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10-14-13 Common Council Meeting Minutes
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10-14-13 Common Council Meeting Minutes
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REGULAR MEETING OCTOBER 14, 2013 <br /> <br /> <br /> <br /> <br />Nick Surak: the Near Northwest will form a for-profit LLC, to be the general partner and a <br />member of that LLC will be Near Northwest. <br /> <br />Councilmember Schey as a for-profit LLC what, the mission I would image of the for-profit <br />entity would be slightly different than the mission of the not-for-profit community development <br />corporation so do you anticipate that you would be beholden to the same sort of standards that a <br />not-for-profit would? <br /> <br />Karen Ainsley: Our mission is specific to affordable housing right now, revitalization and <br />stabilization of the area, so it aligns perfectly with our existing mission. <br /> <br />Nick Surak: It’s a single purpose LLC and that’s the purpose of having an LLC is to limit your <br />liability and that is why it would be separate for Near Northwest is to limit liability as any <br />business that organizes would opt to do the same thing. As a matter of fact non-profits are very <br />active in tax credit developments and some of the biggest national developers are organized as <br />non-profits. <br /> <br />Councilmember Schey: Karen for this limited partnership other than yourself who would be on <br />the board. <br /> <br />Karen Ainsley: We haven’t organized it yet. We won’t organize it until the tax credits are <br />awarded. <br /> <br />Councilmember Schey: So back to the abatement request and I apologize to those you have <br />already been here this afternoon but I will be redundant on the abatement request that is before <br />the Council is a separate and distinct issue from the tax credits so I don’t want to confuse the <br />two. So with the tax abatement request that is before the Council tonight there was a request <br />made that would the NNN be willing to enter into an agreement which ensures that this project <br />provide some sort of benefit to our community. We certainly realize that any new building <br />ultimately increase the amount taxes collected but we are looking for a more direct benefit. If <br />this project goes forward can we move a couple of South Bend residents from the unemployment <br />line to the employment line? <br /> <br />Karen Ainsley: As we talked to you earlier we said that there is a 4% commitment to minorities, <br />to women, to veterans and so 4% of the project which is a substantial dollar amount will be <br />allocated to that. So we will commit that to you. <br /> <br />Councilmember Schey: Ok. The issue raised earlier by members of the minority community is <br />that commitment has been made in the past and has not been met. <br /> <br />Council Attorney Kathleen Cekanski-Farrand asked for a point of order. The controlling <br />sections of the City Code in particular the Community Investment Department gave a <br />recommendation upon reviewing the ¼ inch of material that the abatement petition before us <br />meets the qualifications for a three to six year real tax abatement under Section 2-77 Multi- <br />Family Residential Developments and other criteria with regard to a minimum amount of <br />investment with regard to a 20% units made available for low and moderate income and that the <br />base abatement would be 3 years and then there is a potential for add on abatements. So that is <br />the criteria under the city code. There is no mechanism to add, there are MOA’s that can be <br />added. Again, only what is in the City Code or under Title 6 Indiana Code. And I would also <br />like to add that I have discussed my opinion with Corporation Counsel and she concurs with me. <br /> <br />Councilmember Schey: Thank you for that additional information. As a Councilmember I still <br />that I have the right to ask the question. So the members of the community that had come <br />forward had said that commitment has been made in the past, but not met. So how do you <br />anticipate that this project will be different? <br /> <br />Karen Ainsley: I don’t have knowledge of what they are referencing in the past, I can only speak <br />to this project that we have before you. And for this project before we have before you we are <br />saying we will commit to 4% being representative of minorities, women and veterans. <br /> <br />18 <br /> <br /> <br />
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