02-27-17 Community Investment - Laserfiche WebLink

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Mr. Pawlowski replied, It most definitely is part of the discussion. When TIF is expended,part of the deal is it goes through the Board of Public Works and there are requirements for diversity through that process. Committeemember Randy Kelly motioned to recommed Bill No. 17-08 favorably to the full Council. This motion was seconded by Committeemember Oliver Davis and carried with a voice vote of four(4) ayes and one (1) nay (Committeemember Regina Williams-Preston.) Committee Chair Ferlic then gave the floor to Community Investment to discuss Bill No. 17-09. Bill No. 17-09—Designating Tax Abatement for Hibberd LLC Mr. Kobb stated, This project invests just over $5 million toward the rehabilitation of a currently abandoned building just south of here, adjacent to Four Winds Field. This will bring a mix of office,retail, and residential into the building. This is a little bit different than the standard. After the five (5) year abatement is complete, this will generate annual taxes of roughly$94,000. Where that revenue stream will go depends on the final design of the project. The residential does not go into TIF, it goes into the general fund like the other taxing units do. As the project evolves, it will change where those revenues go in the future. The City investment is roughly nine percent(9%). Mark Neal, Hibberd LLC, stated, This is a repurpose of a 1926 Industrial Building. As you can see, it is right on Main Street and across from the parking lot of the library, and just south of the AT&T building. The other property is one half(1/2) of the pre-owned car lot. Since the prior owners,taxes have gone from $11,000 to $7,000 today. It used to be a warehouse and retail space. We purchased the building in September of last year. We will be gutting everything and it will be a shell when it's done. This is a very well built building, built in 1926 with cement and steel. It was originally set up for retail on the bottom floor with office space on the second and third floor, and all the printing production facilities were in the back of the building. As part of that design,there is about a three foot grade coming from the front to the back of the building. As we envision it,phase one (1)will be redesigning it into a Mixed-Use space with a public plaza in the front. This will really connect with what is already going on downtown. Committee Chair Ferlic opened the floor to the Committee for questions for the presenter and there were none. Committee Chair Ferlic then opened the floor to the public for those wishing to speak in favor or in opposition to the legislation. Frank Perri, 234 S. Coquillard Dr., stated, I lived at that building when it first went on the market. It was a tough deal and I applaud you. Seeing these drawings of what you're going to do makes me excited to see it actually happen. Mr Tipps stated, I'm also in favor and I think you will be doing a great service to the downtown. Similar question to the first petitioner however, Hibberd takes eighty four(84)points credit on their application for incentives of supporting a municipal facility. What are your plans and who or what will you support? 3