01-09-17 Community Investment - Laserfiche WebLink

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decision since the City will not realize a return on investment (ROI) for over eleven (11) years. Even then, the upfront investment of taxpayer money compared to private dollars is a skewed ratio. Committee Member Tipps submitted his typed comments to the Office of the City Clerk for the record. With no further comments on Bill No. 17 -02, Chairperson Ferlic entertained a motion from the committee. Committee Member William Smith motioned to send Bill No. 17 -02 to full Council favorably. Committee Member Oliver Davis seconded the motioned which carried by a vote of three (3) ayes to two (2) nays (Committee Members Regina Williams- Preston and Paul Tipps). Bill No. 05 -17- Eddy Street Commons Phase II Bond Issuance Brian Pawlowski, Interim Director of the Department of Community Investment, with offices on the 14th floor of the County -City Building, introduced Bill No. 05 -17 as the second phase of the Eddy Street Commons project. He mentioned a typo in the presentation citing that this phase will represent four hundred and thirty -one (43 1) new units not four hundred and one (401). The bond issuance will cover infrastructure and construction costs related to the project. Mr. Pawlowski highlighted that this project will pay for itself through TIF revenues. Matt Gavit, Indianapolis, IN with Kite Realty Group discussed the design portion of the project. The aim of the project is to increase density in the area, all parking will be underground and surface parking is included in the scope. Kite Realty is bringing work -live spaces to the second phase that will serve as residences year -round and there are several affordable housing lots provided in collaboration with the NNRO. Committee Member Davis shared that he appreciates the community selling points such as additions in affordable housing and flex spaces. Committee Member Williams- Preston mentioned there's some talk about which grocery store will be brought in —names like Kroger have been mentioned. Mr. Gavit responded Kite has definitely been in conversation with Kroger among others, but would prefer a smaller specialty grocer that fits the scale of the development. Committee Member Tipps asked where the hotel is located since it's not shown on the site plan, and whether or not this project is tax exempt since the land is owned by Notre Dame. Mr. Gavit responded that the hotel is north on Angela which is just outside of the site plan. He went on to say the only tax exempt use on the site is the Robinson Community Learning Center which will remain exempt as a non - profit; all others are tax generating entities. With no further questions from Council, Chairperson Ferlic opened the floor for public hearing. There were none to speak in favor or remonstrance on Bill No. 05 -17. 3