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10-26-15 Common Council Meeting Minutes
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10-26-15 Common Council Meeting Minutes
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REGULAR MEETING October 26, 2015 <br /> <br /> <br /> <br /> <br /> <br />66-15 THIRD READING ON A BILL OF THE COMMON COUNCIL OF THE <br />CITY OF SOUTH BEND, INDIANA, APPROVING A RESOLUTION OF <br />THE SOUTH BEND ECONOMIC DEVELOPMENT TARGET AREA, <br />FORMER CHASE TOWER AND ADJACENT PARKING LOT <br /> <br /> <br /> <br />Councilmember Dr. Varner made a motion for the passage of Bill 66-15 as amended. <br />Councilmember Derek Dieter seconded the motion which carried and the resolution was passed <br />by a roll call vote of seven (7) ayes. <br /> <br /> <br /> <br />RESOLUTIONS <br />15-95 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF <br />SOUTH BEND DESIGNATING CERTAIN AREAS WITHIN THE CITY <br />OF SOUTH BEND, INDIANA, COMMONLY KNOWN AS 211 WEST <br />WASHINGTON STREET AS AN ECONOMIC REVITALIZATION AREA <br />FOR PURPOSES OF A TEN (10) YEAR REAL PROPERTY TAX <br />ABATEMENT FOR APARTMENTS LOCATED AT THE TOWER AT <br />WASHINGTON SQUARE LLC. <br /> <br />Councilmember Gavin Ferlic Chairperson, Community Investment, reported that they met this <br />afternoon on this resolution and it is sent forward favorably. <br /> <br />th <br />Chris Fielding, Community Investment with Offices on 14 Floor- Presenter: This is a request <br />for a designation resolution for tax abatement purposes. This is the fourth and final tax <br />abatement for the Chase Tower. This is the portion that required the EDC resolution prior to <br />bringing it forward because it is residential in nature and is a part of the larger 37.1 million dollar <br />project. That will create eighty-six (86) apartments above the retail and commercial and hotel <br />space. The total taxes over the ten (10) year period would be 1.69 million dollars. Total taxes to <br />be paid would be $702,701, the total taxes to abate would be $988,000. Also, I want to remind <br />you this is under a special exception to the ordinance. One (1) for the modified schedule and one <br />(1) for the modified time period to complete the project. Mark Neal is here representing <br />Washington Square if you have any questions. <br /> <br />Council President Tim Scott asked for Council questions. <br /> <br />Councilmember Henry Davis Jr.- Question about the overall tax abatement policy we have in <br />place. Have we looked at how a tax abatement affects our schools? Do we look to see if it will <br />switch or flip the tax structure and will our schools receive more funding or less funding? <br /> <br />Chris Fielding Community Investment, Presenter: In ninety-nine percent (99%) of our tax <br />abatements we do, they are not an abatement of the current taxes. It has no impact on any of the <br />other taxing units. This is a phase in on future taxes they would make. If they invest a million <br />dollars the taxes are there to offset, so, in this case if they invest 17 million dollars into the <br />residential of eighty-seven (87) units, they would like to but they won’t be able to fill all eighty- <br />six (86) apartments right when they open. But the taxes will immediately begin to generate on <br />those units and will automatically be a loss in revenue. The tax actually phases in on that 17 <br />million dollars that they invested. There is no abatement for the current existing taxes of the <br />building. They will pay those no matter what, it’s abatement of future taxes and will have no <br />effect on the other taxing units including the school district for taxes under the local ordinance. <br /> <br />Councilmember Henry Davis Jr.- I think we need to look at that, it does shift the burden <br />somewhere else. I am not clear on where it falls out at but I know our school corporation gets <br />more of that tax from the state than we do to operate. The reason why I am asking those <br />questions is because over this weekend a resident asked me would it be in the interest of the <br />Council in the coming years to put a line item on the form so when these corporations or <br />whomever is seeking a tax abatement that they could donate money back to our schools. I <br />thought it was a tremendous and wonderful idea. In the future years, I want to suggest that idea <br />becomes part of the tax abatement forms. We can have a conversation about computers and more <br />8 <br /> <br /> <br />
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