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REGULAR MEETING March 14, 2016 16 -14 A RESOLUTION MODIFYING AND CONFIRMING THE ADOPTION OF A DECLARATORY RESOLUTION DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS: 211 WEST WASHINGTON STREET AS AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A TEN (10) YEAR REAL PROPERTY TAX ABATEMENT FOR: HOTEL LOCATED AT THE TOWER AT WASHINGTON SQUARE LLC Councilmember Oliver Davis made a motion to hear substitute Bills 16 -14, 16 -15, 16 -16, and 16 -17 at the same time. Councilmember Gavin Ferlic seconded the motion which carried by a voice vote of eight (8) ayes. Councilmember Gavin Ferlic reported the Community Investment Committee met and sends all four (4) bills forward with a favorable recommendation. Aaron Kobb, Community Investment with offices on the 14"' Floor of the County City Building, served as the presenter for the four (4) bills. These confirming resolutions are the follow -up to the unanimous vote made on the declaratory resolutions last fall. The project will have an estimated private investment of $30 million dollars that will create a mixed use project consisting of a new hotel, residential units, retail space, and a refurbished parking garage that will be available for public use. This is scheduled to create at least eighty -three (83) new jobs over the next ten (10) years. The estimated taxes to be abated are just over $3.7 million. The estimated taxes to be paid are just over $2 million dollars. Mark Neal, Chief Operating Officer for Bradley Company LLC with offices at 112 W Jefferson Blvd Suite 300, served as the petitioner for these bills. Currently there are plans for one hundred and eighty -three (183) hotel rooms, eighty -six (86) apartments, as well as over fifteen thousand (15,000) square feet of retail space on the ground floor. The work is continuing since the original declaratory resolutions passed in October and work on the parking garage should be completed next month. A complete demolition has occurred in the building removing everything except steel and concrete on the inside. Everything inside will be replaced. Mr. Neal thanked the Council for their past support and continued partnership going forward. There were no questions from the Council. Samuel Brown, 222 E Navare St., spoke in favor of the bills. He stated it is going to be a beautiful building. He expressed one reservation that in the past there has been some bad gas leaks and he hopes Bradley Company gets that solved. There was no one from the public who spoke in opposition to the bill. Mr. Neal responded that he can't answer fully what has been done specifically on the gas lines in the basement. He did state the entire infrastructure of the building is being replaced and he will provide a full update going forward on the gas lines as it had been a long standing issue. Councilmember Gavin Ferlic made a motion to adopt substitute Bill 16 -14. Councilmember Karen White seconded the motion which was carried by a roll call vote of eight (8) ayes. 16 -15 A RESOLUTION MODIFYING AND CONFIRMING THE ADOPTION OF A DECLARATORY RESOLUTION DESIGNATING CERTAIN AREAS WITHIN THE CITY OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS: 211 WEST WASHINGTON STREET AS AN ECONOMIC REVITALIZATION AREA FOR PURPOSES OF A TEN (10) YEAR REAL PROPERTY TAX ABATEMENT FOR: RETAIL 4