07-09-18 Council Minutes - Laserfiche WebLink

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REGULAR MEETING July 9, 2018 18-29 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND DESIGNATING A CERTAIN AREA WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS 902 N. ALLEN, 1145 N. BROOKFIELD, 1306 N. BROOKFIELD, 914 N. CLEVELAND, 903 N. COLLEGE, 917 N ELMER, 1101 N. ELMER, 1229 N. ELMER, 1329 N. HUEY, 1110 N. JOHNSON, 749 N. LAWNDALE, 913 N. LAWNDALE, 1138 N. OLIVE, 1530 VAN BUREN AS A RESIDENTIALLY DISTRESSED AREA FOR PURPOSES OF A (5) FIVE-YEAR RESIDENTIAL REAL PROPERTY TAX ABATEMENT FOR HISTORIC LINCOLN WAY WEST HOMES, LP Councilmember Gavin Ferlic, Chair of the Community Investment Committee, reported that they met this afternoon and, due to the lack of quorum, send this bill forward with no recommendation. Councilmember Gavin Ferlic then made a motion to,for purposes of public hearing,hear Bill Nos. 18-29 and 18-30 together. Councilmember John Voorde seconded this motion which carried by a voice vote of eight(8) ayes. 18-30 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 SOUTH BEND BREWERY PLACE AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A TEN (10) YEAR REAL PROPERTY TAX ABATEMENT FOR HISTORIC LINCOLN WAY WEST HOMES, LP Councilmember Gavin Ferlic, Chair of the Community Investment Committee, reported that they met this afternoon and, due to the lack of quorum, send this bill forward with no recommendation. Dan Buckenmeyer,Director of Business Development with offices on the 14''floor of the County- City Building, South Bend, IN, served as the presenter for this bill. Mr. Buckenmeyer stated, The Department of Community Investment (DCI) regularly supports tax credit applications for local and national developers to bring affordable housing through the Indiana Housing Community Development Authority. This last round of applications had three (3) developers that proposed projects. One (1) of them was the Fat Daddy's Project, for example. All three (3) of those were denied but the highest scoring one(1)was for Historic Lincoln Way West Homes.DCI has worked with them to fine tune the project to reapply for the current round of tax credits. It is important to note that the tax abatement we are proposing is contingent upon the tax credit being won at the State level. It is an exciting project for the West Side. It is on and surrounds Lincoln Way West. Specifically,the former Brewery that is now Classic Beauty is at 1636 Lincoln Way West will be redone. You might recognize that(referencing a presentation which is available in the City Clerk's Office). The project cost is slated to be about $7 million total. The output of the project will be twenty-two (22) apartments and we are asking for a real property tax abatement for ten (10)years and it will be phased in. The estimated total taxes possible over that ten(10)year period would be about$665,000. The taxes abated would be about$537,578 and the remaining$126,942 would be paid over that ten (10) year period. Then part two (2) of this abatement is a residential tax abatement and that asks for a designation of a residentially distressed area. It is actually fourteen (14) different lots. It is about a$3.8 million project. It is a request for a five (5) year one hundred percent (100%) tax abatement. The estimated total taxes possible over that five (5) year period I1