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COMMUNITY INVESTMENT JULY 14.20144:05 P.M. <br />Committee Members Present: Gavin Ferlic, Valerie Schey (AB), Henry Davis, Derek Dieter <br />Other Council Present: Tim, Scott, Dr. Fred Ferlic, Dr. David Varner, Oliver Davis, <br />Karen White <br />Citizen Members: Austin Cabello, Patrick Mullin <br />Others Present: Brook Zeeb, Dave Mathews, Rick Deahl, Tim Sexton, <br />Brad Toothaker <br />Agenda: Bill No. 14 -66 Real Property Abatement (SYear) <br />River Race Townhomes —140 Niles Ave. <br />Bill No. 14 -67 Real Property Abatement (7 Year) <br />Catalyst LLC— Lot 7 Ignition Park <br />Bill No. 14 -68 Approve Tax Increment for Erskine Village <br />Collection Allocation for 2015 <br />Gavin Ferlic, Chair of the Community Investment Committee called the meeting to order with three bills <br />schedules for review and recommendation. <br />The first bill 14 -66, was a petition for 9 year real property tax abatement for River Park Townhomes LLC <br />at 14n Niles Avenue. <br />Brock Zeeb, Director of Economic Resources made the presentation. He described the project as having <br />an estimated construction cost of $7,104,600 with a square footage of 60,888. Taxes abated were <br />estimated at $795,000. Taxes paid over the life of the abatement total $1,176,000. Brock said the <br />petition met all requirements for 9 year abatement. <br />Dave Mathews, the developer, was present for questions. <br />During the Council portion, Henry Davis expressed a strong desire to incorporate "flow back' benefits to <br />the community to this or any future abatements. These might include hiring locally for contractors and <br />any job creation. <br />There were no questions from the public. <br />On a motion by Derek Dieter seconded by Gavin Ferlic the bill was sent to Council favorably by a vote of <br />2 -1 with Henry Davis dissenting. Valerie Schey was absent. <br />Bill 14 -67 was next on the agenda. <br />1IPage <br />