HomeMy WebLinkAbout07-14-14 Community InvestmentCOMMUNITY INVESTMENT JULY 14.20144:05 P.M.
Committee Members Present: Gavin Ferlic, Valerie Schey (AB), Henry Davis, Derek Dieter
Other Council Present: Tim, Scott, Dr. Fred Ferlic, Dr. David Varner, Oliver Davis,
Karen White
Citizen Members: Austin Cabello, Patrick Mullin
Others Present: Brook Zeeb, Dave Mathews, Rick Deahl, Tim Sexton,
Brad Toothaker
Agenda: Bill No. 14 -66 Real Property Abatement (SYear)
River Race Townhomes —140 Niles Ave.
Bill No. 14 -67 Real Property Abatement (7 Year)
Catalyst LLC— Lot 7 Ignition Park
Bill No. 14 -68 Approve Tax Increment for Erskine Village
Collection Allocation for 2015
Gavin Ferlic, Chair of the Community Investment Committee called the meeting to order with three bills
schedules for review and recommendation.
The first bill 14 -66, was a petition for 9 year real property tax abatement for River Park Townhomes LLC
at 14n Niles Avenue.
Brock Zeeb, Director of Economic Resources made the presentation. He described the project as having
an estimated construction cost of $7,104,600 with a square footage of 60,888. Taxes abated were
estimated at $795,000. Taxes paid over the life of the abatement total $1,176,000. Brock said the
petition met all requirements for 9 year abatement.
Dave Mathews, the developer, was present for questions.
During the Council portion, Henry Davis expressed a strong desire to incorporate "flow back' benefits to
the community to this or any future abatements. These might include hiring locally for contractors and
any job creation.
There were no questions from the public.
On a motion by Derek Dieter seconded by Gavin Ferlic the bill was sent to Council favorably by a vote of
2 -1 with Henry Davis dissenting. Valerie Schey was absent.
Bill 14 -67 was next on the agenda.
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This was a petition for a real property abatement of 7 years for Catalyst LLC planning to locate in Ignition
Park.
Brock Zeeb made the presentation. He said the estimated construction coast was $12,000,000. Taxes
abated over the 7 year would be nearly $1.5 million; In addition 32 jobs would be created with an
estimates payroll of just under $1,000,000 a year.
Rich Deahl, an attorney for the developer and Brad Toothaker were present for questions.
In the Council portion Henry Davis asked if the abatement was critical for the development. Brad
assured him it was indeed. Brad also agreed to the importance of community benefit considerations
while maintaining the project itself was a huge benefit.
On a motion by Gavin Ferlic seconded by Derek Dieter the petition was forwarded to full Council
favorably with unanimous assent.
The last bill on the agenda, 14 -68 was a resolution confirming a determination made by the
Redevelopment Commission to release TIF revenues for Erskine Village to various taxing units. State law
requires the Council vote to ratify or negate such an action of the Commission.
There were no questions from Council or public.
Derek Dieter moved to recommend favorably. Gavin Ferlic seconded and it was sent without dissent.
Gavin adjourned the meeting at 4:20.
Respectfully Submitted,
Gavin Ferlic, Chairperson
Community Investment
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