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Councilmember Jo M. Broden asked why the project did not materialize with the first company. Scott Ford responded it was just an issue of timing and how many projects they had going around the state and which could provide a fastest return. Seperately, the City has had a great relationship with Real America and this is the type of rehab and project they specialize in. Councilmember Jo M. Broden asked if Great Lakes Capital gained any benefit under the initial abatement. Aaron Kobb responded no because they never even started. Jeff Ryan stated the building was never in the possession of Great Lakes. Ownership of LaSalle went straight from the City to Real America. No one from the public spoke in favor or in opposition to the bill. Councilmember Regina Williams- Preston made a motion to send Bill 16 -13 to the full Council with a favorable recommendation. Councilmember Randy Kelly seconded the motion which carried by a voice vote of three (3) ayes. Councilmember Oliver Davis arrived at the meeting at 3:38 p.m. This brought the total committee members present to four (4). Bill Nos. 16 -14 to 16 -17 Four Confirming and Modifying Real Property Tax Abatement, 211 W. Washington (The Tower at Washington Square) Councilmember Randy Kelly made a motion to hear the substitute Bills 16 -14, 16 -15, 16 -16 , and 16 -17. Councilmember Regina Williams- Preston seconded the motion which carried by a voice vote of four (4) ayes. Aaron Kobb, Community Investment with offices on the 14th Floor of the County City Building, served as the presenter for the four (4) bills. These confirming resolutions are the follow -up to the unanimous vote made on the declaratory resolutions last fall. The project will have an estimated private investment of $30 million dollars that will create a mixed use project consisting of a new hotel, residential units, retail space, and a refurbished parking garage that will be available for public use. This is scheduled to create at least eighty -three (83) new jobs over the next ten (10) years. The estimated taxes to be abated are just over $3.7 million. The estimated taxes to be paid are just over $2 million dollars. Mark Neal, Chief Operating Officer for Bradley Company LLC with offices 112 W Jefferson Blvd Suite 300, served as the petitioner for these bills. Currently there are plans for one hundred and eighty -three (183) hotel rooms, eighty -six (86) apartments, as well as over fifteen thousand (15,000) square feet of retail space on the ground floor. The work is continuing since the original declaratory resolutions passed in October and work on the parking garage should be completed next month. A complete demolition has occurred in the building removing everything except