05-08-17 Community Investment - Laserfiche WebLink

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Holiday Inn Express featuring standard amenities. Roughly$6 million has already been invested into the project. Over the six (6) year abatement period there will be roughly $1,054,265 possible tax dollars total. The estimated tax being abated during that period is $446,712, with the balance of roughly $607,533 taxes being paid. Dan Boecher,Vice President of Development for JSK, stated, We are under contract and the finish date is April of 2018. There will not be another request for extension. Councilmember Jo M. Broden asked, Typically there is a summary sheet that is in our packet for the public to see. Is there any reason why there is not one (1) in it for this? Mr. Alexander assured Councilmember Broden there will be one (1) made available before the 7:00 regular Council meeting. Committeemember Will Smith asked, What were the main reasons why this project was delayed? Mr. Boecher described the lack of timeliness on their side of the process. He stated, When one (1)thing gets backed up, so does another, and another, and so the process just got slower than we thought it would be. Mr. Alexander also took responsibility by stating the Office of Community Investment did not always act as efficiently as possible with regard to correspondence with JSK. Committeemember Oliver Davis arrived at the meeting at 4:33 p.m. Committee Chair Ferlic then opened the floor to members of the public wishing to speak in favor of or in opposition to the legislation. There were none. He then turned the floor back to the Committee for further discussion or main motions. Committeemember Randy Kelly made a motion to send Bill No. 17-20 to the full Council with a favorable recommendation. Committeemember Davis seconded this motion which carried unanimously by a voice vote of five (5) ayes. Mr. Alexander stated, Bill No. 17-21 is the construction of a full-service national brand, one- hundred and twenty (120) room hotel and connected annex to the former college football Hall of Fame. The Hall of Fame will become a multi-use owner-occupied property which would house all the support services for the new hotel, as well as the corporate offices for JSK. $9,250,000 has been invested into the project already. Over the nine (9) year abatement period there will be roughly$2,410,716 possible tax dollars total.. The estimated taxes abated during the nine (9) year period is $945,911, with the balance of$1,464,805 to be paid. For Bill No. 17-22,the total money already invested is $173,745.28. The estimated taxes being abated during the two (2) year period is $107,783.53, leaving the remaining balance of$65,961.75 to be paid in taxes over the two (2) year period. 2