together in preparation as we're going to solicit more business. And if I'm just running really quick calculations, we have to be over 150 $170 million when you start adding everything when you start including industrial investments and um you know, Indiana Wesson building that um arena is obviously a big shot in the arm for it too. So, uh, I mean, all all this stuff adding up, you know, the city is going really well, you know, and Joe Joe does a great job. You know, I turned 33 last week. I think Joe is like 29, 30. Joe's 30, man. So, yeah, it's those young guys doing it and figuring it out as hard.

We don't care how old you young guys are. So, it's a it's definitely a good time. Really good team and we couldn't do it. Most importantly, we couldn't do it without you guys. You guys are hearing and understanding and voting. Um, everything we do is really in because of how great of a council we have. Well, that that's impressive, mayor. That kind of money in just two and a half years. So, anybody else have any other announcements? Go ahead, Jim.

Mayor, I got a question for you real quick. Um, Gethsemane Episcopal Church, which is just kind of on the south side of downtown. Um, we were unable to uh park in front of the church because of the the new rules we put in for parking. the president of our church let us know that on the other side of the street now the west side of the street they've now got that very nice looking sidewalk built which is more than just a sidewalk it it almost looks like you know something you could uh run on or ride a bike on etc so he said everybody on uh our church can now be parked parking on that site. I don't want to be parking on that site next Sunday and find out my car got towed. So, just uh help me out on this situation.

So, I'm unfortunately I'm not very informed on that, but what I can do is get you get you with Mike and um we can go over what our parking and traffic uh mic graph and what our parking and traffic is and see what we can uh discover a solution to that. Well, yeah. I Yeah, because they have they on on the uh east side it does say no parking here. On the west side it looks like that's where they want you to park now. Yeah. So, we'll we'll work on that and get that figured out. Thank you. Okay. If no other announcements, I'll take a motion to dismiss. So, move. Second. Okay. Got a uh motion by Councilman Klene and a second by Councilman Kaine. Roll call. Kane. Hi. Reyes.

Hi. For ice. Hi. Brunner. Hi. Klene. Yes. Whitten. Yes. Divine. Yes. Cowgill. Hi. Thank you guys for tonight. Dismiss. Appreciate you guys. Good night. I got about 18 of these. So, you guys are going to be here for another hour. No.

You were rambling off some telephone number and I said and then you didn't say anything. So, then I h You didn't answer your voicemail. Debbie was in the office when I called my witness.

That's strange.

I told her when you answered your