05-26-15 Community Investment - Laserfiche WebLink

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it was vacant. This is the College Football Hall of Fame. The City proposes to sell the building to the developer to convert it into corporate office, restaurant, and event space in conjunction with a nine story hotel to be built next door. The hotel abatement request was for nine years. The hotel would cost an estimated $9.25 million to build having 120 rooms and retail space as well. Chris Fielding from Community Investment made the presentation. Anat Patel from JSK Development was present to answer questions. Henry Davis asked the appraised value and the selling price of the Hall of Fame. Chris said the building was appraised at $2.4 million and sold for $1.2 million or a 50% discount. This bothered Henry who was annoyed that Chris would not own up to the fact that $1.2 was left on the table. Dr. Fred Ferlic asked if there were any other offers. Chris said there was one for the Hall of Fame at $1.5 million but was not parlayed with a hotel. On motions to send favorably by support from all both bills were forwarded favorably. Gavin said the nest bill 15 -33 would be continued until June 81" at the request of the petitioner. Proper motions without dissent sent this request to full Council favorably. Bill 15 -37 was a request for a five year personal property abatement filed by Schaefer Industries at 1701 Nimtz Parkway. As presented by Brock Zeeb from Community Investment and Stan Blenke from Schaefer the request for abatement was to offset the $2.5 investment in new machinery to meet growing business. Sarah Heintzelman from Community Investment added detail to the request. Following brief Council Q & A, Dr. Ferlic moved for a favorable recommendation Gavin Ferlic seconded. There was no dissent. Bill 15 -38 was a request for a five year personal property abatement filed by Masterbilt Inc. of 325 S. Walnut. They manufacture parts primarily for the aerospace industry. The $600,000 investment in equipment would keep six jobs and create four more. Rob Miholich a VP at Masterbilt was present to answer questions subsequent to Chris Fielding's presentation. After brief discussion Dr. Ferlic motioned for a favorable recommendation Gavin Ferlic seconded. There was no dissent. Bill 15 -39 was a 10 year real property abatement request from the Historic JMS Building LLC. Chris Fielding with the help of Frank Perri, one of the partner developers, described a $7.6 million investment in the building to convert the office building into 60 -68 market rate apartments. The project qualifies for abatement in that it is part of the CBD. Following discussion about the size of the apartments and their rental rate, the proper motions were made again by the Gavin and Dr. Ferlic and when voted upon to send favorably, passed without dissent. The final agenda item, bill 15 -41 was explained by Randy Rompola, attorney representing Noble Americas South Bend Ethanol Plant. He said the previously Council approved inducement resolution in the amount of $25 million now needed to be in the amount of $50 million. The most important aspect of the revenue bonds represented here was that the city was not in any way liable should the bonds