4CDC board sees another defection


4CDCBy Pete Smith and Karen Kennedy

Carmel-based developer Tom Crowley has resigned his positions on the boards of both the Carmel City Center Community Development Corporation and the Carmel Redevelopment Commission.

Clyde Lee, Crowley’s spokesman, said that he was resigning his public service positions due to the time constraints necessary with starting a new business.

“I want to thank Tom for his work and understand the challenges of starting a new business,” Carmel Mayor Jim Brainard said in a statement.

This is the second resignation from the 4CDC board in the past month. Jessica Kruse, the newly appointed president of the 4CDC, also resigned Oct. 18. City Councilor Ron Carter is the sole remaining board member.

Carter said that a new 4CDC president will be elected at a meeting Nov. 12.

The 4CDC, a 501(c)(4) nonprofit organization, collects rent from commercial tenants in the James Building at the Center for the Performing Arts and is part of complex financing mechanisms involving the CRC, City Councilor Luci Snyder said.

Crowley was the city council’s appointment to the 4CDC board, and Snyder said a replacement will likely be approved by the city council at an upcoming council meeting.

Crowley also leaves an absence on the board of the CRC, the entity tasked with managing income from the city’s tax-increment financing districts.

“He did resign from the CRC. It should not impact the operations of the boards and over the next few weeks (I’ll) identify a replacement,” Brainard said in a statement.

The board of the CRC has been without the guidance of any development staff members since executive director Les Olds and operations manager Matt Worthley resigned Oct. 17.

To fill that void the city is likely to rely on the consulting services of Jim Higgins of London Witte and independent consultant Michael Lee, formerly of London Witte.

Brainard also recently told the Indianapolis Business Journal that he and Steve Engelking, the city’s director of administration, would handle day-to-day affairs in the meantime.

Although given recent budget constraints, there is likely little to do at the CRC.

“Based on our forecast (the CRC) will have an approximate balance of about $100k at the end of the 2013, which accounts for a December TIF distribution of $8.3M. of which $8.2 will be needed for debt service in Dec. 2013 and Jan. 2014,” Olds wrote in an email to Brainard, CRC staff and consultants on Oct. 8.

But at the Oct. 21 city council meeting Brainard indicated that the CRC has numerous assets it is trying to liquidate to improve its position.

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