Lawrenceburg Redevelopment Commission Meeting- 10 January 2005 Notes

Lawrenceburg Redevelopment Commission Meeting- 10 January 2005 Notes

Present: Steve Lucier, Tony Abbott, Jim Howard, Dennis Carr, Tom Rodgers, and Att’y Joe Votaw.
Also- Tom Steidel.
There was apparently no agenda.

Craig Hilsinger- old business- 7 years ago- first came here for Tanners Creek Properties @ the request of Tom DeWees and Jeff Dornette.
Gave out packets of material on 100 + acres showing original PUD. He said construction costs have skyrocketed since 9/11…
His retail part is done (even though there are some issues with drainage that weren’t part of the original design per Hilsinger…)
Talked about 127 condos at the $89-129,000 range, 116 single family lots, and 240 (had 346 originally) townhouses.
Now they plan to tie into Florence Drive with dedicated streets forming a loop. He wants low interest loan for these sites and a revolving line of credit on the condos etc all secured by a first mortgage on the property valued at $4 million. Hilsinger thought it should be administered by a local bank- someone who knows how to handle this type of project…
He’s figuring a 5-7 year buildout, and stated that all infrastructure is in place. Figures $1.75 million for the road- lots of excavation. Needs a lake for detention area for stormwater.
Loan amount requested is $14-17 million!!!
Board questioned Hilsinger regarding the cost of services that Lawrenceburg has to provide not being offset by the taxes generated by the development. No answer.
Hilsinger states the development will look like a fishing village with a lighthouse and pool. 60 ft frontage on lots (needs a zoning exception for this because 75 ft is the rule), and lots will back up to trees and lake. There is a $2 million mortgage on this property valued at $4 million.
UCB could loan this amount but Hilsinger is looking for a better rate.
Steidel said it is difficult to get banks to finance apts now.
Street cost to be $350-375/ft.
Wants to get thru Kaiser’s land eventually to tie into the big development on Tower Road. (Linkmeyers subdivision)
At this point Hilsinger referred to my (Chris Mueller) editorials stating that he though I’d have to agree that this was a great plan- cluster development etc… walking to shopping, places for the elderly with ADA features and along an anticipated mass transit route. [NOTE: No Comment- this is out of context for our county master plan]
Board wants more details and firmer numbers. Next meeting he will bring them- Feb 14th- Valentine’s Day. Abbot comments he can come then for a “sweetheart deal…” Laughter.

Hava Java- Jerry and Alicia Kent and att'y Lisa Lehner. Pete Zaharacos also in audience as support.
319 Walnut St- owned by Kevin and Lee Ann Coates (she owns Help-U-Sell) and as landlord they are Norco Properties.
Alicia Kent presented that they have been there for 4 years now- that in 2 years they had 68% growth and in two more another 64%. They want to own the building to expand the business. They hope to do renovations inside and outside to gain 80 additional seats. They plan to increase revenue by 20% and the kitchen by 40%. They want to work with the city to build a courtyard out toward the parking area the city plans to have finished in May 2005.
Requesting $620,000 loan- the building costs $250,000- the rest is for repairs and renovations and expansion. They have 5 employees who have been there throughout the 4 years and will add more employees. The 2nd floor apt. is nice the 3rd floor needs some work.
They will extend the back of the building on dock area to add more than 300 sq ft for the kitchen. Courtyard will be stamped concrete with lattice and ivy and a gated entrance.
Steidel spoke- stating he’d give a lot of history here:
They got a $20,000 small business grant last year. He is worried that they don’t want to assume any risk with this property. Steidel wants them to put up their net worth as collateral. They need to own the building. Steidel wants to provide construction funding for each stage of the project and then transfer that to a bank loan.
Rodgers- this is an important meeting- we are redefining what we can do. I live on Front Street and I’d rather loan to you. (Kents)
Votaw- you can’t do a phase in thing.
The board wanted to know why they didn’t go to the bank.
Told them they did go to a local banker first and he advised them to go to the Bond Bank. Lisa Lehner told them it was UCB and E G McLaughlin.
Jerry Kent told them he has legitimate local bids with prevailing wage to be paid.
Pete Zaharacos asked what the criteria is in the bond bank as to who can come forward, etc. He was told that the Redevelopment Commission is a screening group. Rodgers- we don’t have any criteria yet- we are building this.
Steidel stated that he had his finger on what the city wants etc. [NOTE: The plan is in HIS head??]
Question was asked: Could you think about a % to be covered by local banks and a % by the bond bank- to balance out the loans?
Jerry Kent talked about time delays and when the parking lot would be finished so they could do their expansion – wants to take advantage of a window of opportunity for the work to get done.
Bond bank is to determine if this type loan is legal. City Council has the OK really.
Lucier stated that the board plans on saying yes to this- get an option on that building etc.
Meeting adjourned 6:30 PM