Madison City Redevelopment Commission authorizes bond resolution, accepts tourism grants and approves lighting and advisory contracts

The Madison City Redevelopment Commission on April (date not specified) approved a resolution to begin issuing bonds to fund quality-of-life capital projects in the North Madison Economic Development Area, accepted three tourism grants from the Jefferson County Board of Tourism, and authorized two contracts: an engagement letter with Reedy Financial Group and agreements with Duke Energy for West End decorative lighting.

The bond resolution (listed in the packet as Resolution No. 20252R) authorizes the commission to issue bonds to fund a range of projects identified in the North Madison economic development plan, including portions to support the Madison Cole Property Housing Project and the Indiana Music City Amphitheater Project, and other projects listed in Exhibit A. Commission members were told City Council must later approve the bond issuance by resolution before any bonds are sold or proceeds spent.

Commission staff reported three grants awarded by the Jefferson County Board of Tourism: $15,000 for the bicentennial restrooms, $40,000 for wayfinding and pedestrian signage, and $25,000 for traffic-control measures intended to improve pedestrian safety around Broadway Fountain and festival events. A staff member said the traffic-control funds will be used for removable bollards and other devices to protect pedestrians at events.

During the meeting the commission voted to authorize the mayor to sign an engagement letter with Reedy Financial Group to provide financial advisory services for negotiations on housing projects and related economic development agreements. The commission also authorized the mayor to sign agreements with Duke Energy to extend decorative lighting on West Main Street and West End areas; the packet included an upfront charge and a monthly maintenance fee for the lighting program as proposed by Duke Energy.

Clerk-treasurer Shirley Rainierston asked for clarification about the accounts and funds the bond language would create. She noted section 7 on page 10 of the draft resolution appears to direct the mayor to open "the City of Madison Redevelopment District 2025 capital fund," and asked whether that would be the only fund opened for the bond. A staff member replied there is flexibility in implementation and the mechanics (including timing of opening bank accounts) will be worked out with Reedy Financial Group as the bond closing approaches. Rainierston said, "So I just wanted to be sure." She also asked whether a reserve fund is included; the staff reply was that there is no reserve fund as part of this draft resolution.

On tourism taxes, a staff member reported the innkeeper's tax rate increased to 8% in January and revenue has been strong, which supported the tourism grant awards. The staff member said, "Again, starting just this past January, the rate increase for that tax, went into effect. So it's at 8% now." The commission discussed continuing reviews of festival safety plans and equipment to protect pedestrians at events following recent national incidents.

All procedural items on the agenda were approved by voice vote: minutes from the March 11 meeting and the monthly claims. The bond resolution, the Reedy Financial engagement letter and the Duke Energy lighting agreements were each approved by motions and second; the meeting record shows voice votes in the affirmative on each item.

Mayor-related business: staff noted the mayor was absent because he was in Indianapolis providing testimony on pending property-tax reform legislation that could affect local governments and redevelopment commissions. The commission set its next meeting for May 13.

Votes at a glance - Approval of minutes from March 11 — motion made and seconded; voice vote in favor. - Approval of monthly claims — motion made and seconded; voice vote in favor. - Approval of Resolution No. 20252R (authorize issuance of bonds for North Madison Economic Development Area) — motion made and seconded; voice vote in favor. City Council approval required prior to bond issuance. - Authorization for the mayor to sign an engagement letter with Reedy Financial Group (financial advisory services) — motion made and seconded; voice vote in favor. - Authorization for the mayor to enter agreements with Duke Energy for West End/Main Street decorative lighting (includes upfront charge and monthly maintenance fee as proposed by Duke Energy) — motion made and seconded; voice vote in favor.

(Quotations and specific dollar figures are taken from the meeting record. Where transcript wording was unclear, amounts are reported as stated by staff at the meeting.)