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A
We've
got
a
quorum,
so
why
don't
we
get
started?
I
would
like
to
call
to
order
the
economic.
A
Development
commission
meeting
wednesday
may
12
2021
and
it's
about
4
18
p.m,
and
we
are
doing.
A
All
right,
I'm
freezing
up
so
I'll.
So
why
don't
we
do
a
roll
call.
C
D
A
A
C
Included
in
the
packet
today,
but
we're
really
staff
is
excited
today
to
bring
to
you
two.
C
Development
that
will
have
48
units
at
80,
ami
and
below,
and
then
it
also
features.
C
C
Diversify
you
know
the
property
and
the
the
residents,
so
real
america
handled
this
project.
C
C
C
C
C
C
Housing
marketplace.
They
feature
prominently
community
partnerships,
they
have
a
willingness.
C
F
Clear
clarity
on
the
timing,
the
tax
abatement,
low
income,
housing
tax
abatement,
application.
F
Actually
was
awarded
in
february,
it's
a
very
competitive
process,
and
so
it
you
know,
sort.
F
At
the
time
depict
them
so
that
so
so
that's
a
very
important
element
of
what's
going
on
here.
F
F
We
wanted
to
make
sure
way
back
when
that,
as
switch
yard,
was
starting
to
take
shape,
that
it.
F
Provided
an
opportunity
for
all
types
of
economic,
you
know
of
of
of
of
income
levels
to
live.
F
We're
trying
to
signal
to
the
development
community
that
we
want
good,
attractive.
F
Around
the
park-
and
so
this
is
really
kind
of
a
premier
development
in
that
in
that
signaling.
F
F
Should
do
it
and
also
where,
but,
but
that
you
know
that
that
the
that
the
adjacency
to.
F
The
entrance
is
particularly
important
because
of
its
accessibility,
therefore,
to
the
park
so.
F
Speculation
around
around
the
park
there's
been
an
approved
development
on
the
on
the
west.
F
Side
that
you
know
is
is
will
be
important,
which
is
not
not
involving
the
city,
so
so.
F
There's
there's,
you
know,
there's
a
precedent
to
this
and
there
was
very
much
a
plan
to
get
us.
F
To
this
point,
so
the
second
broad
context
is,
you
know
we
do
look
at
precedent.
We
look
at
how.
F
F
F
F
On
a
per
unit
for
preferable
housing
unit
basis,
and
we
try
to
you
know
we
try
to
set
set
some.
F
In
addition
to
the
significant
value
of
the
land
that
that
is
part
of
of
the
support
package.
F
We
feel
the
tax
abatement
on
a
you
know
on
a
per
unit
basis
and
and
the
land
value
together.
F
And
that
you
know
our
local
support
and
in
light
of
the
fact
that
it's
a
nine
percent
low.
F
Income
housing
tax
credit
deal
is
is
being
leveraged
very
effectively,
for
you
know.
F
Outside
dollars,
so
so
what
that
translates
into
here,
you
know,
as
you'll,
see
in
the
chart.
F
Is
is
we
have
if
you
can
scroll
down
a
little
bit
jane
to
the
you
know,
we
have
a
schedule.
F
We
feel
that
it
is
both
from
a
gross
value
perspective
and
a
net
present
value
perspective.
F
An
appropriate
amount
of
of
local
tax
abatement
you'll
also
note
that
the
developer
will
be.
F
F
Level
of
what
we've,
what
we've
done
in
the
past
and
what
we
think
is
appropriate
now,
the.
F
F
The
land
value
was
appraised
at
975
000.
That's
you
know
an
indication
of
of
what's
happening
in.
F
The
marketplace
around
switzerland
park
it's
gone
up
significantly,
since,
even
when
we
purchase.
F
It
in
terms
of
land
value,
so
you
know
we
when
we
looked
at
a
a
cumulative
investment
per
unit.
F
F
F
But
even
at
the
high
end
of
the
current
appraised
value,
this
thing
falls.
You
know.
F
Solidly
within
within
the
the
parameters
that
we
have
established
for
ourselves.
F
And
and,
and
that
you
know
the
fact
that
the
land
is
appraised,
so
high
also
speaks
to.
F
F
This
is
a
exactly
the
the
best
use
that
we
can
see
for
this
parcel
from
a
community-wide.
E
E
And
so
she
has
a
general
contracting
company
and
we
also
have
a
design
company,
because.
E
The
state
and
we've
been
doing
it
for
a
quarter
century.
Now,
a
couple
of
clarifications
on
this.
E
E
Half
now
and
that's
how
long
these
take
to
get
put
together,
for
you
know,
for
the
city
to.
E
E
Ahead
on
it,
we
just
got
our
first
civil
engineering
drawings
this
week,
our
architect.
E
E
For
what
the
plans
really
look
like
and
our
partnership
with
stone
bells
can.
E
Be
great,
not
only
are
we
providing
space
within
the
building
for
them
to
serve
their
clients.
E
We're
setting
aside
ten
units
specifically
for
their
clients
and
having
the
the
building.
E
E
E
Excited
about
this
and
and
very
much
look
forward
to
putting
a
shovel
on
the
ground
in
a
few.
E
Months,
thanks
jeff,
so
do
we
want
to
look
for
questions
as
I
was
going
to
ask?
Is
there
any
more.
A
If
not,
we
can
open
it
to
questions
from
commission
members.
Jeff
yeah
thanks
a
great
presentation.
E
Not
within
the
affordable,
30
and
an
80
unit
are
identical
and
they
actually.
E
E
G
E
Apartments
will
be
owned
by
retreat
at
the
switch
yard
lp,
and
then
we
have
a
the
general.
E
Partner
is
retweet
retreat
at
the
switch
yard,
gp
llc
and
that
is
owned
by
ronda
and
mike
cerak.
E
E
E
Equity
partner
that
will
be
able
to
get
the
tax
credits
and
the
depreciation
to
put
in
the
equity.
E
Then
we
will
have,
we
have
another
owner
which
is
switch
yard.
Mr
llc
and
that's
the
market.
E
E
Be
set
up
as
a
condo
with
those
two
owners,
that's
great
and
then
actually
this
is
a
question
more.
G
I
think
for
alex
on
the
abatement
schedule,
what
were
the
I
couldn't
back
into
those
numbers.
G
And
the
tax
abated,
what
what
av
did
you
use
and
did
you
just
use
the
rate
for
perry,
township.
F
F
F
Use
a
investment
value
and
then
derived
down
from
there.
What
what
assumptions
have
gone.
F
F
It
has
a
it
has
an
accelerated
value
over
time,
so
it's
a
three
percent.
If
I'm
not
mistaken,.
F
Annual
tax
liability
from
the
schedule,
and
then
you
apply
your
percentages
against
it
to
abate.
F
And
the
discount
rate
was
on
the
guidance
of
the
controller's
office.
D
I
have
a
question:
do
you
have
a
question
yeah
just
looking
at
the.
E
E
E
Because
the
70
and
80
units
just
became
available
in
the
tax
credit
program
a
couple
years
ago,.
E
Do
one
and
two
bedroom
units-
and
that
is
the
largest
market
of
renters
generally.
E
Not
talking
about
student
renters
but
real
people,
and
but
then
also
with
our
discussions.
E
E
E
With
with
the
units
so
there's
it
goes
into
that
also
just
from
a
architectural
standpoint,.
D
Okay,
thanks
yeah,
I
just
I
really
had
no
idea.
I
guess
when
I
think
about
three
bedroom
units.
E
E
They
every
unit
will
be
at
least
visible
by
them.
Some
of
them
are
fully
accessible.
A
Just
trying
to
get
a
sense
that
that
one,
that's
exactly
what
I
was
looking
at.
E
There's
only
one
curb
cut
on
walnut
and
then
from
there
we
have.
You
know
we'll
go
off
of
that.
E
A
Sort
of
I
don't
want
to
use
the
word
barrier,
but
what
what
type
of
divider
will
you
have.
A
Because
you
know
that's
that's
a
pretty
interesting
neighbor.
Let's
put
it
that
way,.
E
E
Them-
and
so
I
I
see
it
now-
I
see
it
now-
I'm
I'm
looking
at
the
smaller
print
now,
so
I.
A
E
To
get
the
64
units
in
there
plus
the
commercial
space,
so
we
we
had
to
grab
the
shoe
horn
on
it.
F
I
can
also
kirk
chime
in
a
little
bit,
which
is
you
know,
I
think.
F
I
think
it's
safe
to
say
that
over
the
long
term
you
look
at
a
building
and.
F
F
And
so
we
we
have
considered
that
we've
looked
at
that
we're
continuing
to
look
at
that.
F
Case
moving
forward
for
them,
so
so,
for
the
time
being
you
know
the
development
is
working
with.
F
The
lot
as
it's
currently
been,
you
know
what
the
future
holds
is
a
little
bit
less
certain.
D
Is
that
are
they
do
you
know
which
ones
those
are
or?
Is
that
just
going
to
also
be.
E
E
May
have
where
they
aren't,
or
it
could
be,
a
family
that
has
a
client
with
stone
belt
that
that.
E
Wants
it
that
you
know
so,
it's
we'll
see
who
comes
in
but
those
are
set
aside.
We
cannot
rent
those.
E
To
to
other
people,
unless
we
absolutely
cannot
fill
them
with
clients
of
stone,
belt
or
similar.
E
Another
organization
that
had
clients
to
refer,
then
we
would
certainly
take
them.
A
G
You
mentioned,
or
I
think
somebody
mentioned
at
least
how
successful
we
were
in
using
the
nine.
G
Investment,
those
those
credits
generated
over
the
over
the
last
couple
of
years.
G
If
you
have
that
data
available,
it's
usually
it's
it's
either
it's
four
or
five
to
one
from
a.
F
From
an
outside,
you
know,
tax
credit
perspective
right
so
for
every
dollar
we
put
in.
We
look
at.
F
F
Investments
that
are
happening
so
so
it's
you
know
it's
really
robust
and
and.
F
The
more
successful
you
are
that
that
you
know
it
becomes
harder
and
harder
to
actually.
F
Get
nine
percent
deals
in
town,
but
but
we
will
be
and
and
continue
to
pursue
them
in.
G
Okay,
so
you
do
have
that
30
boost
anyway
thanks.
It's
also
opportunity
zone.
E
For
opportunity
zones
now
real
america
has
an
opportunity
zone
fund.
So
we
put
some.
A
Hey
cake,
hi,
helpful
thoughts,
questions.
How
does
parking
work.
E
Got
parking
this
under
the
building.
That's
the
hashed
part,
that's
showing
here
and.
E
The
parking
will
be
free
and
just
open
to
the
residents.
D
E
Thank
you.
We
also
will
have
wi-fi
that
will
be
included
in
the
rent
for
all
of
the
residents.
E
E
D
Are
those
included
in
rent
or
separate
the
water
sewer
trash
are
included
and
electric.
E
E
E
D
D
Including
electric-
and
this
is
an
expensive
right
out
right
out
the
gate
but
like
solarizing
and.
D
Then
including
the
electric
in
the
rent,
so
solar
is
extremely
expensive.
We
just
did
a
net.
E
Zero
development
similar
to
your
b-line
flats.
I
believe
I
forget
the
exact
name
of
yours
and.
E
We
have
one
in
lafayette
that
is,
net
zero
and
just
that
part
cost
well
over
a
million
dollars.
E
E
Yeah,
it's
energy
star
appliances,
it's
better
insulation,
better
ceiling.
E
Is
is
all
better
than
what
you
would
get
from
a
typical
apartment.
C
All
righty,
sorry,
I
should
have
put
them
at
the
end
of
the.
C
C
In
two
parcels,
under
the
legal
description
we
have
to
have
the
designation
of
the
era.
C
Which
is
the
recommendation
for
the
abatement
as
detailed
in
the
included
schedule?
This
is.
C
A
recommendation
to
the
common
council,
who
would
actually
vote
to
formally
approve
the
abatement.
A
Great
thanks,
jane
I'd,
entertain
a
motion
for.
A
Resolution
2102
move
approval
of
resolution,
21-02
designation
of
an
economic
revitalization
area.
A
C
G
A
All
right
hearing-
none,
let's
jane
you
ready
to
do
the
honors
yep
jeff
mckim.
Yes,.
C
A
We
can
say
that,
on
behalf
of
the
the
commission,
we're
pretty
much
pretty
impressed
by
the.
A
How
to
talk
and
be
better
so
I
appreciate
that
and
thank
you
very
much
and
this
summer.
E
We'll
be
having
a
groundbreaking,
and
I
will
get
info
to
you
through
alex
and
john.
A
That's
great,
I
guess
I
should
go
back
and
see
what
else
on
the
agenda.
C
We
do
have
one
more
item
relating
to
the
timing
of
our
annual
abatement
presentation.
C
B
First
before
it
goes
to
common
council,
for
you
all
just
to
kind
of
see
it
and
know,
what's.
B
B
Crunched
our
time
with
the
common
council
consideration,
they
need
to
consider
it
before.
B
June
10th
this
year,
so
we're
not
going
to
be
able
to
have
a
meeting.
So
we
wanted
to
address.
B
Actually
three
different
ways
we
can
handle
it,
which
we
can
give
you
the
option
for
which
is
one.
B
B
Of
benefits
meets
the
criteria,
and
the
third
way
is,
we
could
do
a
unanimous
consent
over
email.
B
B
So
we've
done
this
annual
presentation
the
same
way.
We
typically
do
tax
maintenance,
but.
A
Have
a
special
meeting,
but
I'm
more
than
willing
to
entertain
other
recommendations.
A
Ahead
of
time,
I
figured
that
would
be
the
case.
Jeff
larry,
thanks
jane
anything
else.
C
A
We
all
have
that
meeting
on
our
calendars,
so
yeah.
The
only
other
question
I
have
for
you
jane
is.