05-13-19 Council Minutes - Laserfiche WebLink

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REGULAR MEETING May 13, 2019 Dan Buckenmeyer, Director of Business Development for the Department of Community Investment with offices located on the 14th floor of the County-City Building, South Bend, IN, served as the presenter for this bill. Mr. Buckenmeyer stated, This is the second (2°) of two (2) spec buildings tonight, as I noted earlier. It is going to be right next to the bypass and just north of Nimtz Parkway. Everyone knows Tire Rack, and that will be just northwest of it a little bit. It takes an empty site and it will soon house a 225,000 square foot building with some forty (40) dock positions. If they need more, they will add them. It is about $13 million in investment. These numbers are always conservative, as we go through all of these. Again,there is direct access to the bypass and I-80/90. And again, we don't specify a number of jobs, but we are confident there will be significant job growth with this size and scope of a facility. This is being done by another great partner in South Bend. The land owner is Nimtz Land LLC, but Holladay Properties is the developer. Paul Phair is here from Holladay to answer any questions you may have. Paul Phair, 227 South Main Street, South Bend, IN, served as the petitioner for this bill. Mr. Phair stated, I want to thank you all, first (1St) for the opportunity to be here again tonight. And, thank you to Dan and the Department of Community Investment for all of their assistance and help through this process. We are really excited about the project. It continues the trend and momentum of industrial development out in this area and really taking advantage of a great infrastructure asset where we have the toll road and US-31 intersecting.Although we are competitors with Great Lakes with spec building, we are really excited to have both buildings going at the same time. It will generate more eyeballs from outside the area when we have that much square footage coming online. I'm hoping that is a positive for us as well as the entire area. It is a significant investment for us and for the community. The tax abatement is vital in really helping to offset some of the risk going into it as a purely speculative development. We appreciate the support and I am happy to answer any questions. This being the time heretofore set for the Public Hearing on the above bill, proponents and opponents were given an opportunity to be heard. There were none. Councilmember Gavin Ferlic then made a motion to adopt Bill No. 19-31. Councilmember Jake Teshka seconded this motion which carried by a roll call vote of seven(7) ayes. 19-34 A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, APPROVING AND AUTHORIZING CERTAIN ACTIONS AND PROCEEDINGS WITH RESPECT TO CERTAIN PROPOSED ECONOMIC DEVELOPMENT REVENUE BONDS AND RELATED MATTERS Councilmember Gavin Ferlic, chair of the Community Investment Committee, reported that they met this afternoon and send this bill forward with a favorable recommendation. Chase Schulte, 425 South 25th Street, South Bend, IN, served as the presenter for this bill. Mr. Schulty stated, We are requesting for the Common Council to approve the inducement of tax exempt and private activity bonds for the rehabilitation of Cedar Glen Apartments located at 425 South 25th Street. I can run through this as quickly as possible or can go through the full presentation (which is available in the City Clerk's Office). We are merchants of affordable housing corporation. Councilmember Jo M. Broden replied, Your overview was and would be very instructive, but one (1) of the pieces we didn't go over in detail was the breakout in revenues and expenditures. You have a specific page on that and that would meet my needs and I don't know if there are others but thank you. Mr. Schulte clarified, In terms of the sources and uses of the project or are you looking for rental revenue? Councilmember Jo M. Broden took time to find the page her question pertained to. 6