12/10/07 Community and Economic Development Committee

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Community and Economic Development Committee December 10, 2007 Page 3 been properly zoned. She added that commitments for the condos will run with the land. Mayor Luecke stated that Kite can appeal to have their assessment lowered. Dr. Varner noted that he is concerned about assessment reduction did not want any appeals passed onto the homeowners. He also raised concerns about the Crowe handout regarding economic vs. fiscal impacts and inquired about "new growth dollars" vs. "recycled dollars". Mr. Inks noted that $4.2 million of TIP revenue for Phase I will be generated and that $3.1 million is needed for bond payments. Mr. Inks stated that there assumptions were based on "new growth dollars" from the site. He added that COIT would be new net taxes and that there should be new net revenue to the city. They are currently working on a development agreement. Richard Hill stated that this is a complicated issue and they do not want the bonds to become taxable. Total assessment value numbers have been calculated as well as calculations for debt services with the amounts which the city is expected to be paid back. It is their intent to bind property owners so that commitments run with the land so that monies will be paid back and the restrictions properly included. Council Member Dieter inquired about the downtown Marriott Hotel and how it may be affected. Richard Nussbaum, a local attorney, stated that during the rezoning hearings North American Management which oversees the Marriott Corporation sent a letter. He stated that they believe that both Marriot hotels will be successful based on the research which they have conducted. Council Member Dieter then opened the floor to comments from the public. Charles Hayes of Marietta Street spoke in favor of the Bill. Mike Urbanski spoke in favor of the Bill noting that he believes that bids will come in lower since business is slower right now. Frank Perri of 234 S. Coquillard spoke personally in part in opposition to the Bill. He noted that it is a "great project for the community; that it is a 1St class retail project, and that he is "generally in favor". However he is very concerned about the size and the sale of the project. Mr. Perri then raised "a few of the primary areas of concern" which focused upon: