December 14, 2017, 9:30 am, 13 Floor, County-City Building
Present: Ben Dougherty, Dave Relos, Marcia Jones, Don Inks, Gavin Ferlic, Kintae Lark
Absent: John Anella
A. River West Development
1. Issued a Certificate of Completion for Xanatek Corporation for 402 S. Lafayette
2. First Amendment to Real Estate Purchase Agreement with Cressy & Everett Commercial Corporation)
45 more days extension concerning the Shops and Garages for Leighton
3. First Amendment to Temorary License Agreement for Site Examination with Great Lakes Capital Development LLC
This is for the property at Jefferson and Main
NOTE: Instead of getting independent appraisals and bidding the property, Community Development is looking at selling the property to them for $50,000.
Proper procedure would be the independent appraisals. This is the same development project receiving a FULL 6 YEAR ZERO TAX ABATEMENT for $1,269,000.
Common Council approved this ZERO TAX ABATEMENT. Dr. David Varner was the only "Nay" vote.
4. 933 Lincolnway East INDOT is planning to Repair and Stripe the roads between Sample and Twychenham
The City is looking at expanding the sidewalks at the same time to connect the River Front Parks and Trails
B. River East Development
1. Budget increase request of $2,800 for boring for the skating rink at Howard Park because of soil issues
2. Development Agreement with Greater Lowell Holdings (Frank Perri)
J.C. Lauber Building will have about 8,300 sq ft after some parts are torn down to provide more parking
There will be a minimum investment of $2M
Plans are for Retail and Restaurant spaces
LaSalle Body Shop will become "The Garage"
It will have about 5,300 sq ft of space for events and office space
There will be around $1.4M of private investment
J2 Marketing is planning to move into this space
Taxpayers will provide $400,000 in TIF money to pay for parking lots, facade improvement and stormwater
"Stormwater" was not clarified as to if it will be physical improvements to deal with it or a waiver of the onetime fee or both
NOTE: We do not know if Tax Abatements will also be given for this development.
Community Development is pleased the Common Council agreed to the FULL 6 YEAR ZERO TAX ABATEMENT of $1,269,000
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Citizens attending community events to inform other Citizens.