07-13-87 Human Resources & Economic Development

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Otzututitttt &part HUMAN RESOURCES AND ECONOMIC DEVELOPMENT COMMITTEE Ma tilt &muton Qtouud! of 1lir Qtttg of Snug Wind: The July 13 , 1987 meeting of the Human Resources and Economic Development Committee was called to order by its Chairman, Councilman Eugenia Braboy, at 5:00 p.m. in the Council informal meeting room. Persons in attendance included : Councilmen Zakrzewski , Braboy, Beck, Puzzello, Taylor , Serge, and Barcome; Elizabeth Leonard , Jon Hunt , Michael Vance, Kevin Butler, Charlie Clark, members of the news media, and Kathleen Cekanksi-Farrand. Councilman Braboy noted that the first item to be reviewed by the Committee was Bill No. 59-87 which would appropriate $115,478 among various accounts within the Division of Community Development. Elizabeth Leonard then reviewed the substitute version of that bill with the Committee. Following further discussion, Councilman Taylor made a motion, seconded by Councilman Puzzello, that the substitute version of Bill No. 59-87 go to Council favorably. The_motion passed . Mr. Jon Hunt then reviewed Resolution No. 87-64 which would designate property known as 220 West Colfax as an economic revitalization area for real property tax abatement. Mr. Charles Clark, the developer of One Michiana Square Associates, indicated that a ten ( 10) year tax abatement was being sought. He then provided a brochure to the members of the Committee. It was indicated that the first floor of the building would be designated for retail use with the remaining portion utilized as office space. He further indicated that there would be an historic designation of the building. That building is seven (7) stories in height with a total area of 42 , 000 square feet. Rent is anticipated to be in the area of $12.00 to $12.50 per square foot with occupancy to begin in March or April of 1988 . Following further discussion, Councilman Taylor made a motion, seconded by Councilman Puzzello, that Resolution No. 87- 64 be recommended favorably to Council. The motion passed . Mr. Jon Hunt then reviewed the report on Resolution No. 87- 63 which would designate certain areas within the City commonly known as Monroe Park disposition parcel No. M2-8 as an economic revitalization area. Mr. Kevin Butler, the attorney for the project, indicated that the petitioner was seeking a six (6) year real property tax abatement . The project would be new construction involving an office building of 16,500 square feet. PR,, PR(RR PVOLI"NINE CO.