HomeMy WebLinkAbout01-26-15 Community InvestmentCOMMUNITY INVESTMENT JANUARY 26.2015 3:55 P.M.
Committee Members Present: Gavin Ferlic, Henry Davis, Dr. David Varner, Dr. Fred Ferlic
Other Council Present: Tim Scott, Valerie Schey (EAB), Oliver Davis (EAB), Derek Dieter,
Karen White
Others Present: Kathy Cekanski - Farrand, Kira Geiss - Heraeus, Erin Blasko, Chris
Fielding, Scott Ford, Brock Zeeb, Jeff Ryan
Agenda: Bill 15 -01 Tax Abatement -4315 S. Lafayette Blvd.
Heraeus Kulzer LLC.
Bill 15 -02 Tax Abatement -5021 Nimtz Parkway
Foster Group LLC
Bill 15 -03 Tax Abatement— 5021 Nimtz Parkway
MGE Wholesale Inc.
Bill 15 -04 Reconfirming Tax Abatement — LaSalle
Apartments LLC
Gavin Ferlic, chair of the Community Investment Committee called his meeting together with all
members present.
Four bills were listed for consideration, all abatements.
The first, bill 15 -01 was a petition for Heraeus Kulzer. This company intends to invest $1.5 million in new
equipment to expand their product line. Over the five year abatement one half of the expected $108
thousand generated in property taxes would be abated. Kira Geiss, Director of Finance, for Heraeus was
present to describe the project and answer questions.
Chris Fielding from CI staff made the presentation and also answered questions.
Ultimately Dr. Ferlic made a favorable recommendation followed by a second from Gavin Ferlic. All
affirmed.
The next two bills 15 -02 and 15 -03 were heard jointly, both being from the same petitioner for the same
project.
Chris Fielding said bill 15 -02 asked for a two year real property abatement for the repairs and retrofitting
the Bowne Building in the Blackthorn Industrial Park. The building has been vacant for several years and
is intended to be a wholesale distribution site for MGE Wholesale. Bill 15 -03 was a 5 year petition for
personal property abatement. The investment was expected to be in excess of over $200,000 as
explained by Chris Fielding.
A motion for favorable recommendation was made by Dr. David Varner and as seconded by Gavin Ferlic
for the bills. Both were affirmed by all.
The final bill 15 -04 was a reaffirming abatement petition for the LaSalle Apartments. Mr. Jeff Ryan
representing the company based in Fishers, Indiana that has taken on the conversion project was
present to answer questions. They intend to follow through with the proposal to convert the old LaSalle
Hotel into 67 market rate apartments while reserving 1,800 square feet first floor for retail.
Dr. Ferlic made a favorable recommendation followed by a second from Dr. David Varner and supported
by all.
Prior to the vote Henry Davis was assured off street parking for 90 vehicles was available.
Gavin Ferlic adjourned at 4:08 P.M.
Respectfully Submitted,
Gavin Ferlic, Chairperson
Community Investment