09-28-93 Human Resources & Economic Development

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t Mr. Mike Beitzinger then reviewed the report of the Department of Economic Development dated September 15, 1993, which found the petition to meet all of the tax abatement criteria. Ann Kolata and Jon Hunt then made the presentation. It was noted that RKE, Inc. is in the business of developing, constructing, and managing multi-family housing. The project would restore, renovate and convert the historic Stephenson Mill Company (aka Opelika Building) into multi- family residential housing. The building will be listed on the National Register of Historic Places. It will have a total of 39 one or two bedroom apartments. Mr. Richard Arnesen and Helen Bradberry of the Alexander Company then made a further presentation. They also showed an artist's rendering of the proposed project upon completion. Following favorable discussion, Council Member Duda made a motion, seconded by Council Member Slavinskas, that Resolution No. 93-73 be recommended favorably to Council. The motion passed. It was also noted that a similar project, namely The Pointes, currently has a 100% occupancy rate with the lowest for that facility being 94%, and that they charge between $600 to $650 per month for two bedroom apartments. Council Member Kelly then noted that the next items to be reviewed were Resolution No. 93-76 which addresses the application for an Enterprise Zone Boundary Modification and Resolution No. 93-75 which adopts a Five Year Strategic Plan for the Enterprise Zone. Pam Meyer made the presentations on both proposed Resolutions. She provided hand-out material addressing the boundary changes. It was noted that the Enterprise Program is ten (10) years old. November 18th is the date a final presentation will be made before the Enterprise Zone Board. The maximum square miles permitted within the City would be three (3) . She also highlighted the areas that are proposed to be deleted, namely Area One which has poor soil conditions and demucking problems, and is the vacant land located behind the old RACO facility. The second area is the home plate of Coveleski Stadium, revisions to commercial and industrial areas and residential addressing the Southeast Neighborhood. State criteria addressed population, poverty levels, and unemployment rates. Properties for the next four (4) years incorporate an Area Development Program, a continuation of the Incubator Program and employment which would basically be a catalyst approach. It was noted that the Lilly Endowment is also interested in financing and assistance consistent with these overall concepts. It was