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COMMUNITY INVESTMENT OCTOBER 26,2015 5:00 P.M. Committee Members Present: Gavin Ferlic, Henry Davis(AB), Dr. David Varner, Dr. Fred Ferlic Citizen Members Present: Bob Emery(AB), Patrick Mullin (AB) Other Council: Tim Scott,Valerie Schey(XAB), Oliver Davis (AB), Karen White (XAB), Derek Dieter Others Present: Mark Neal, Brock Zeeb, Brain Pawlowski, Chris Fielding, Scott Ford Agenda: Bill 66-15 Establish an Economic Development Target Area, Former Chase Tower& Parking Lot Bill 15-95 Designating Tax Abatement—Apartments Located at The Tower at Washington Square LLC 10 Year Real Property Gavin Ferlic, Chair of the Community Investment Committee noted a quorum was present to consider the two items on the agenda. The first, bill 66-15,asks the Council to accept a recommendation of the South Bend Economic Development Commission to establish an Economic Development Target Area for the parcels known as The Tower at Washington Square,formerly the Chase Tower. This action would ratify the finding of obsolescence of the building due to age and deterioration prohibiting economic investment. In other words,the designation makes the property eligible for up to a 10 year real property tax abatement. Brock Zeeb made the presentation for the City, characterizing this as a first step to abatement. After brief discussion Dr.Varner motioned for favorable recommendation, Dr. Ferlic seconded and all affirmed. The companion resolution, bill 15-95,was actually the petition for a 10 year real property abatement for 85 apartments to be constructed in the Tower Building at Washington Square. Chris Fielding presented the details of the request and Mark Neal the CEO of the Bradley Co. spoke to the overall project. After brief discussion, Dr.Varner offered a favorable recommendation. Dr. Ferlic seconded and all affirmed. Gavin Ferlic adjourned the meeting at 5:10 P.M. 1