01-09-17 Community Investment - Laserfiche WebLink

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Chairperson Ferlic thanked the presenter and petitioner for their presentations and turned the floor to Council questions. Committee Member Paul Tipps asked why we were allowing the petitioner to award themselves forty -one (4 1) points for job retention when this is a speculative project with no current jobs to retain. Mr. Kobb responded that he couldn't share much about the details, but that those jobs are a reflection of additional jobs coming with a business partnership in relationship to this project. With no further questions from Council, Chairperson Ferlic opened the floor for public hearing. There were none to speak in favor or remonstrance on Bill No. 16 -85. Committee Member Oliver Davis motioned to send Bill No. 16 -85 to full Council favorably. The motion was seconded by Committee Member Regina Williams- Preston and it carried unanimously. Bill No. 17 -02 — Declaratory (10) ten -year property tax abatement for Commerce Center Committee Chairperson Ferlic welcomed a presenter on Bill No. 17 -02. Aaron Kobb, Department of Community Investment, with offices on the 10 floor of the County -City Building, introduced the petition as a $35 million investment for a mixed used building adjacent to the current Commerce Center site. Over the life of the abatement the project will generate approximately $385,000 in tax revenue. Throughout the post- abatement period, the project will generate an additional $626,000 in annual tax revenue. Velvet Canada, designer with Matthews, LLC. at 401 E. Colfax St., discussed the changes to the project particularly as it relates to the height reduction to one - hundred and twenty -seven (127) feet. She also added that the project would bring approximately eighty -four (84) jobs to the downtown. Chairperson Ferlic thanked the presenter and petitioner and turned the floor to public hearing. Rolanda Hughes, 1025 Riverside Dr. asked a question related to the general tax abatement strategy and how it works. Mr. Kobb addressed Ms. Hughes' question by stating the abatement is a financial incentive to businesses. Brian Pawlowski, Interim Director of the Department of Community Investment, with offices on the 14th floor of the County -City Building, echoed that the abatement is a tool to spur and support job growth within the City. Committee Member Paul Tipps expressed staunch opposition to the petition citing that the City's unprecedented financial support of the Commerce Center proposal is not a sound economic 2