Carmel Redevelopment Commission transfers money out of reserves
By Adam Aasen
The Carmel Redevelopment Commission met May 30 in a special meeting to approve transferring $700,000 out of its reserve funds to help make bond payments.
This money represents all of the year’s reserve funds from two sources: Energy payments from REI and rent paid by Civic Theatre.
CRC Director Corrie Meyer said this is a standard accounting procedure that the CRC does every year and it doesn’t mean that the CRC has trouble making its payments. When these revenue streams were set up, the money was directed into reserves so this is another step in the process they have to do.
At the meeting, CRC board member Jeff Worrell inquired about Civic Theatre’s ability to pay its rent. In the past, the arts nonprofit said it was difficult to pay $400,000 in rent, so the lease was renegotiated and it now pays $200,000 a year. But that amount is set to increase in the coming years, Meyer said.
CRC board member Dave Bowers said they are in communication with Civic and believe they have an idea of their financial future, which will help the CRC plan upcoming budgets.
“We sort of know what we will receive but we are not getting it today,” he said. “So it’s all been scheduled and planned.”