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From YouTube: City of Charleston Committee on Real Estate 2/13/2023
Description
City of Charleston Committee on Real Estate 2/13/2023
B
Hey
mayor,
how
are
you
I
think
we
can
go
ahead
and
get
started
here?
I
think
we've
got
enough,
I'd
like
to
call
the
February
13th
2023
meeting
of
the
City
of
Charleston
real
estate
committee
to
order,
let's
start
things
off
with
an
invocation
from
council
member
Greg.
C
Quick
moment
of
silence,
you
don't
mind
with
particular
focus
on
on
those
in
Turkey
who
have
suffered.
B
Amen.
Thank
you
for
that.
First
item
on
our
agenda
is
the
approval
of
the
January
23rd
2023
minutes
can
I
get
a
motion.
C
B
Aye
the
eyes
have
it
first
item
on
our
agenda
is
a
an
approval
of
a
third
amendment
to
a
lease
agreement
between
the
City
of
Charleston
and
the
Charleston
digital
Corridor
foundation,
and
this
is
over
on
997
and
9.99
Morrison
Drive
properties
owned
by
the
City
of
Charleston
Matt.
Do
you
have
the
honor
of
presenting
this
one
I.
E
Do
so,
this
is
a
request
from
the
Charleston
digital
Corridor
Foundation
to
extend
their
option
to
lease
what
is
known
as
building
Pad
2,
which
would
be
the
land
for
the
second
building.
E
C
B
And
properly
seconded
any
discussion,
Mr
Mayor.
A
E
There
I
don't
I,
don't
know
the
answer
that
I
know
they
have
schematic
design
already
and
they're
going
through
the
process.
I
think
it's
just
been
more
of
a
financing
with
speculative
office
building
and
interests
rates
that
have
kind
of
been
the
the
driving
issue.
I
think
as
soon
as
they
can
get
that
worked
out.
They
want
to
move
forward
with
the
project.
I
think
they're,
just
hoping
that
2023
will
ease
up
a
little
bit.
E
A
So
so
I
thought
suggestion
that
the
the
building
that
they
built
in
our
garage-
it's
all
spanking,
new
and
beautiful,
and
all
like
that,
and
then
you
have
this
undeveloped
site
that
it
just
kind
of
looks
so
out
of
place
with
the
rest
of
it
and
I
know.
When
you
build
a
new
building,
then
it'll
all
sync
up
together
and
I
would
just
say
that
you
know
if
this
thing's
going
to
be
more
than
a
year
from
now,
which
wouldn't
shock
me
that
they
do
some
activation
there.
A
You
know
put
plant
some
some
some
things
that
could
be
moved
later
on,
or
you
know
how
they
did
over
at
the
Medical
University
at
The
Greenway,
what
they
call
their
little
Greenway.
A
They
have
these
big
planters
that
you
can
actually
come
in
later
on
and
move
them
somewhere
else.
When
you
start
construction
or
just
you
know,
it's
part
of
that
area's
paved
I,
don't
think
they
wanted
to
do
any
parking
on
it.
But
you
know
maybe
they
could
do
a
pickleball
court
or
just
something
to
kind
of
activate
and
or
or
beautify
the
space.
E
A
A
A
B
A
A
Right,
his
mute
button
went
off.
F
A
F
I'm
sorry
I
just
updated
my
monitor
and
haven't
synced
up
my
monitor
the
computer.
So
what
would
I
open
the
computer
Mr
chairman
can
I
I
appreciate
Mr
Mayor
Mr
chairman
can
I
first
of
all,
I
appreciate
being
with
you
all
today
and
if
it's
okay,
if
I,
can
make
a
few
remarks
just.
F
Where
we
are,
we
have
actually
completed
the
schematic
designs
at
a
cost
of
about
135
000.
That's
something
that's
that's!
You
know
gone
on
over
the
last
six
months.
I
would
also
let
you
know
that
we
are
working
with
the
Mac
Reese
who's.
The
developer
at
West,
Edge,
I,
think,
based
on
what
we
saw
at
West,
Edge
and
based
on
his
his
performance
at
Georgia,
Tech
and
other
facilities.
We
just
thought
it
was
a
natural
fit.
F
F
The
way
we
currently
sit
I
might
be
preaching
the
choir
in
some
of
this.
The
way
we
currently
sit,
the
economic
uncertainty
is,
is
challenging
and
challenging
from
these
aspects.
Number
one.
The
current
debt
markets
are
kind
of
Frozen,
there's
no
Bank
willing
to
underwrite
a
large-scale
office.
Building
this
one
being
just
north
of
a
hundred
thousand,
so
imagine
at
phase
two
all
of
the
site
is
about
a
third
small
Loop
will
actually
contain
a
building.
That's
a
hundred
and
six
thousand
square
feet,
so
it'd
actually
be
bigger
than
the
92
000
CT
CTC
one.
F
So
you
don't
want.
You
know
the
at
the
end
of
the
day.
You
want
to
have
a
nice
blend
of
debt
and
equity,
because
the
building,
if
the
equity
requirements
are
going
to
be
the
investors,
are
going
to
be
looking
for
a
much
higher
return
translation.
The
interest
I
mean
I'm.
Sorry,
the
lease
rates
cannot
support
the
kind
of
return
that
the
Equity
investors
will
be
looking
for.
So
you
want
a
fair
amount
of
depth
of
project
like
this.
That's
number
one
number
two.
F
We
are
still
seeing
no
letter
in
the
cost
of
construction
and
we
anticipate
depending
on
who
you
talk
to
anticipate
that
the
demand
will
soften
a
little
bit.
But
if
you
think
about
it,
the
two
things
that
are
required
in
these
buildings
are
concrete
and
steel
and
that's
those
haven't
come
down,
but
but
there's
a
wait
and
see
kind
of
approach.
F
Number
three
there
is
the
general
consensus.
Is
that
once
we
get
past
the
sum
of
probably
drop
in
a
neutral
position
in
terms
of
interest
rates,
and
once
you
get
past
the
summer,
you
might
see
a
slight
decrease
it'd
be
at
a
quarter
to
half
point,
but
at
least
the
messages
that
we're
not
going
up.
As
we
currently
said,
there's
a
lot
of
uncertainty
at
the
federal
level
about
you
know,
which
way
we
go.
That's
not
inattractive
to
any
investors,
so
the
the
the
demand
that
we
continue
to
see
demand.
F
F
We've
got
to
be
some
good
stewards,
the
community
we,
but
ultimately
what
drives
the
decision
is
that
we
can
come
up
with
least
rates
that
other
companies
can
afford,
and
so
that's
the
reason
we
just
think
it's
logical
to
kind
of
wait
for
a
little
while
and
and
and
and
just
give
give
us
a
little
bit
of
breathing
room.
I
I,
don't
think
it's
my
desire
to
visit
this
issue
every
six
months.
I
think
that
the
extension
of
two
years
would
be
perfectly
fine.
I
think
that
God
help
us.
F
You
know
if
we
haven't
got
underway
by
then
I
think
we
would
probably
get
underway
sooner,
but
I've
always
been
a
brand
and
the
way
we
trade
me
personally
is
we
always
over
deliver
and
I
think
this
is
one
of
those
cases
we're
not
promising
a
bill
of
goods
and
then
coming
back
and
having
to
retreat.
So
I
think
the
better
thing
to
do
is
just
be
pragmatic,
we're
good
partners.
The
city
is
an
amazing
partner
with
the
CDC,
it's
Highway
shock
growth.
F
We
can
need
to
grow
but
give
ourselves
a
little
bit
of
breathing
room
to
get
this
done.
I
heard
the
mayor
speak
to
a
little
bit
about.
Maybe
you
know
helping
beautify
the
site.
I
would
be
happy
to
speak
with
Mack
Reese
about
developing
something
where
we
could
clean
it
up
even
more.
Currently
there
are,
there
are
outfit
there's
outfit
of
the
ground
floor,
the
basically
the
retail
level,
where
some
of
the
the
vendors
want
to
park
and
such
so
they
they
go
in
and
out.
F
So
that's
a
little
bit
of
a
challenge,
but
I
think
there
are
things
that
that
could
be
done.
I
would
just
say
that,
rather
than
clouding
up
an
extension
agreement,
let
us
let
us
focus
on
something
that
is,
you
know
somewhat
attractive,
I've
actually
verse.
Personally,
I've
just
been
I've
been
wanting
to
put
a
fence
around
the
property
just
to
control,
who
gets
access
to
that
site
and
and
it
doesn't
become
a
free-for-all
so
that
that
not
much
I
will
tell
you.
So
that's
all
I
have
and
I
appreciate
you.
B
Absolutely
thank
you,
Ernest
for
that
presentation
and
I've
had
an
opportunity
to
visit
with
you
over
at
the
existing
facility
and
it's
just
very
impressive
to
see
what
what
we're
doing
over
there
trying
to
get
this
high-tech
industry
moving
in
Charleston
and
look
forward
to
continuing
our
partnership
in
the
coming
years.
So,
thanks
again
for
everything
you
do.
Thank
you.
Councilman
Greg.
C
Thank
you,
Mr
chairman,
just
to
be
clear.
The
the
Pad
2
is
the
site
adjacent
to
pad
one
or
the
existing
building
just
north
on
Morrison
Drive.
Is
that
right?
It's
like
a
triangular
shape.
F
That's
correct,
sir:
it's
it's
immediately
north
of
the
property.
Okay.
B
A
B
F
I
I
just
I'm
meeting
with
Matt
tomorrow
and
discuss
something
that's
pretty
exciting.
That's
coming
up
so
I
hope
to
share
that
with
you
guys
in
short
order,
awesome.
B
Thank
you
thanks.
Ernest,
all
right
next
item
up
is
an
authorization
for
the
mayor
to
execute
an
emergency
access
easement
across
an
easement
owned
by
the
City
of
Charleston,
to
share
Brothers
LLC,
the
owners
of
the
one
and
only
silver
dollar
over
on
Upper
King
Street,
and
this
is
to
facilitate
a
required
emergency
exit
for
the
patrons
of
said
establishment,
Miss
Copeland.
G
Thank
you,
chairman
of
hell,
so
let
me
go
and
just
share
screen,
so
I
can
give
you
some
context.
If
you
don't
mind,
let
me
know
when
you
can
see
this.
G
We're
talking
about
right
here,
478
King,
Street
and,
as
you
can
see,
there's
a
back
patio
that
they've
been
using.
So
the
history
here
is
the
establishment
pulled
a
permit
to
put
a
cover
over
the
existing
patio
and
the
Fire
Marshals
discovered,
as
they
were
walking
through
here
through
this
process,
that,
in
order
to
exit
the
patio
here,
this
here
is
their
property,
but
in
order
to
get
out
to
here
to
Mary
or
Ann
Street,
there's
a
15-foot
easement
owned
by
the
city
that
runs
across
this
entire
back
needs.
G
The
require
Marshals
have
asked
that
share
Brothers
paper,
the
crossing
of
that
area
with
a
an
emergency
access
agreement,
easement,
which
we
have
put
together
this
for
you
today
and
we
recommend
approval.
Thank
you.
Let
me
know
if
you
have
any
questions.
I
also
have
Harry
wakert.
Is
the
council
for
share
brothers
and
he's
here
to
answer
any
questions?
If
you
have
questions
for
him
as
well,
I.
H
Am
thank
you
if
y'all
have
any
questions,
I'm
happy
to
help.
B
Good
deal
Mr
Mayor.
A
H
No
sir,
that's
not
authorized
by
the
project
at
all.
The
council
approved
it
a
while
back
without
with
a
specific
reservation
against
that.
Actually,
yes,
sir,
okay,
okay,
thank
you.
B
Any
further
questions
from
the
committee
I
see
that
there's
a
Indemnity
agreement
as
part
of
this
Arrangement,
which
takes
the
city
out
of
the
equation,
God
forbid,
if
there's
any
really
bad
situation
back
there,
which
I
think
is
certainly
a
selling
point
for
this
any
further.
B
Moved
and
properly
seconded
any
further
discussion
or
questions
hearing,
none
all
in
favor.
Please
signify
support
by
saying
aye.
A
B
All
opposed
hearing
none
the
eyes,
have
it
congrats
silver
dollar.
Thank
you
keep
doing
your
thing.
Thank.
B
Right
next
item
on
the
agenda
is
an
authorization
for
the
mayor
to
execute,
on
behalf
of
the
city,
a
First
Amendment
to
the
option
to
lease
between
the
City
of
Charleston
and
the
Grove
on
John's
Island
LP
Michelle
Johnson
is
this
yours.
D
Yes,
sir,
it
is
repel.
Thank
you
all.
This
is
an
option
to
extend
the
lease
to
the
developers
now
Grove
on
John's
Island
LP.
They
were
the
successful
bidder
to
construct,
affordable
housing
and
what
we
know
the
Fenwick
site
on
John's,
Island
and
so
it'll
be
the
Grove
on
John's
Island.
This
essentially
allows
them
to
continue
and
finalize
their
due
diligence
so
that
they
can
in
fact
begin
construction.
They
were
delayed
just
slightly.
D
This
agreement
expired
in
January
of
this
year,
but
they
were
a
little
bit
hesitant
about
moving
it
Forward
because
they
were
uncertain
about
what
state
housing
would
do
with
this.
The
tax
credits-
and
they
are
one
of
the
fortunate
groups
that
have
received
their
funding
letter
and
we've
sent
a
subsequent
letter
advising
to
the
fact
that
the
city
is
committed
to
this
project.
So
we
would
ask
your
approval
of
this
amendment.
Thank
you
before
approval.
A
B
B
E
C
B
E
B
Aye
sounds
like
the
eyes:
have
it?
Thank
you
Matt,
and
that
concludes
the
regular
portion
of
the
agenda.
We
now
move
on
to
the
annexation
component.
B
I
see
we
have
our
annexation
coordinator
on
the
line.
Molly,
do
you
want
to
run
through
these
real,
quick.
I
Yes,
we
have
the
two
right:
sorry
I
wasn't
able
to
see
on
your
screen:
okay,
perfect,
nine
Apollo,
Road
and
635
Magnolia
are
both
single
family
residences
in
Carolina,
Terrace,
Subdivision
they're
located
in
existing
service
areas,
and
we
don't
have
any
foreseen
issues
or
additional
maintained
right-of-way.
So
staff
and
City
plan
is
recommended
for
approval,
leave.
B
Moved
and
properly
seconded,
as
I
assume
for
both
items.
Any
further
discussion
on
these.
B
Let
let
the
record
and
scoreboard
so
reflect
and
we
will
we
will
we'll
get
you
next
time.
Any
questions
any
further
discussion
hearing,
none
all
in
favor,
please
signify
by
saying
aye.
C
B
The
eyes
have
it
unanimous
that
brings
us
to
the
close
of
our
agenda.
Does
anybody
have
anything
for
the
good
of
the
order
or
anything
real
estate
related?
They
want
to
mention
before
we
all
sign
off.
I
A
I
was
just
going
to
let
Harry
know.
I
love
live
music,
but
in
this
case
with
all
the
live
bands
I
hear
around
that
block
unplugged
would
would
be
good
and
even
preferable
to
recorded
music
unplugged.
H
I
Member
of
shade,
you
have
been
extremely
lucky
lately
with
all
my
annexations,
but
it's
Mr
waring's
turn
next,
so
don't
get
too
comfortable.
E
D
I
B
Stuff
all
right,
well
I
will
be
seeing
some
of
y'all
at
Public,
Works
and
utilities
in
a
few
minutes
and
the
rest
of
y'all
tomorrow
night.
Thank
you
all
so
much
and
we'll
see
you
soon
great.