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11-27-17 Community Investment
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11-27-17 Community Investment
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City Council - City Clerk
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Committee Mtg Minutes
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11/27/2017
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be able to go out and find money in other areas. This should not be postponed, especially if you <br /> don't want to lose the status we have had over forty (40) years. It should be approved tonight but <br /> amended as you move forward. I give credit to the Department of Community Investment for <br /> saving this because this would have been eliminated from the County and the City would have lost <br /> a lot of valuable assets. <br /> Committee Chair Ferlic turned the floor back to the Committee for further comment or main <br /> motions. Committeemember Smith made a motion to continue Bill No. 80-17 to the December <br /> I Vh,2017 Common Council meeting. Committeemember Davis seconded this motion which failed <br /> to reach a majority. Committeemember Randy Kelly then made a motion to send Bill No. 80-17 to <br /> the full Council with no recommendation. Committeemember Williams-Preston seconded this <br /> motion which carried unanimously by a voice vote of six (6) ayes. <br /> Bill N& 17-76-Designating Tax Abatement Petition to River Park Leasing Corporation <br /> Dan Buckenmeyer, Director of Business Development for the Department of Community <br /> Investment, with offices on the 14'h floor of the County-City Building stated, We are here to <br /> launch the revitalization of the block immediately south of this building. What used to be a fully <br /> developed downtown block is now a sea of parking, and we are looking to change that. The <br /> northeast corner of the block was home to the Hotel Jefferson for most of the 1900s. In 1979, <br /> that four(4) story structure was demolished to make way for a Hardy's, only to be demolished <br /> itself in 2000. Since then and for almost the past two (2) decades, that corner of the block has sat <br /> vacant. It is owned by the City but is generating no revenues or benefits for our citizens. We are <br /> thrilled to present an opportunity to avoid this situation happening for another decade or two (2). <br /> The Department of Community Investment is recommending the approval of a resolution to <br /> designate that corner as an economic revitalization area to aid in the revitalization of that block, <br /> and provide an assessed value deduction or tax abatement to the property in order to incent and <br /> enable this exciting and important property in question. The property in question will actually sit <br /> on the parcel that includes only the easternmost half of the lot and will maintain ownership of the <br /> western half of the lot in anticipation of incenting and activating future development. This will <br /> be the first new downtown South Bend office building or development in about twenty (20) <br /> years. It also sits on a meaningful artery between downtown and the ballpark. The proposed <br /> building includes high-end retail with four(4) floors of Class-A office space above. It would be <br /> five (5) stories and 3,800 square feet in total. <br /> He continued, When we evaluate opportunities to support economic development in the City of <br /> South Bend,the top two (2) of the many factors we look at are the levels of private investment <br /> and job creation. This building's expected $9 million price tag represents significant private <br /> investment whilst also representing significant risk. It is important to note that this is a new <br /> SPEC Building. The retail space is not contracted at this point. We are in an era of high <br /> construction costs which also increases the risk. Known and committed job creation will stem <br /> from this project. The owner has committed to creating fifteen(15)new jobs with a payroll of <br /> $750,000 per year. In addition to those jobs, we anticipate there will be significant indirect job <br /> creation resulting from the activation of ground floor retail and the other offices. We, the City, <br /> are selling the parcel to the developer for$50,000. We are thrilled to present this opportunity to <br /> the Council and hope you are equally as excited. This property has sat idle and made no <br /> 5 <br />
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