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REGULAR MEETING November 27, 2017 <br /> Mr. Buckenmeyer replied,No, there was not. We have found that with down town land the <br /> appraisals are so widely variant. We did an internal analysis by looking at neighboring property <br /> and came to a cost per acre for vacant land and applied that to the final cost. <br /> Councilmember Jo M. Broden then followed up, When was the last advertisement in terms of <br /> disposition for this property? <br /> Mr. Buckenmeyer replied, I can't speak to exactly when the last attempted disposition was for <br /> this parcel. There is a For Sale sign on it, though. <br /> Councilmember Jo M. Broden then asked, Does the developer have an opportunity for first <br /> notification rights? Was that contemplated in the agreement at all? <br /> Mr. Buckenmeyer replied, We haven't finalized the purchase agreement yet. That will be done at <br /> the Redevelopment Commission. <br /> Councilmember Karen White stated, I would like to thank you for your comprehensive report. <br /> We are looking at a one hundred percent(100%) for six (6)years. Can you clarify what that <br /> means? Also, in the last three (3)months, how many other one hundred percent(100%) <br /> abatements have come to our Council? <br /> Mr. Buckenmeyer replied, The total abated, over the six (6) years, will be approximately $1.3 <br /> million. After that period, we expect to start receiving $200,000 to $250,000. <br /> Councilmember Karen White stated, I know when decisions are made to move in this direction, <br /> there are a lot of factors to consider before bringing this to the Council. <br /> Mr. Buckenmeyer replied, There are. We have some analytical tools that factor in depreciation <br /> and building material. It is a very comprehensive algorithm. If need be, we also look at tax <br /> abatement opportunities in particular circumstances. <br /> Councilmember Dr. David Varner asked, Will there be any restrictions on the land next to the <br /> building? <br /> Mr. Buckenmeyer replied, We haven't worked through the whole detail of the purchase or <br /> development agreement as we are in the midst of it right now. <br /> Councilmember Dr. David Varner stated, That means that is a real possibility. <br /> Mr. Buckenmeyer stated, The Department of Community Investment will not do anything that <br /> damages our ability for future development. <br /> Councilmember Dr. David Varner stated, I think the public deserves an explanation of the <br /> overall planning of use for the remaining land. This is in a TIF District. <br /> Councilmember Oliver Davis stated, Would the use of the other part of the property have to <br /> come before us? <br /> Mr. Buckenmeyer replied, The purchase agreement would go through the Redevelopment <br /> Commission. <br /> Councilmember Oliver Davis stated,No, if they were requesting an abatement, they would. <br /> This being the time heretofore set for the Public Hearing on the above bill,proponents and <br /> opponents were given an opportunity to be heard. <br /> None from the public wished to speak in favor of or opposition to this bill. <br /> Councilmember Gavin Ferlic stated, Thank you, again, Community Investment and Great Lakes <br /> Capital for you investment. The creativity in terms of preserving TIF dollars and using the tax <br /> abatement keeps our ratio right in line with our goal of fifteen percent (15%). I couldn't be more <br /> excited to see a brand new office building in down town South Bend. <br /> Councilmember John Voorde stated, I would like to commend Community Investment and this <br /> Administration for taking advantage of an opportunity that has presented itself for the <br /> development of that piece of property. Opportunities to develop that property have come and <br /> 14 <br />