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oil <br />Agreement <br />• Roughly $35 million investment on the Commerce Center site, including a grocery store, <br />parking garage and apartments, that account for roughly % of the total. investment <br />outlined in the East Bank Plan <br />• Layout of garage and mixed use building consistent with the East Bank Plan <br />• $4.9 million Regional Cities grant from the State <br />• $5 million in TIF from Redevelopment Commission (RDC) <br />• 100% tax abatement for first five years, 95% tax abatement for next five years <br />• Reduced height at street level from 12 stories, roughly 159' (or 175' with mechanical <br />units) to 9 stories, roughly 127' (or 143' with mechanical units) <br />• Increased green, open space between building and East Race area <br />• Continued efforts to refine final design <br />Process to Meet Regional Cities Deadline <br />• January 9 —Common Council passes resolution supporting project at 9 stories and <br />sharing its intention to update plan and zoning ordinances <br />• January 9 —Common Council passes declaratory resolution on tax abatement <br />• January 10 —City files height variance with Board of Zoning Appeals (BZA) <br />• January 12— RDC approves $5 million of TIF for project <br />• January 23 —Common Council passes confirming resolution on tax abatement <br />• February 1— BZA approves height variance <br />• June 15 —Final submission deadline for the Northern Indiana Regional Development <br />Authority's review of the project's Regional Cities grant <br />• Summer— Common Council updates plan and amends zoning ordinances <br />Filed in Clerk's Ci iced <br />WF_ _EE iAFk � 6W LER <br />CITY OLE K, OUTH EMEND, IN <br />