04-23-18 Council Minutes - Laserfiche WebLink

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REGULAR MEETING April 23, 2018 Councilmember Oliver Davis stated, I look forward to working with you as the Council Member for that district. I would like to have been included in those discussions and so I would like to be able to be aware of anything more that comes to that area. This being the time heretofore set for the Public Hearing on the above bill, proponents and opponents were given an opportunity to be heard. None from the public wished to speak in favor of or opposition to this bill. Councilmember Gavin Ferlic made a motion to adopt Bill No. 18-18. Councilmember Dr. David Varner seconded this motion which carried by a roll call vote of nine (9) ayes. 18-19 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS 320 EAST COLFAX AVENUE, SOUTH BEND, IN 46617 AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A (6) SIX-YEAR REAL PROPERTY TAX ABATEMENT FOR COMMERCIAL PROPERTY LOCATED AT WHARF PARTNERS, LLC Councilmember Gavin Ferlic, Chair of the Community Investment Committee, reported that they met this afternoon and send this bill forward with a favorable recommendation. Dan Buckenmeyer, Director of Business Development for the Department of Community Investment with offices located on the 14th floor of the County-City Building, South Bend, IN, served as the presenter for this bill. Mr. Buckenmeyer stated, Before us here, the petitioner is Wharf Partners. The project is known as 320 at the Cascasde. This rendering (referencing a slide in the presentation available in the City Clerk's Office) shows specifically the phase one (1)of the multi-phase project. This phase will be about 77,000 square feet of Mixed-Use. It will be commercial on the lower floor and residential on the upper floors. It is a private investment of over $19 million that is going into the building of this structure. We have a very low estimate as they are indirect jobs for the spec project but we think there will be twenty(20). But we figure with the floor plate they have, there could be easily more than that. We are recommending a six (6) year tax abatement and it will be on the commercial elements only. This will not be on the residential portion. During the time of abatement, it is an estimated $432,000 to be abated however there will still be over$1.4 million in taxes paid. As to Councilmember Dr. Vamer's question this afternoon, in terms of TIF payback, we anticipate that will happen in nine (9) years and three (3) months. Frank Perri, 3217 McKinley Avenue, South Bend, IN, served as the petitioner for this bill. Mr. Perri stated, I am happy to be here toni ht to present for the first phase of this project. We are excited about it but we are working with the City to find a recipe to make it work. We are excited to bring something to life with that piece of property. This being the time heretofore set for the Public Hearing on the above bill, proponents and opponents were given an opportunity to be heard. None from the public wished to speak in favor of or opposition to this bill. Councilmember Regina Williams-Preston stated,Thank you.It is nice to hear the developers were taking their time and working with the City to come up with a more desirable plan than was originally proposed. I appreciate Community Investment looking out for us. It is also nice to see that there will be more taxes paid than will be abated. I am also glad to see the abatement only on the commercial and not the residential. Councilmember Karen White stated, I would like to thank the developers. I can recall when this particular project was born and I really commend you for hanging in there. To have this result is 7