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05-26-15 Common Council Meeting Minutes
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05-26-15 Common Council Meeting Minutes
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REGULAR MEETING <br />MAY 26, 2015 <br />Councilmember Gavin Ferlic, Chairperson, Community Investment Committee met this <br />afternoon and send bill 15 -39 to the full Council favorably. <br />Presenter: Chris Fielding, 14" Floor Dept. of Community Investment — Before you have a <br />resolution for a (10) ten year real property tax abatement. This is a partnership between the <br />historic JMS building, LLC, Great Lakes Capital, and Earth Design. They are looking to invest <br />approximately $7.6 million into the building creating 60 -68 apartments above the current <br />commercial space. There will be no office space above the first floor. The return on investment <br />is five (5) years, creating eight (8) new jobs. Total taxes to be paid over the ten (10) year period <br />are $2,121,000, and total taxes to be abated over the ten (10) year period are $630,000. They are <br />currently purchasing three numbers, but only doing the abatement for one number. <br />Petitioner: Frank Perry, 3617 McKinley Ave, South Bend — I own a minority consulting firm, as <br />I am the minority partner. We would be creating 60 -68 apartments, high -end apartments. I am <br />excited about bringing this project. We are in the final stages and looking to deliver apartments <br />around June of next year. <br />Councilmember Oliver Davis — Can you address the parking in that area with 60 new homes <br />coming? Chris Fielding responded the third attachment on your handout highlights the parking <br />to the north of the JMS. Great Lakes owns the parking lot to the east of the building, and have <br />leased spaces from the main street building garage. Councilmember Davis asked what happens <br />with their guest when they come to visit. Chris replied any time after 5pm the parking garages <br />are free, and with two street conversions there will be additional street parking available. <br />Councilmember Dr. David Varner — With regards to the high -end finishes what is the dimensions <br />of the apartment? Frank replied the average will be north of 850 sq. ft., there will be studio and <br />one bedroom apartments. They will run in price from $700 to $1600 depending upon view and <br />space. <br />Councilmember Henry Davis — I think this is a great idea. My question is with all the projects <br />going on when is the last time we did a market study on where we are economically, especially <br />when I haven't seen an influx in new jobs? Where is this money going to come from to support <br />all these new developments? Chris responded we did commission a study in 2012, by a national <br />urban housing establishment, which gave an S.W.O.T. analysis that estimated downtown could <br />absorb 5 downtown housing units. We are still significantly under that number. Urban living is a <br />shift in our culture now, and South Bend plans to capitalize on that. Councilmember Davis <br />stated I don't want our City to end up like what happened to Mishawaka. I'm simply asking <br />these questions to avoid those things. <br />Councilmember Oliver Davis — If all these apartments come downtown, what groceries stores are <br />coming downtown as we don't have a convenient place for them to go? Chris replied there is a <br />grocery store a block from downtown. We have a smaller market down the street. It has always <br />been a question do we build the apartments or the grocery store. We build the living space and <br />businesses will see the opportunity to build. <br />Councilmember Henry Davis, Jr. — Is this the reason why we went to the two -lane streets for $40 <br />million? Was that a part of the market study for new business and how traffic flows downtown? <br />Chris responded they did not recommend that we did that, however it is one of the catalyst for <br />growth downtown, and why you see retail space created under the hotel. I can't give you an <br />answer but it all plays together as part of the vision. Councilmember Davis responded if that is <br />the case then why was it not in the study? Chris replied we had already told them we would be <br />doing the two -way streets, without it we had no reason to do the study. <br />This being the time heretofore set for the Public Hearing on the above bill, proponents and <br />opponents were given an opportunity to be heard. <br />There being no one present wishing to speak to the Council either in favor of or opposition to <br />this bill, Councilmember Mr. Gavin Ferlic made a motion to adopt this resolution. <br />17 <br />
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