WEBVTT

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- Welcome to the Redevelopment Commission meeting for the City of Bloomington for August 3rd, 2026. We

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- will start the meeting with a roll call, please. Sue Scambaleri here. John West here. Randy Cassidy.

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- Randy Cassidy present. Laurie McRobbie present. And Deborah Meyerson here. Can we have staff present,

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- please? Anna Killian Hansen, Director here. Christina Finley, Hand Department.

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- Jeff McCamm City Controller. Can be Caswell Hand Department. Jane Coopersmith Economic and Sustainable

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- Development. Thank you.

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- So the first item on our agenda this evening is presentations for College Square from respondents who

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- originally submitted their proposals on July 20th. We've invited each of them to do 20 minutes

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- in presentations so that we can have public viewing of the presentations. And then after each presentation,

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- we'll have approximately 15 minutes of Q&A from commissioners with each respondent.

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- So the first respondent on our agenda is Concord, TWG, Ratio, and Shiel Sexton. Good evening, members

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- of the Redevelopment Commission. My name is Adam Tease. I'm with Ratio Design, and I'm representing

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- the Concord development team tonight. Our presentation's on the screen. And with us tonight is Dustin

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- Eggink from Ratio Design, as well as several people I think will be, there's Carl,

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- from Concord Development Company, and we will be joined as well by Chase Smith from TWG Development.

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- Welcome to Bloomington. That's the name of our presentation. Why do I use this?

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- Why do I use this phrase? So I'm the father of four kids, and every time we come down I-69, we come

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- home to Bloomington, because I live here in this community, my four kids, every single time, they count

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- down 10, nine, eight, seven, six, and when we cross by that sign that's right at the College Avenue

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- Act, they yell out, welcome to Bloomington, as loud as they can. They've done it since they were little

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- children. And to me, this presentation,

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- is about figuring out how Bloomington welcomes people and welcomes people to Bloomington. I think we

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- have an excellent brand. It's an incredible story around this community. I love this logo that Visit

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- Bloomington uses. I think Bloomington's a lot of different words. I think it's magical. This is at the,

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- who has tuba sanas, right? Who has lights at Christmas time that are straight out of a Norman Rockwell

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- book. It's whimsical, it's fun, it's unique.

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- It's artistic. It's colorful. Those are four words I chose. Frankly, they don't really matter because

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- in Bloomington, people choose a lot more words, right? This is a beautiful picture. I think I credited

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- it appropriately. It was in the B Square as a recent article. Bloomington has lots of opinions, right?

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- It's a very opinionated place because people are passionate about it. That's okay.

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- We chose four words that we think represent our proposal, but there's lots of opinions. This whole topic

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- has had a lot of opinions. I don't know how many articles from Dave Haskins I've read in the last couple

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- of years about this topic, lots of opinions. I used to be a CIB board member for two and a half years.

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- I'm very well of the convention, very, very aware of the convention center. And we pieced together this

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- team for a very specific proposal for this project. We actually submitted this proposal to the CIB as well.

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- So you're going to see a proposal that intends for the two bodies to work together. That's the intention

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- of our proposal. What words matter to us? What matters to us is the word arrival. What does it mean

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- to arrive in Bloomington? What's that first sense of experience? Our proposal proposes a new hotel on

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- College Avenue where you have a direct arrival experience, where you meet and greet

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- Bloomington at kind of its best, a street level drop off, a beautiful arch courtyard, a rooftop plaza

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- where you can have a wonderful experience, an arrival. It means engagement. When you step inside this

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- hotel experience, you would be met with a unique and a different opportunity to engage with Bloomington.

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- In fact, if you take a second, imagine that when you arrive inside this hotel,

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- You'd be engaged with the idea that you could go to a street front artist space. In fact, we intend

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- to have this space right at the corner of 4th and College Avenue, where you could actually yourself,

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- as a guest in the hotel, maybe go throw a clay pot. Maybe you could paint a painting. Maybe you could

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- actually walk away with a piece of art from Bloomington, not just see some other piece of art.

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- from Bloomington, you might even make a relationship with an artist. And we see that as a part of our

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- proposal, a direct engagement. We think our proposal's about linkage. We think the Beeline Trail is

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- an important part of this community and certainly is an compelling pedestrian bicycle corridor. We think

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- that our whole entire proposal not only addresses linkages on the Beeline, but addresses linkages straight

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- to downtown.

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- Our proposal has a rooftop bar with views that directly look at the courthouse square. So imagine those

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- magical winter nights when it's all lit up, or imagining the summer days when there's festivals and

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- activities, and you can connect to this icon of the Bloomington community. We've also proposed a very

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- special pedestrian connection to the beeline at the intersection of 3rd Street and College, where we

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- think people actually will be as they come and go from the new convention center.

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- On the backside of our development, we'd see a continued enhancement of the B line. We're not first.

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- This community has already done this along the B line. It would just be another enhancement to that

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- corridor. And we think these are compelling linkages. What's our proposal? We're just gonna be very

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- transparent, open, and put it out there for you all to consider. I spent two and a half years on the

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- Capital Improvement Board.

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- I think as a community should be proud that the convention center's moving. It took a long time. I was

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- on one of the first committees back in 2017, 18 and 19. So we should be proud. It's gonna be a beautiful

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- building when it's done. One of my concerns is that it had about 450 parking spaces when it was a 30,000

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- square foot building. It's going to be a 90,000 square foot building. I would really, really encourage

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- that we need to preserve those parking spaces. It's really critical for the future of the convention

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- center. South of the parking lots are what people call the seminary square development. We think that

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- that is an ideal site for a mixed income apartment complex development that would include an

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- exact replacement of the low income housing that's been lost. So we would, we've. Thank you, I appreciate

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- the comment.

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- That's too bad. We think that there are 27 units that would be low to moderate income units that would

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- be included in this development, and it would be right along the Beeline Trail. Have a good rest of

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- your day. We think this site would be a catalyst for Second Street and really be a pivot point to Hopewell

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- and also re-engaging kind of the south part of downtown. These are examples of projects our team has done.

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- both TWG projects and ratio design projects. In specific, ratio would bring a team of our design group

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- that comes out of our Denver office that has had some very specific mixed income apartment and mixed

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- retail and housing development. Two of our recently completed projects are at the top of the screen.

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- In exchange, we would want the CIB to accept our offer for $4 million for that property.

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- and in essence urge you as the redevelopment commission to accept that as the purchase price for the

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- College Square property. So it's in essence the land swap deal that everybody's been talking about,

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- but at a four million dollar valuation. TWG would request a developer-backed bond based on the development

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- at that site to support those 27 units. On the College Square, Concord Hospitality would develop 160 room

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- full service hotel on the eastern half of the site, we won't be bashful. We think this requires subsidy.

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- We think it requires free land, and we're estimating a $12 million gap. How to close that, we would

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- work with the Redevelopment Commission and the staff on how to do that, but we think the Bloomington

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- Hotel market is soft for this product, and we think there's a required subsidy to deliver this kind

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- of product at this kind of price point in this kind of location.

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- ultimately is our main proposal. This is the overall summary. I'm gonna turn the microphone over to

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- Dustin Egging, who will kind of paint the overall urban design proposal. Thank you, Adam. Again, my

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- name's Dustin Egging with Ratio Design. Just to quickly go over the scheme here, and just to reiterate,

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- this is something that

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- It is not designed. We really look forward to working with the community to come up with this. But a

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- few things to stress here, though, is that this is a partie that is dense or has a density to it that

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- is visitor-facing and community-facing. So the element on the College Avenue side is where we are proposing

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- the hotel component that has

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- very distinct and direct and easy linkage to the convention center, but also has the views afforded

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- back and the connection to the downtown proper. So it becomes this really nice connection point. On

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- the opposite side, we have proposed a phase two. That could be an expansion of the hotel.

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- or it could be additional housing as it faces the B line. And I think those are really kind of two distinct

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- points is that there's a visitor-facing side, a community-facing side. And this really goes to the notion

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- of finding the right mix and something that really fits in with the community right here. Towards the

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- middle, parking, that really

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- makes the both developments serviceable and an easy mix for the proposed development. I think at this

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- point in time, we'll wanna just turn it over to questions. We have Concord and TWG on the line right

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- now. Yeah, and I see Carl from Concord, but I don't see TWG unless someone else is trying to enter the

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- meeting, but Carl,

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- Carl Wren, Executive Vice President from Concord is on our call. Happy to answer any questions about

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- our proposal. Adam Chase Smith is here as well. Hello, everybody. Okay, Chase Smith from TWG is on the

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- line as well. Thank you for your presentation. We have

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- several questions that the RDC worked together collaboratively to develop. I will be presenting them

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- on behalf of the RDC. Our first question is, beyond the purchase price, please explain the form and

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- amount of full public subsidy you're proposing for this project and how you arrived at that request.

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- Carl, do you want to take this first? The $12 million in subsidy that would be required is what the

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- pro forma shows to make the project work.

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- We would be open to work with any and all different departments, entities to come up with the $12 million.

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- That's what's needed to close the financing gap or to close the gap to have the project pencil. We would

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- be open to any and all, whether it would be tax, whether it would be TIF, whether it would be any forms of

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- incentives that we could come up with as a team would be required to make the project work. That's how

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- our numbers work out based on the occupancy and the rates and adding 160 room almost luxury boutique

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- style hotel. Thank you. Our next question is,

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- If your proposal relies on CIB cooperation, have you had communication with them and secured

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- their cooperation? What other third parties will be required for your proposal to be achieved? We submitted

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- to the CIB. They did not hear our proposal when they went through their process. What other parties?

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- I don't know of any other than the normal planning, zoning, city department approval

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- processes that would be involved. Thank you. Our next question is, does your project require additional

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- land or use of existing facilities that are outside of College Square? Yes, the proposal requires the

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- CIB and the Redevelopment Commission to come to some sort of agreement to make that work.

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- Could you be more specific about what land or facilities that you're anticipating would be part of your

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- project? It was the land that was shown in the diagrams. I think the diagrams were as specific as we

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- could get. They outlined the specific areas that we referred to. Can you explain the estimated time

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- frame in which it will take to complete your project?

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- as long as the negotiation takes and then it's always approximately about a two year process. So in

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- your choice to include housing as part of your project, tell us more about the housing you've chosen

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- to include and why. We think that there's demand on that site. We think that there's a reason to continue

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- to provide

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- very affordable units on that site and do it in a very high quality way. The RDC is required to consider

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- the public benefit of your proposal. Tell us about how your proposal is providing the best benefit to

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- the public and the highest and best use of the College Square site as well as any other related property.

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- I think on the College Square site it's

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- been long discussed as a very key location as you transition from the core of downtown Bloomington,

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- particularly around the courthouse square, to this new convention center, a $70 million investment that

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- everyone who's gone out to dinner has paid for. Those are the people who have bought the convention

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- center, everyone who's gone out to dinner. And that investment has not been insignificant, and this

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- site is basically the gap in the smile.

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- of that downtown and filling that gap, I think, with a really strong sense of arrival and a really strong

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- sense of a compelling hotel product really helps to bridge those visitors that will be at the convention

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- center, getting them to come up into the courthouse square, which I think is really the kind of crown

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- jewel of the downtown. One last question, which is, tell us more about the risk that

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- your team is expecting to assume versus the risk that you're expressing the RDC and public entities

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- to assume. In other words, if the product revenue does not deliver as intended, who bears the shortfall?

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- I think that would be all forward-facing in future discussions. I think we've put together a pretty

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- complex proposal. We're not naive. I mean, we read the papers. We go to the meetings. I used to be a

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- CIB board member. I'm not naive. This is very messy.

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- complicated, lots of meetings, lots of articles. We put forward an idea that we thought worked for the

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- community. We would be, we don't think in any way it just magically snaps its fingers and comes together.

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- So we think it's gonna take some time to negotiate, but we think we have a very compelling idea. Okay,

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- thank you very much for your time and your responses this evening. Thank you.

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- For our second presenter this evening, we have the other respondent, which is Dora, and partners like

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- to invite you up.

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- Good evening, everyone. Thanks for inviting us here. My name is Vince Dora from Dora hospitality.

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- With me, I've got David Roush, our architectural firm and Chris see only from little brothers on the

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- call is Russ louder back my development partner from a lot of back development. And I believe Travis

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- is on the call areas. And he is going to be joining us as a partner with the multifamily housing development. So

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- for our proposal today. We kept it brief and light so that we could all absorb it in the short amount

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- of time we have today. So from a high level, our proposal includes 80 to 100 units of residential housing.

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- That'll be market rate, a restaurant within the hotel or apartment building of 135 keys, commercial

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- and retail space to be leased out,

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- of approximately 20,000 square feet and structured parking of 200 stalls to help park all of

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- this development. Next slide shows a bird's eye view of the overall site plan. And architecturally,

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- you can see that the multifamily is on the north side of the site and the hotel and restaurant is on

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- the south along third street.

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- closest to the new convention center and the existing. We felt that was important so that there would

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- be a smaller walkway from the hotel front door down to the convention center. As you guys know, we won

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- the CIB RFP for the host hotel. This hotel and development would be working in tandem if we were to

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- be selected so that there would be sister properties helping with overflow and other needs for the market.

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- You can also see that in the middle, we've designed a promenade that we'll get into more details about

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- in a second, but this is going to be walking space between college and the B line trail to help activate

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- both sides. You'll be able to see through, we'll have some drivability and some walkability and retail

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- space along that promenade on both sides to help activate the two sites and help them feel connected

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- as one so that it's not just two separate buildings.

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- I'll invite David up here in a second to kind of go into more detail about architectural, but we felt

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- it important to have the restaurant on the west side of the site there along the beeline and college.

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- There's a grade change that kind of lends to having a space over there that would play into activating

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- that space along the walking trail, help attract folks that are biking or walking, and then also utilizing

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- from the hotel standpoint as well.

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- for our guests there. We will have a kind of elevated bar on the corner of college and third facing

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- towards the convention center so that our guests and any convention goers or other users will be able

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- to enjoy having a drink. This will be an elevated cocktail lounge, primarily for the hotel users, but

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- also for the surrounding areas as well.

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- The red square you can see on the fourth and college corner is gonna be retail. That is gonna be TBD.

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- That's gonna be leaseable space. The main entrance is going to be on the north side into a underground

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- parking deck that you will see here in a minute. The amenity space on the left is going to be to service

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- the multifamily housing, whether it be fitness center, leasing office, gathering spaces, that kind of stuff.

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- We're, well, I'm gonna invite David up here to talk about the inspiration for the overall architectural.

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- He's better at it than I am. Thanks, Vince. Dave Rausch, Luminat Architects. So you had to build on

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- Vince's earlier comment. The site approach here was to try to recognize the importance of College Avenue

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- and programmatically

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- put not only the hotel but also a housing component and give a nod to Courthouse Square and extend the

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- facade, sort of the street line presence that works its way down college. So clearly a very specific

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- move to bridge residential work along 4th Street and then the hotel down along 3rd. The promenade in

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- the center,

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- is a way to create a hole in the pedestrian scale hole in the site, which allows for a variety of local

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- storefronts, vendors, an interactive pedestrian room, an outdoor room, if you will, and make

00:23:30.037 --> 00:23:38.626
- that connectivity sort of across the site down to the beeline trail and the bridge. And that's where

00:23:38.626 --> 00:23:43.134
- we placed a very, what we think is a keystone of the

00:23:43.682 --> 00:23:51.553
- a signature restaurant that would hold that corner. Relative to the inspiration, again, this building

00:23:51.553 --> 00:23:59.269
- and development would like to own, it does own a very obviously important part in the fabric of the

00:23:59.269 --> 00:24:07.063
- city, and in our approach, we would look to distinguish the building so it fits by scale, by rhythm,

00:24:07.063 --> 00:24:09.918
- by architecture, all the way across.

00:24:10.050 --> 00:24:18.433
- virtue of not giving one specific facade complete ownership of college, which will be its most public

00:24:18.433 --> 00:24:27.145
- presentation. We have set the hotel entry at one side, the retail with residential above to the northeast

00:24:27.145 --> 00:24:28.542
- corner, and then

00:24:28.674 --> 00:24:36.450
- an inviting pedestrian way to the center, again, partially to promote additional storefront activation

00:24:36.450 --> 00:24:44.226
- and places to gather and so forth. Architecturally, taking clues from the municipality, from the area,

00:24:44.226 --> 00:24:51.927
- recognizing all the sort of salient traits of Bloomington and trying to interpret them, obviously, in

00:24:51.927 --> 00:24:57.438
- a modern and current and forward-looking way. You want me to keep going?

00:24:58.658 --> 00:25:05.848
- So a couple of just, again, very conceptual early images here. This would be looking from the convention

00:25:05.848 --> 00:25:13.175
- center toward the north and west. Thank you. And give you kind of an idea of the hotel holding the corner.

00:25:13.175 --> 00:25:20.023
- You can see the beeline bridge to the distance there along 3rd Street. Thinking intentionally about

00:25:20.023 --> 00:25:24.542
- things like, in this case, is there a possibility of allowing the

00:25:24.770 --> 00:25:31.864
- you know, the retaining wall that starts to dive down underneath the bridge to be a place for public

00:25:31.864 --> 00:25:39.168
- art. You'll also see a glimpse of that inside the development, but to really try to bring sort of local

00:25:39.168 --> 00:25:46.191
- life to the project itself. In this particular case, what you'll see here on the left is the hotel.

00:25:46.191 --> 00:25:53.566
- To the right, the retail and the multifamily component, and the invitation to an urban space in between.

00:25:53.666 --> 00:26:00.919
- One of the real distinctive nods we have enjoyed exploring is the idea of taking the industrial sawtooth

00:26:00.919 --> 00:26:07.550
- that's very prevalent right here and reinterpreting that as that geometry turning it on itself,

00:26:07.550 --> 00:26:14.872
- if you will, facing it to the south and allowing that to be a very vivid opportunity to hold solar panels

00:26:14.872 --> 00:26:21.918
- in this particular case. So rather than bring natural light from the north, we're bringing real light

00:26:22.114 --> 00:26:31.339
- to the south and using that environmentally to help bring forward a sustainable building. A sketch from

00:26:31.339 --> 00:26:40.386
- the west end, looking back up 3rd Street, you can get the idea of a couple of things here. Again, the

00:26:40.386 --> 00:26:47.038
- notion of a walkway, promoting a walkway from the B line along 3rd Street.

00:26:47.202 --> 00:26:55.062
- and then also allowing that to sort of be parted at the signature restaurant that would be on the corner.

00:26:55.062 --> 00:27:02.106
- To the left then, in this view, is the multifamily residential component with the urban space,

00:27:02.106 --> 00:27:09.669
- if you will, sort of finding its way across to the east, back out, and allowing you to, again, bisect

00:27:09.669 --> 00:27:12.190
- the site and get back to college.

00:27:16.642 --> 00:27:25.136
- I think that's... We had diagrammatically, just again, a quick, very conceptual blocking, stacking plan

00:27:25.136 --> 00:27:33.793
- of having sort of these inverted L's of the hotel on the southeast, the residential on the north, working

00:27:33.793 --> 00:27:42.368
- down to the public space. The oval in the center could be a kiosk, a nice place to promote local events,

00:27:42.368 --> 00:27:43.838
- whether it's a...

00:27:43.970 --> 00:27:53.679
- an entertainment place or a place for short-term rentals, again, an activation. And then, as Vince mentioned,

00:27:53.679 --> 00:28:03.035
- lower level, using the grade change to our advantage to park more or less at or near grade on 3rd Street,

00:28:03.035 --> 00:28:12.126
- which is about a story below the main part of the rest of the site. Go back to show some more visuals.

00:28:12.290 --> 00:28:19.215
- The one thing that I wanted to call out for you guys in our proposal was, as you guys are aware, when

00:28:19.215 --> 00:28:26.207
- we first worked with the CIB back in 2024, we had selected this site to be the host hotel and ran into

00:28:26.207 --> 00:28:33.200
- some problems. So we know a little bit about the hurdles in front of us as far as the public incentive

00:28:33.200 --> 00:28:39.989
- ask. And so we were very thoughtful and considerate in our proposal that we were aware that the RDC

00:28:39.989 --> 00:28:41.822
- board is able to approve a

00:28:41.954 --> 00:28:49.355
- we believe a project-based TIF of up to $5 million. That is included in the proposal itself. Much like

00:28:49.355 --> 00:28:56.541
- our esteemed competition, we also first tried a larger ask and we were unsuccessful in getting that

00:28:56.541 --> 00:29:03.871
- bridged with the different bodies of the city government. Part of the reason why we are offering a $1

00:29:03.871 --> 00:29:08.254
- million purchase with revenues from the success of the hotel

00:29:08.386 --> 00:29:14.055
- over the next several years is to help offset that. We're not gonna come and ask for money upfront.

00:29:14.055 --> 00:29:19.951
- We're instead gonna help pay for it over time. And that is our way of trying to solve this problem that

00:29:19.951 --> 00:29:25.790
- there is a shortfall to build this kind of development that the city needs and wants. But we know that

00:29:25.790 --> 00:29:31.006
- the support isn't there across the board. So this is our attempt to try to bridge that gap.

00:29:31.938 --> 00:29:44.325
- Before I turn it over to questions, I just wanted to give a chance to Russ online and Travis next to

00:29:44.325 --> 00:29:52.542
- speak to anything that we might have missed. Russ? You're on mute.

00:30:03.522 --> 00:30:09.940
- Can you hear me? Yep. All right, thank you. I was, I usually do most of the talking, so I was sort of

00:30:09.940 --> 00:30:16.358
- feeling left out. So I appreciate giving me a chance to talk there, Vince. But thank you. I developed

00:30:16.358 --> 00:30:22.776
- several projects there in Bloomington, the Hilton Garden Inn to begin with, Hyatt Place, and also the

00:30:22.776 --> 00:30:29.257
- Spring Hill Suite. So we're very excited about looking at this one more time. I do think that this has

00:30:29.257 --> 00:30:31.774
- a lot of synergies with the Host Hotel.

00:30:32.642 --> 00:30:38.837
- because we can treat these as sister sister hotels if you will we'll be able to join the two together

00:30:38.837 --> 00:30:44.972
- for four conventions for meeting space and and for several things so there's a lot of synergies that

00:30:44.972 --> 00:30:51.046
- goes along with with having both hotels and both properties at once so also we very excited to have

00:30:51.046 --> 00:30:57.363
- Travis and I wanted Travis has a few minutes there so I number one I apologize that I couldn't be there

00:30:57.363 --> 00:31:01.918
- tonight I just had a previous engagement another another state that I just

00:31:02.082 --> 00:31:09.111
- couldn't get out of. So thank you very much for entertaining us one more time and considering us one

00:31:09.111 --> 00:31:16.557
- more time. And I would like Travis to make a slight introduction for himself. Thanks, Russ. Travis Spencil

00:31:16.557 --> 00:31:23.516
- here. Also apologize that I can't be there tonight. I have a planning commission meeting in another

00:31:23.516 --> 00:31:29.918
- town tonight starting in about 30 minutes. My apologies. I think from the residential side,

00:31:30.242 --> 00:31:37.252
- We think there's a real opportunity here for some market rate housing. We're considering both rental

00:31:37.252 --> 00:31:44.332
- and condos. Our preference would be to do a for sale product here. There's some challenges with that,

00:31:44.332 --> 00:31:51.412
- both from the market standpoint and from construction standpoint, but we think we can overcome those.

00:31:51.412 --> 00:31:56.062
- But we are proposing 80 to 100 units, one two bedrooms size units,

00:31:56.162 --> 00:32:03.822
- that we think would really enhance the project in the downtown and bring something that we don't have

00:32:03.822 --> 00:32:11.707
- a whole lot of in downtown. With that, I'm happy to answer any other questions. Okay, thank you. I would

00:32:11.707 --> 00:32:19.292
- also like to congratulate the architect, did a fabulous job in being awarded the host hotel and also

00:32:19.292 --> 00:32:25.150
- I think his design here is fantastic. So goes a long way toward our proposal.

00:32:31.042 --> 00:32:36.661
- Thank you to your team for your presentation. We do have the same questions for both respondents, and

00:32:36.661 --> 00:32:42.226
- so our first question for the DORA team this evening is, beyond the purchase price, explain the form

00:32:42.226 --> 00:32:47.294
- and amount of the full public subsidy you're proposing and how you arrived at that request.

00:32:47.810 --> 00:32:55.391
- Yeah, so we arrived at that request based on our knowledge of the RDC governing body and able to produce

00:32:55.391 --> 00:33:02.683
- a project-based TIF without going to city council for approval. So we feel it's important to ask for

00:33:02.683 --> 00:33:10.048
- that and we intend to apply that towards our parking, which is gonna be usable by both apartments and

00:33:10.048 --> 00:33:15.102
- hotel guests. It's gonna be a big need for this site to park on site.

00:33:15.202 --> 00:33:23.629
- It's going to be important for apartment renters or condo owners as well as hotel guests to have ability

00:33:23.629 --> 00:33:31.815
- to park on site. So we feel that's going to be a good use of those funds. Other than that, there's no

00:33:31.815 --> 00:33:40.001
- public ask. It's going to be borne by the developers and partners along with bank financing. Our next

00:33:40.001 --> 00:33:44.254
- question. Does your proposal require CIB cooperation

00:33:44.514 --> 00:33:52.094
- And do you need any cooperation based on this project? Are there any other third parties that are required

00:33:52.094 --> 00:33:59.390
- for your proposal? No. There's no other participation required. We have been in communication with the

00:33:59.390 --> 00:34:06.898
- CIB team. They're aware of this proposal. And because the host hotel site stays the same with the minimum

00:34:06.898 --> 00:34:13.982
- requirements on the south site, the proposal that we presented to you guys is a standalone project.

00:34:14.146 --> 00:34:21.286
- We do have John's blessing and encouragement that they hope that he helps what we succeed, so that we

00:34:21.286 --> 00:34:27.166
- can bring even more rooms to the market and work in tandem as to sister properties.

00:34:27.298 --> 00:34:33.372
- kind of getting into the forward thinking here, but the goal would be to have the host hotel as one

00:34:33.372 --> 00:34:39.506
- major brand, Hilton, Marriott, IHG, et cetera, and then this hotel would be another brand so that we

00:34:39.506 --> 00:34:45.640
- would have two separate reservation systems and loyalty programs working in concert together to push

00:34:45.640 --> 00:34:51.835
- occupancy and ADRs for the entire market. I will also, excuse me, tease a slight little bit and a nod

00:34:51.835 --> 00:34:55.358
- to Travis. He had a great idea for us. It's not for this,

00:34:55.490 --> 00:35:02.134
- Proposal, but we are working with him on the south side as well because there's extra land available

00:35:02.134 --> 00:35:09.041
- and so we are going to be forward thinking talking about Market or not market rate. I'm sorry affordable

00:35:09.041 --> 00:35:15.685
- housing down on the south side to replace the units that are being lost for the demolition coming up

00:35:15.685 --> 00:35:22.394
- Thank you So did your project require additional land or use of existing facilities given that you've

00:35:22.394 --> 00:35:24.894
- said this is a standalone project and

00:35:25.314 --> 00:35:32.537
- but does it require existing facilities or additional land outside of College Square? No. What is your

00:35:32.537 --> 00:35:39.760
- estimated timeframe to complete the project? If we were awarded the project, it would be probably nine

00:35:39.760 --> 00:35:46.982
- months of design and pre-development for the architect and engineers to get in there and start drawing

00:35:46.982 --> 00:35:52.382
- plans. We would bring in our construction partner to help with a price, GMP.

00:35:52.546 --> 00:36:00.889
- And we've already been talking with banks about permanent financing and construction loans. We have

00:36:00.889 --> 00:36:09.316
- our equity in place as far as investment partners. So it'd probably be next spring when we can break

00:36:09.316 --> 00:36:17.993
- ground and start construction. After that, it would be 18 to 20 months roughly before opening. So total

00:36:17.993 --> 00:36:20.830
- around 27 months. Okay, total 27.

00:36:25.090 --> 00:36:30.481
- And then in your choice to include housing in the proposal, tell us more about how you chose the type

00:36:30.481 --> 00:36:35.977
- of housing to include and why. Well, I'm going to turn this over to Travis, but just from a high level,

00:36:35.977 --> 00:36:41.685
- we feel like the College Square site lends itself to a higher use to go along with the hotel and restaurant

00:36:41.685 --> 00:36:46.494
- that we're going to be developing. It's on a tighter site than the South site for the CIB.

00:36:46.658 --> 00:36:52.805
- And with this being an upscale boutique property, bordering on upper upscale and luxury, we felt that

00:36:52.805 --> 00:36:58.953
- market rate housing or condos would play well into that, as well as the promenade going in the middle

00:36:58.953 --> 00:37:05.160
- to help support the local businesses that we hope to lease that space out to. But Travis, you go ahead

00:37:05.160 --> 00:37:11.187
- and jump in. Sure. Number one, if we're able to do condos for sale product, we simply can't do that

00:37:11.187 --> 00:37:14.622
- and meet the requirements of affordability on this site.

00:37:15.202 --> 00:37:21.921
- structured parking, four or five story design, we're just not going to be able to meet the affordability

00:37:21.921 --> 00:37:28.448
- definition of a for sale product. From a market standpoint, if we're leasing these units, we're going

00:37:28.448 --> 00:37:34.975
- to be designing them to that scale. And so we believe that they would be leasing at also market rate,

00:37:34.975 --> 00:37:38.046
- which is slightly above the affordable rate. So

00:37:38.370 --> 00:37:43.912
- That's how we derived at that. We think there's a real need for that in Bloomington's downtown. We don't

00:37:43.912 --> 00:37:49.296
- have a whole lot of market rate apartments that aren't associated with student properties. We clearly

00:37:49.296 --> 00:37:54.944
- don't want student here. The RDC has been clear that they don't want student here. We don't think students

00:37:54.944 --> 00:38:00.222
- appropriate here. So that's how we arrived to the product mix. And that's why we're still somewhere

00:38:00.222 --> 00:38:05.342
- between 80 and 100 units, because we'll still vet that out as we continue to work on our design.

00:38:05.442 --> 00:38:14.818
- We're talking about including the amenities to be shared. So there could be a fitness center or pool

00:38:14.818 --> 00:38:24.193
- area that could be shared between the whole entire development. And we think that's just critical to

00:38:24.193 --> 00:38:33.662
- making this work at market rate. So the RDC is required to consider the public benefit of a proposal.

00:38:34.050 --> 00:38:40.486
- Tell us why how your proposal is providing the best public benefit and the highest and best use for

00:38:40.486 --> 00:38:47.051
- the college square or any other related property involved. Sure. So I think we all know that with the

00:38:47.051 --> 00:38:53.616
- new 70 to 75 million dollar Convention Center coming up the hotel room needs are going to be great to

00:38:53.616 --> 00:39:00.117
- help support that facility once it gets fully stabilized and up and running and the host hotel being

00:39:00.117 --> 00:39:01.726
- 200 rooms is going to be

00:39:01.858 --> 00:39:09.071
- great for helping to solve that, but there's going to be more needs for hotels and rooms. Having this

00:39:09.071 --> 00:39:16.213
- College Square proposal incorporate an even higher, better use facility, it'll help drive demand for

00:39:16.213 --> 00:39:23.285
- that upper upscale guest looking for an upscale stay, as well as offering more apartments downtown,

00:39:23.285 --> 00:39:26.750
- helping to attract young professionals and other

00:39:26.850 --> 00:39:35.182
- folks that want to stay in the downtown environment. We hope to attract local people to lease the space

00:39:35.182 --> 00:39:43.433
- that we have available to increase the walkability and traffic along the beeline in college to further

00:39:43.433 --> 00:39:46.718
- increase the amenity space in that area.

00:39:49.506 --> 00:39:55.928
- Additionally, I mean the obvious answer is is that without asking for any kind of tax abatement this

00:39:55.928 --> 00:40:02.667
- property is going to be contributing to property taxes to help support the city whereas right now there's

00:40:02.667 --> 00:40:09.152
- zero revenue being generated. I think how we both benefit the community is since we've been given the

00:40:09.152 --> 00:40:14.366
- host hotel on the south side that that we're able to marry these two together and

00:40:15.202 --> 00:40:22.348
- Design into this one. What the other one might lack or vice versa. I think having the two projects together.

00:40:22.348 --> 00:40:28.969
- There's a lot of synergy there. Our last question is talking about the risk, the risk that your team

00:40:28.969 --> 00:40:35.721
- is expecting to assume on the project versus the risk that you'd expect the RDC to assume. So if there

00:40:35.721 --> 00:40:37.950
- were shortfall, who's bearing it.

00:40:38.690 --> 00:40:45.096
- Yeah, there is no risk to the city of Bloomington, the RDC, or anyone else. The risk is fully on us

00:40:45.096 --> 00:40:51.630
- as developers. We are going to be signing personal guarantees for our construction loan and permanent

00:40:51.630 --> 00:40:58.100
- loan after it's open. And we will continue to bear those risks. So we are fully invested. That's how

00:40:58.100 --> 00:41:04.634
- I do all my hotel deals throughout the state of Indiana. If I want to put my money into it, I believe

00:41:04.634 --> 00:41:08.414
- in it. So this project being the same, we assume the risk.

00:41:08.578 --> 00:41:14.232
- with our bank. Now I did want to make one clarification that Chris reminded me of. I think I misspoke

00:41:14.232 --> 00:41:19.886
- earlier. We are asking the RDC for that five million dollar project-based TIF and I think I said that

00:41:19.886 --> 00:41:25.540
- the City Council doesn't have to be involved and I think that's not right. I think they are involved.

00:41:25.540 --> 00:41:31.194
- So just clarification on that point. Well thank you for your time this evening with your presentation

00:41:31.194 --> 00:41:34.686
- and your answers to our questions. Thank you. So thank you all

00:41:34.786 --> 00:41:47.184
- This evening, this concludes the presentation part and we'll return to our regular business meeting

00:41:47.184 --> 00:41:59.954
- for the RDC. Yeah, we'd like to just take a five minute break just to segue into our business meeting.

00:41:59.954 --> 00:42:02.558
- Can we request that?

00:42:04.482 --> 00:42:18.302
- You would like to call short recess. All right, five minute recess will reconvene at 5.48.

00:43:12.290 --> 00:43:40.126
- th th th th

00:43:42.434 --> 00:43:54.448
- Yeah, she's a, there are, this is a, she's, they're watermelons. They're, they're watermelons. Please

00:43:54.448 --> 00:44:06.344
- close your eyes. You didn't say I'd see a melon. So. And I'm not seeing a melon today. Oh, there she

00:44:06.344 --> 00:44:11.998
- is. I'm ready. I'm ready. I'm ready. I'm ready.

00:44:12.194 --> 00:44:41.054
- Yeah. Yeah. Yeah.

00:44:41.378 --> 00:45:10.302
- th th th

00:45:10.466 --> 00:45:32.734
- All right.

00:45:32.898 --> 00:45:40.741
- It just means we'll have to separate out our parsers. Is that OK? Well, I'm not saying we have to separate

00:45:40.741 --> 00:45:48.070
- out our parsers. Well, maybe not long enough. Yeah. There's no need. OK. I think I'm fine, right? I

00:45:48.070 --> 00:45:53.054
- think you're good. You're good? Unless you need me to do something.

00:45:53.154 --> 00:46:16.958
- And then I want to.

00:46:17.090 --> 00:46:24.657
- I mean, you know, there had been times when she'd know that really physical brain stuff. That could

00:46:24.657 --> 00:46:32.678
- just go all the way in until it just sprang in. You know, we have one screen, which has to be in separate

00:46:32.678 --> 00:46:40.473
- ones. So it's literally when we finally find it. And then how we're working towards the end. It's just

00:46:40.473 --> 00:46:47.056
- not a lot of work. Yeah, I mean, you know, and that's just a step that we always take.

00:46:47.056 --> 00:47:14.142
- Yeah. Yeah. Yeah.

00:47:14.306 --> 00:47:21.620
- You know, we have done some of these things to get some of those priorities. Not just the two things,

00:47:21.620 --> 00:47:28.863
- but... No, it's not like that. But, you know, like a lot of these things, I do have one that I think

00:47:28.863 --> 00:47:36.106
- is great and I like that it's just because my sister's father, you know, they have the hammer. But I

00:47:36.106 --> 00:47:38.974
- used to tell them they were waiting for

00:47:39.074 --> 00:48:06.526
- Yeah, they're at the mall, so they can start the animation at the new place.

00:48:06.722 --> 00:48:27.774
- And now that is the problem.

00:48:27.938 --> 00:48:55.934
- Yeah, absolutely. Appreciate it.

00:48:56.962 --> 00:49:26.046
- I'm going to ask if all commissioners could return to the meeting area, please.

00:49:36.322 --> 00:49:43.285
- Okay, we're gonna conclude our recess for the redevelopment commission meeting for the city of Bloomington

00:49:43.285 --> 00:49:50.313
- for August 3rd, 2026. And we will resume our agenda with a review of the minutes. Any comments or questions

00:49:50.313 --> 00:49:56.886
- from commissioners on the minutes? We have minutes from an executive session summary from July 20th,

00:49:56.886 --> 00:50:03.783
- 2026 and minutes for July 20th, 2026. We'll invite a motion for both collectively if you wish to separate

00:50:03.783 --> 00:50:05.150
- it, please indicate.

00:50:07.010 --> 00:50:14.788
- I'll move approval of the minutes for both sessions. Second. We've got a first and a second. We'll do

00:50:14.788 --> 00:50:22.796
- a vote by a roll call, please. C. Scambaleri, yes. John West, yes. Randy Cassidy, yes. Deborah Meyerson,

00:50:22.796 --> 00:50:30.574
- yes. Motion passes unanimously. Next item on our agenda is the payroll register from July 24th, 2026.

00:50:30.574 --> 00:50:36.446
- Any questions or comments from commissioners? If not, I'll ask for a motion.

00:50:36.770 --> 00:50:44.495
- Move approval of the payroll register for July 24th. Second. We've got a first and a second, we'll take

00:50:44.495 --> 00:50:52.219
- a vote by roll call please. Steve Scambaleri, yes. John West, yes. Randy Gassity, yes. Laurie McRobbie,

00:50:52.219 --> 00:50:59.647
- yes. Deborah Meyerson, yes. Motion passes unanimously, thank you. Next on our agenda is reports. Do

00:50:59.647 --> 00:51:05.886
- we have a director's report this evening? No report, happy to answer any questions.

00:51:07.138 --> 00:51:16.768
- Thank you. A legal report? Nothing specific, so I'm also here for questions this evening. Thank you.

00:51:16.768 --> 00:51:26.589
- Under Treasurer's Report, do we have a TIF status report? Jeff McKim. As you mentioned, the TIF status

00:51:26.589 --> 00:51:35.838
- report is back in your packet. The only thing I just want to call attention to is that there are

00:51:36.002 --> 00:51:44.309
- two new fund balances that are being listed thanks to Christina's brilliant suggestion. We're including

00:51:44.309 --> 00:51:52.856
- the remaining bond proceeds funds there as well. And I think, as you know, the Fourth Street Bond Proceeds

00:51:52.856 --> 00:51:59.006
- Fund that has about $446,000 is going to become more important as we conduct

00:51:59.106 --> 00:52:06.342
- Analysis and necessary repairs on the to the water issues related to the 4th Street garage I would anticipate

00:52:06.342 --> 00:52:13.053
- that in the near future You'll have a more detailed report on the findings for 4th Street garage, but

00:52:13.053 --> 00:52:20.026
- I don't want to steal Jess's thunder, but happy to answer any questions Thank you Next item on our agenda

00:52:20.026 --> 00:52:23.710
- is the business development update we have a report and

00:52:29.794 --> 00:52:35.867
- Director Cooper Smith is not with us this evening, so there is no business development update.

00:52:35.867 --> 00:52:42.770
- That's fine. We will hear from her next time. So the first item of new business on our agenda is resolution

00:52:42.770 --> 00:52:49.418
- 2618, designating and declaring a certain area as an economic development area, the Hopewell South EDA,

00:52:49.418 --> 00:52:56.130
- and improving an economic development plan for the said area, establishing a residential housing program

00:52:56.130 --> 00:52:59.390
- in said area. And who would like to speak to that?

00:53:00.898 --> 00:53:08.474
- Thank you, Dana Kerr with legal and I have Justin Chang with 3D financial with me this evening to discuss

00:53:08.474 --> 00:53:10.046
- this. This is a very.

00:53:10.242 --> 00:53:19.322
- It's very, very similar to the summit EDA that we created and with the Shasta Meadows residential allocation

00:53:19.322 --> 00:53:27.819
- area. This will just be one allocation area for the entire Hopewell South development since it's just

00:53:27.819 --> 00:53:36.232
- one neighborhood. And the purpose of this is so that we can create the residential TIF. The Hopewell

00:53:36.232 --> 00:53:38.398
- South is going to require

00:53:38.530 --> 00:53:47.535
- quite a bit of, as you know, subsidy to get it going in infrastructure, roads, utilities, design that's

00:53:47.535 --> 00:53:56.452
- already been underway. So there's gonna be a lot that goes into that. By creating the residential TIF,

00:53:56.452 --> 00:54:05.370
- it'll allow the RDC to be able to recoup, so to speak, some of those costs that they're putting in for

00:54:05.370 --> 00:54:07.102
- the infrastructure,

00:54:07.202 --> 00:54:13.438
- plus also with generating revenue from that, that revenue can be used.

00:54:13.506 --> 00:54:22.117
- in other projects around that EDA Hopewell South that would help enhance the Hopewell South development.

00:54:22.117 --> 00:54:31.137
- So the process that this goes through is exactly the same as before. It comes to you tonight as a declaratory

00:54:31.137 --> 00:54:39.420
- resolution, then it will go to the plan commission for resolution, and then onto the common council,

00:54:39.420 --> 00:54:41.470
- and then it'll come back

00:54:41.538 --> 00:54:50.430
- for a public hearing to the redevelopment commission and a confirmatory resolution at which time it

00:54:50.430 --> 00:54:59.589
- would establish the economic development area. The EDA is an economic development area. And then there

00:54:59.589 --> 00:55:08.926
- is a remontrance period shortly after that. But Justin is here to add anything he would like to to that.

00:55:09.314 --> 00:55:15.032
- Thank you, Dan. I think you pretty much touched on everything. This is very similar to that, if not

00:55:15.032 --> 00:55:20.808
- exactly the same as the summit TIF. Really the only change, and not really even a change, because we

00:55:20.808 --> 00:55:26.812
- made an amendment to the declaratory for summit, is that previously residential TIFs get a 20-year life.

00:55:26.812 --> 00:55:32.531
- But since July 1st, they now get a 25. So this will follow a commercial TIF lifespan. So other than

00:55:32.531 --> 00:55:38.878
- that, it's pretty much the same as JASTA Meadows. But I'm happy to answer any questions that you all may have.

00:55:39.458 --> 00:55:48.434
- Correct, and the 25 years begins on the first payment of an obligation on that TIF. So it doesn't start

00:55:48.434 --> 00:55:57.238
- as soon as it's created, it starts as soon as there's an obligation that is supported, the payment is

00:55:57.238 --> 00:56:06.560
- supported by the TIF. Thank you for that presentation. We have any questions or comments from commissioners

00:56:06.560 --> 00:56:08.286
- on resolution 2618.

00:56:11.458 --> 00:56:20.667
- This is a staff question. I don't know who would want to answer it And this is also a bit of a crystal

00:56:20.667 --> 00:56:28.983
- ball question, but would you anticipate? this type of tiff being required for All or most of

00:56:28.983 --> 00:56:38.728
- the neighborhoods that are going to be built in Hopewell It likely would because each of these neighborhoods

00:56:38.728 --> 00:56:40.606
- are going to require

00:56:40.962 --> 00:56:51.909
- likely require some sort of additional subsidy or work to allow them to succeed. So there is a good

00:56:51.909 --> 00:57:02.855
- chance that they could. It does depend though, if the private market is allowed, is used to develop

00:57:02.855 --> 00:57:10.846
- certain blocks, then they may not need to be. But if certain blocks are,

00:57:11.170 --> 00:57:21.598
- there needs to be some sort of further infrastructure that the market can't provide to allow development,

00:57:21.598 --> 00:57:31.928
- then there may well be a need to add another TIF for that particular block. It's just too early to know,

00:57:31.928 --> 00:57:38.814
- likelihood probably, but it's unlikely to know at this point in time.

00:57:42.658 --> 00:57:50.270
- Just one follow-up question. So that said, and with the process that you outlined, how long will it

00:57:50.270 --> 00:57:58.338
- take if you were going to do virtually every neighborhood? What kind of lead time do you need to actually

00:57:58.338 --> 00:58:05.949
- get a TIF approved? Because you're making those decisions as you're trying to develop the property,

00:58:05.949 --> 00:58:11.582
- and you can't say, well, maybe we need a TIF and then run off and get it.

00:58:12.130 --> 00:58:21.263
- Yes, it starts tonight with a declaratory resolution and I believe in September would be the confirmatory

00:58:21.263 --> 00:58:29.966
- resolution. So it takes a couple of months to go through the process. Thank you. Any other questions

00:58:29.966 --> 00:58:38.238
- or comments for commissioners? Otherwise we will open it for public comment on resolution 2618.

00:58:40.930 --> 00:58:50.905
- not seeing anybody online or in person, I will open it for a motion for this resolution. This is for

00:58:50.905 --> 00:59:00.782
- resolution 2618. Move approval of resolution 2618. Second. We have a first and a second. We'll do a

00:59:00.782 --> 00:59:09.374
- vote by roll call, please. Lori McRabbie, yes. Steve Scambillari, yes. John West, yes.

00:59:10.882 --> 00:59:21.012
- Brandi Cassidy, yes. Deborah Meyerson, yes. Motion passes unanimously for resolution 2618. Next item

00:59:21.012 --> 00:59:31.141
- on our agenda is resolution 2648. 2623, excuse me. I jumped ahead. 2623, which is the approval of an

00:59:31.141 --> 00:59:36.958
- agreement for parking space at the trades district garage

00:59:37.218 --> 00:59:44.233
- With Alan I you trades district hotel LLC who would like to speak to that? I'd be happy to take that

00:59:44.233 --> 00:59:51.595
- Commissioners resolution 2623 is the final administrative step needed to implement the parking provisions

00:59:51.595 --> 00:59:58.610
- That were included in the previously approved sale of the hotel parcel in the trades district rather

00:59:58.610 --> 00:59:59.582
- than creating

00:59:59.746 --> 01:00:05.854
- Reserved or exclusive parking this agreement allows the hotel to purchase up to 170 monthly parking

01:00:05.854 --> 01:00:12.207
- permits at the same market rates established by city ordinance Parking will continue to be administered

01:00:12.207 --> 01:00:18.315
- through parking services and the hotel is responsible for its own operational and integration costs

01:00:18.315 --> 01:00:24.607
- Approval of this resolution simply effectuates the parking commitment already contemplated in the real

01:00:24.607 --> 01:00:28.638
- estate agreement and authorizes staff to execute and administer a

01:00:36.162 --> 01:00:45.496
- How many parking spaces are in the garage? I don't remember off the top of my head I can certainly help

01:00:45.496 --> 01:00:54.739
- but it was there were a significant number I want to say it was somewhere between four and six hundred

01:00:54.739 --> 01:01:03.983
- but I don't quote me on that I can get it and report back and these these particular spaces that we're

01:01:03.983 --> 01:01:05.150
- dealing with

01:01:05.890 --> 01:01:13.801
- Market rate first come first serve and it's up to it'll be up to the hotel for them to police accordingly

01:01:13.801 --> 01:01:21.263
- Say that last part it'll be up to the hotel to regulate and they're not Garrett We'll guarantee him

01:01:21.263 --> 01:01:28.278
- 270 spaces if they're available If available, okay. Thank you Any other questions or comments

01:01:28.278 --> 01:01:34.174
- from commissioners on resolution 2623 if not, we'll open it for public comment

01:01:37.474 --> 01:01:48.438
- May I correct something the controller just was able to pull up the number of parking spaces. It was

01:01:48.438 --> 01:01:59.727
- 350 Thank you for that answer Yeah, so how many spaces are allocated to the hotel if they purchase them

01:01:59.727 --> 01:02:01.790
- I believe it's 170

01:02:13.698 --> 01:02:22.031
- So we've got that question clarified from commissioners. Anything else from commissioners? Otherwise,

01:02:22.031 --> 01:02:30.201
- public comments available for 26-23. My name is Audrey Smith. As we discussed the parking situation

01:02:30.201 --> 01:02:38.371
- for this hotel, I just want to speak to that more generally with hotels in the downtown area and in

01:02:38.371 --> 01:02:43.518
- regard to the proposals that we heard earlier for a new hotel.

01:02:43.618 --> 01:02:50.378
- Parking is already on everybody's mind. This hotel that we're talking about right now is a little bit

01:02:50.378 --> 01:02:57.204
- further from downtown. There's a little less competition. But I just want to read the locations of the

01:02:57.204 --> 01:03:03.831
- hotels that we already have downtown and then these two hotels that are under consideration both at

01:03:03.831 --> 01:03:10.590
- the College Square property and the Convention Center Hotel. So as you travel down College Avenue, we

01:03:10.590 --> 01:03:12.446
- have a hotel at 9th Street.

01:03:12.930 --> 01:03:20.671
- We have a hotel between 7th and 6th. We have a hotel between Kirkwood and 4th Street. That one's over

01:03:20.671 --> 01:03:28.641
- by the V line. It's not visible from college. We are considering proposals for hotels between 4th Street

01:03:28.641 --> 01:03:36.382
- and 3rd Street and right around where Smith Street is. And then we, of course, already have the hotel

01:03:36.382 --> 01:03:42.302
- for the convention center that already exists. So how many hotels do we need?

01:03:42.754 --> 01:03:53.774
- That's my question. And who are we making space for in downtown Bloomington. Thank you. Any other public

01:03:53.774 --> 01:04:04.269
- comment either online or in person. If not I will take a motion from commissioners on resolution 26

01:04:04.269 --> 01:04:09.726
- 23. I'll move approval of resolution 26 23. Second.

01:04:10.370 --> 01:04:17.307
- We've got a first and a second. We'll take a vote by roll call, please. Laurie McRobbie, yes. Sue Scambaleri,

01:04:17.307 --> 01:04:23.929
- yes. John West, yes. Randy Cassidy, yes. Deborah Meyerson, yes. Motion passes unanimously for resolution

01:04:23.929 --> 01:04:30.299
- 2623. The next item on our agenda, we've got three resolutions I'm going to invite the commissioners

01:04:30.299 --> 01:04:36.732
- to consider collectively because they all are addressing amendments to 2025 CDBG physical improvement

01:04:36.732 --> 01:04:38.750
- grants for respective agencies.

01:04:38.914 --> 01:04:50.781
- Who would like to speak to that? Matt 20 with the hand department We have three amendments that all

01:04:50.781 --> 01:05:02.174
- are pretty much in the same boat here Rising costs caused a need for additional funding for the

01:05:02.274 --> 01:05:11.700
- 25 Life Designs Amendment. Originally it was $18,974.29. We're gonna raise that to $22,000. That's to

01:05:11.700 --> 01:05:21.310
- cover an increase in costs. For Middleway House, the original amount was $9,418. We're gonna raise that

01:05:21.310 --> 01:05:30.736
- to $45,000. That project started out as just a replacement of the railing for the elevator to keep it

01:05:30.736 --> 01:05:32.030
- in compliance

01:05:32.194 --> 01:05:40.929
- They since have a new maintenance contract with the new company who uncovered significant larger amount

01:05:40.929 --> 01:05:49.327
- of repairs needed to the elevator and elevator shaft to keep it in compliance. So that's the reason

01:05:49.327 --> 01:05:58.398
- for the increase there. Summit Hill Community Development Center originally had a grand amount of $136,103.

01:05:58.594 --> 01:06:08.958
- We are going to increase that to $249,500. We have an additional larger scope now to include some ADA

01:06:08.958 --> 01:06:19.526
- compliance and also connecting and incorporating the community garden that's already on site. Plus once

01:06:19.526 --> 01:06:24.606
- they got to the design stays with the playground,

01:06:24.770 --> 01:06:31.362
- some additional things had to be taken into consideration, which drove the cost up. So I'd happily answer

01:06:31.362 --> 01:06:37.208
- any questions on those. Thank you. Thank you for that presentation. Any questions or comments

01:06:37.208 --> 01:06:43.552
- from commissioners on these three resolutions? And if there's anything you'd like to separate, please

01:06:43.552 --> 01:06:50.082
- let me know. Otherwise, the proposal is to vote on them collectively, as well as ask any questions about

01:06:50.082 --> 01:06:54.622
- each of them in this comment period. From a collective standpoint, Matt,

01:06:54.914 --> 01:07:02.501
- the additional monies that are hum, we have the adequate funds to take care of the increases? Yes, sir.

01:07:02.501 --> 01:07:10.379
- Okay, without going over any budgetary or having to change funds? No. Okay, thank you. Any other questions?

01:07:10.379 --> 01:07:17.747
- Otherwise, I'll open it for public comment for these three resolutions, 2648, 2649, and 2650, either

01:07:17.747 --> 01:07:24.094
- online or in person. Seeing none, I will ask for a motion for these three resolutions.

01:07:24.610 --> 01:07:31.869
- I'll make a motion to approve resolution 2648 2649 and 2650 as presented. Second. We have a first and

01:07:31.869 --> 01:07:39.198
- a second. We'll do a vote by roll call, please. Lori McGrady. Yes. C. Scambaleri. Yes. John West. Yes.

01:07:39.198 --> 01:07:46.457
- Randy Cassidy. Yes. Deborah Meyerson. Yes. The three motions passed unanimously. Excuse me. The three

01:07:46.457 --> 01:07:48.734
- resolutions passed unanimously.

01:07:50.914 --> 01:07:58.855
- Next on our agenda is resolution 2651, which is approval of 2026 CDBG physical improvement grant agreement

01:07:58.855 --> 01:08:06.499
- with my sister's closet. Would you like to speak to that? Yeah, me again. This is the 2026 agreements,

01:08:06.499 --> 01:08:14.366
- the first of our 2026 agreements. I wanted to go ahead and get this one ready to go, because this project

01:08:14.366 --> 01:08:19.710
- is waiting. They're ready to go as soon as we get our funding from HUD.

01:08:19.842 --> 01:08:26.576
- They purchased the building at 12 for West 2nd Street and that's going to be their new location and

01:08:26.576 --> 01:08:33.511
- they're going to have all their services and a much large larger nicer building once they make all the

01:08:33.511 --> 01:08:40.380
- renovations to it's going to be really great for them. Thank you. Well open for questions or comments

01:08:40.380 --> 01:08:43.006
- from commissioners on resolution 2651.

01:08:47.010 --> 01:08:55.228
- Seeing any, we'll open it for public comment on resolution 2651, either in person or online. Not seeing

01:08:55.228 --> 01:09:03.367
- any, I will ask for a motion for 2651. Move approval of resolution 2651. Second. A first and a second,

01:09:03.367 --> 01:09:11.506
- we'll do a vote by roll call, please. Lori McRobbie, yes. Steve Scambaleri, yes. John West, yes. Randy

01:09:11.506 --> 01:09:14.430
- Cassidy, yes. Deborah Meyerson, yes.

01:09:14.562 --> 01:09:22.120
- Motion passes unanimously for resolution 2651. Thank you. Thank you. Next in our agenda is resolution

01:09:22.120 --> 01:09:29.604
- 2652, which is addendum number one with the environmental engineering LLC for environmental services

01:09:29.604 --> 01:09:37.162
- at College Square. Who would like to speak to that? I think Dana and I will take tag team this a bit,

01:09:37.162 --> 01:09:40.126
- but I will start out with some framing.

01:09:40.258 --> 01:09:46.114
- This resolution is part of our due diligence efforts at College Square that completed additional

01:09:46.114 --> 01:09:52.573
- environmental investigations in coordination with Indiana Brownfield's program. During that work, evidence

01:09:52.573 --> 01:09:58.067
- of historic underground storage tanks was identified. Before the property can move forward

01:09:58.067 --> 01:10:04.587
- towards redevelopment, we need to determine whether those tanks remain, remove them if necessary, remediate

01:10:04.587 --> 01:10:06.398
- any associated contamination,

01:10:06.562 --> 01:10:14.918
- and obtain the documentation required to pursue environmental site closure. The resolution authorizes

01:10:14.918 --> 01:10:23.765
- an addendum with VET environmental engineering for this investigation, remediation, regulatory coordination

01:10:23.765 --> 01:10:33.022
- and site closure in an amount not to exceed $156,755.25. Completing this work now will reduce redevelopment risk

01:10:33.122 --> 01:10:41.690
- protects the RDC's investment and positions the property for appropriate future redevelopment. And there's

01:10:41.690 --> 01:10:49.698
- not much I can add to that. It was very good. And we already have a contract. So again, an addendum

01:10:49.698 --> 01:10:58.105
- is the appropriate way to amend this. And as stated, we need to address what's going on there at College

01:10:58.105 --> 01:11:02.910
- Square anyway. And so going ahead and taking those measures

01:11:03.010 --> 01:11:14.554
- will only help the further steps that you take with that property. Thank you. I'll ask for any questions

01:11:14.554 --> 01:11:24.558
- or comments from commissioners on resolution 2652. Yes. I realize that the ship is sailed,

01:11:24.558 --> 01:11:32.254
- but when this body, not us, but the RDC purchased this, was there not

01:11:33.474 --> 01:11:44.477
- environmental studies done at that time? There was. Is there any record of environmental studies being

01:11:44.477 --> 01:11:55.479
- done at that time? There was studies done. There was things noted in those studies. The purchases went

01:11:55.479 --> 01:12:00.286
- through what was actually, you know, I can't

01:12:01.314 --> 01:12:10.404
- explain the decision-making process that happened at that time. That was vague enough, thank you. Just

01:12:10.404 --> 01:12:19.230
- to clarify, we had one done, it didn't identify it, we found something now that needs to be cleaned

01:12:19.230 --> 01:12:28.409
- up. Well, there's been a number of studies done through the years and some of the studies have revealed

01:12:28.409 --> 01:12:30.174
- potential concerns.

01:12:30.338 --> 01:12:39.417
- When VET came in, they did a comprehensive review of a number of reports that were done and identified

01:12:39.417 --> 01:12:48.583
- areas of concern that they thought needed some additional work. They went out and looked at those under

01:12:48.583 --> 01:12:57.662
- the first contract, found that yes, this is an area of concern. We need more information regarding and

01:12:57.858 --> 01:13:06.496
- And it was directed by item wanting that additional information. And so that's what led to these next

01:13:06.496 --> 01:13:15.134
- steps. Again, what went into this decision making before I can. So just to be 100% clear, we're doing

01:13:15.134 --> 01:13:23.688
- a time material basis not to exceed $156,755 and 25 cents. This should clean everything up so we can

01:13:23.688 --> 01:13:26.398
- move forward with this property

01:13:26.562 --> 01:13:34.968
- to move on to the redevelopment phase of this property. Just want to clarify. We don't have any more

01:13:34.968 --> 01:13:43.374
- things we have concerned. With all environmental projects, it's like an old house. Once you get into

01:13:43.374 --> 01:13:51.863
- it, you're never sure what you might come into. So I don't think there's any guarantee. This is what,

01:13:51.863 --> 01:13:54.110
- based on they did do some,

01:13:54.210 --> 01:14:01.734
- investigation work and so it does appear that they did a good job with that work from what I've looked

01:14:01.734 --> 01:14:09.186
- at and so I I'm not expecting anything additional but I there's no way I can stand here and guarantee

01:14:09.186 --> 01:14:16.491
- you that something won't pop up but this is you know that all likelihood this should solve it but I

01:14:16.491 --> 01:14:23.358
- can't guarantee it given given once this potentially is executed do we have a time frame that

01:14:25.954 --> 01:14:32.459
- They tentatively have this on the schedule for September to start work, which is the soonest available

01:14:32.459 --> 01:14:38.774
- that they had. And I believe that the time is also ticking with IDEM and Brownfields just with that

01:14:38.774 --> 01:14:45.595
- coordination. At this point, they've given directives of what needs to happen. And if we delay any further,

01:14:45.595 --> 01:14:52.226
- they could reserve the right to review that and make a new finding. I don't know that that would happen,

01:14:52.226 --> 01:14:54.942
- but this would just resolve it succinctly.

01:14:55.170 --> 01:15:03.459
- From this site work, it would appear that they could get the site work done within a couple of months,

01:15:03.459 --> 01:15:11.587
- a month or two, how long it would take to then put that through IDEM to have their review. Again, we

01:15:11.587 --> 01:15:19.956
- would have no control over that. It may be after the first of the year before we can get responses back

01:15:19.956 --> 01:15:24.382
- from IDEM. Realistically, this can start in September,

01:15:25.154 --> 01:15:32.194
- be taken care of and then we're into the state and the paperwork with a good potential possibility that

01:15:32.194 --> 01:15:39.031
- by next spring or this time next year, we would be able to have a clear, I understand there's things

01:15:39.031 --> 01:15:45.935
- we don't know. Yes, there's a good potential for that to occur, yes, sir. Okay, thank you. Thank you.

01:15:45.935 --> 01:15:53.246
- If there's no other questions or comments from commissioners, I'll open resolution 2652 for public comment.

01:15:53.986 --> 01:16:04.403
- either online or in person, not seeing any, I will ask for a motion for resolution 2652. I'll make approval

01:16:04.403 --> 01:16:14.049
- to approve resolution 26-52 as presented. Second. We have first and a second. We'll do a roll call,

01:16:14.049 --> 01:16:20.126
- please. Lori McGrady, yes. C. Scambaleri, yes. John West, yes.

01:16:24.290 --> 01:16:30.950
- Randy Cassidy, yes. Debra Meyerson, yes. Motion passes unanimously for resolution 2652. Next on our

01:16:30.950 --> 01:16:37.678
- agenda is resolution 2653, which is amending the declaratory resolution at the Consolidated Economic

01:16:37.678 --> 01:16:44.471
- Development Area and the Consolidated Economic Development Plan, removing certain residential parcels

01:16:44.471 --> 01:16:48.734
- and regarding related matters. Who would like to speak to that?

01:16:49.186 --> 01:16:56.714
- Dana Kerr from Legal again, as well as Justin Ching from Reading. This is going to be following the

01:16:56.714 --> 01:17:04.996
- process alongside Hopewell South. So this is the declaratory resolution, amending the declaratory resolution.

01:17:04.996 --> 01:17:12.750
- So after tonight, this will also go to the planned commission with Hopewell South, then Common Council

01:17:12.750 --> 01:17:17.342
- with Hopewell South, and then back and have a public hearing

01:17:17.474 --> 01:17:26.012
- with the Redevelopment Commission and a confirmatory resolution, just like Hopewell South, it's going

01:17:26.012 --> 01:17:34.886
- to be going along the same process at the same time, to let you know that. This one's a little different,

01:17:34.886 --> 01:17:43.591
- and I'll again try to explain, and Justin can correct me when I say it wrong. So what this is, is there

01:17:43.591 --> 01:17:46.270
- are a number of parcels of land

01:17:46.466 --> 01:17:57.580
- that are in the consolidated TIF that are residential in nature. And the way the DLGF has been running,

01:17:57.580 --> 01:18:08.373
- having the auditors run the software program to account for residential properties has changed based

01:18:08.373 --> 01:18:13.182
- on their direction. And so now those parcels

01:18:13.346 --> 01:18:22.153
- while they were able to account for them before in the auditor's office to kind of balance their negative

01:18:22.153 --> 01:18:30.544
- impact, what negative impact they would have out, they can no longer do that. So us along with many,

01:18:30.544 --> 01:18:39.184
- many, many, many other communities, RDCs are looking to pull out those residential parcels so that they

01:18:39.184 --> 01:18:43.006
- won't have a negative impact on the revenues.

01:18:43.778 --> 01:18:53.439
- Without doing this, next year's revenues could be affected by approximately $360,000 less by leaving

01:18:53.439 --> 01:19:03.770
- these parcels in. So the purpose of this is to remove these truly residential parcels from the consolidated

01:19:03.770 --> 01:19:11.518
- TIF to keep that reduction in overall revenues from happening. It has no impact.

01:19:11.810 --> 01:19:19.213
- On the residential park properties, there are a few residential properties that we are leaving in because

01:19:19.213 --> 01:19:26.407
- of within the consolidated tiff. There's a few areas where there's little bottlenecks that connect the

01:19:26.407 --> 01:19:33.182
- tips and a few of those are residential properties and we do not want to break the continuity of

01:19:33.474 --> 01:19:40.389
- the tiff and separate it. So we want to keep it together. So we're leaving a few parcels in.

01:19:40.389 --> 01:19:48.048
- About a dozen, there's 12 of them. So we're leaving those in. They should have just 12 parcels, pretty

01:19:48.048 --> 01:19:55.706
- minimal impact. But this is an effort that many, many, many RDCs, if they're not doing it, they should

01:19:55.706 --> 01:20:02.398
- be doing it, of removing residential parcels from their regular commercial type tiffs to,

01:20:02.690 --> 01:20:10.789
- keep them from being counted against the revenues for the TIF. Thank you. Just to provide a little bit

01:20:10.789 --> 01:20:18.888
- of elaboration on a few things that Dana mentioned. How this came about to be an issue is actually due

01:20:18.888 --> 01:20:26.909
- to the TIF neutralization process. Essentially, we work with the auditor on determining what assessed

01:20:26.909 --> 01:20:30.526
- value growth is capturable from year to year.

01:20:30.850 --> 01:20:37.131
- And in the neutralization form that we fill out, it tells us, so for this year, we just completed the

01:20:37.131 --> 01:20:43.350
- forms for Bloomington. It says next year, let's just say one of the Bloomington TIFFs should receive

01:20:43.350 --> 01:20:49.693
- $10 million in incremental IV. When we received the parcel list from the auditor's office, we noticed,

01:20:49.693 --> 01:20:56.282
- instead of saying $10 million, we're seeing $7 million instead. And so we start to work with the auditor's

01:20:56.282 --> 01:20:59.422
- office and the software providers to find out why.

01:20:59.874 --> 01:21:06.479
- what caused this discrepancy, and from discussions with the software provider, so Monroe County uses

01:21:06.479 --> 01:21:13.018
- Lau, they told us that there was sort of a change in how they handle residentials based on what the

01:21:13.018 --> 01:21:19.818
- DLGF is telling them. Essentially before, residential parcels didn't affect the TIFFs at all, it didn't

01:21:19.818 --> 01:21:26.423
- benefit them, it didn't really hurt them. Now they can only hurt commercial TIFFs, which is why it's

01:21:26.423 --> 01:21:28.254
- important to pull those out

01:21:28.386 --> 01:21:35.912
- of the consolidated TIF. And Dana mentioned it's about a $360,000 savings we could save in 2027 if we

01:21:35.912 --> 01:21:43.438
- do this now. Unfortunately, this actually did happen last year. So this year, if we're looking at TIF

01:21:43.438 --> 01:21:50.817
- revenues, our TIF revenues were actually already about $300,000 lower than what it should have been

01:21:50.817 --> 01:21:57.310
- if we were to cut it earlier. That is to say, we couldn't have done it, cut it earlier,

01:21:57.442 --> 01:22:05.893
- earlier than we already did just because it has to come after the neutralization and CNAP process, but

01:22:05.893 --> 01:22:14.180
- this $360,000 impact will continue to happen each and every single year if we don't remove them from

01:22:14.180 --> 01:22:22.713
- the TIF allocation areas. Thank you for the presentation on resolution 2653. I'll open it for questions

01:22:22.713 --> 01:22:27.390
- or comments from commissioners. This only has to do with

01:22:27.490 --> 01:22:34.345
- We missed it last year, but it's due to the state law change from Department of Local Government Finance.

01:22:34.345 --> 01:22:41.006
- It's not a legislation change, just the DLGF did not think the software was handling it correctly, but

01:22:41.006 --> 01:22:47.472
- it's not a legislation change, that is to say. That also is not really something the county auditor

01:22:47.472 --> 01:22:54.198
- can control either. It's just how the software is do the math when you input the neutralization factors

01:22:54.198 --> 01:22:54.974
- and get the

01:22:55.362 --> 01:23:01.858
- Assess values for the next year By removing these this clears it up. We don't have a software issue

01:23:01.858 --> 01:23:08.485
- and we don't have a monetary loss Correct. Correct. And there's no impact on the taxpayers. Their tax

01:23:08.485 --> 01:23:15.241
- bill will not change because of because of this the relative removal Other questions from commissioners

01:23:15.241 --> 01:23:21.868
- I Have two questions one is just administrative in the packet. There's an attachment a for a map, but

01:23:21.868 --> 01:23:23.102
- there's no map for

01:23:23.298 --> 01:23:31.857
- Is that intentional or what's the, just help me understand that, because I can see all the parcel numbers,

01:23:31.857 --> 01:23:40.256
- but I'm curious about the geographic locations of what this is and the map's not there. Yes, Mr. Cassidy

01:23:40.256 --> 01:23:48.254
- asked me about that earlier today. This is the declaratory resolution. We can, without slowing down

01:23:48.254 --> 01:23:51.614
- the process, because we need to get this,

01:23:51.746 --> 01:23:59.585
- going because of when they do the calculations. We can amend that and we are, I am working with GIS

01:23:59.585 --> 01:24:07.502
- in Bloomington, the Bloomington GIS to create a map for you that will show you exactly which parcels

01:24:07.502 --> 01:24:15.341
- these are so that you can see them on a map. And then it's also going to show which parcels that we

01:24:15.341 --> 01:24:21.534
- are going ahead and leaving in to make sure the continuity matches up as well.

01:24:21.858 --> 01:24:30.300
- So that map is in preparation. It's just not quite finished up yet, but the parcel list includes the

01:24:30.300 --> 01:24:38.742
- parcels for identification purposes. So when would the map be available to the public if they wanted

01:24:38.742 --> 01:24:46.014
- to see it since it's not on our packet? Yes, as soon as the map is available and we're

01:24:46.914 --> 01:24:54.273
- getting close to having it done, I will stick it with the resolution and make sure that it is part of

01:24:54.273 --> 01:25:01.561
- the packet and so that it is available for viewing. Okay, thank you. It's kind of hard because there

01:25:01.561 --> 01:25:08.920
- are little bitty parcels and it's a big city map of the whole area. Might be more than one map. Yeah,

01:25:08.920 --> 01:25:15.486
- so we're trying to figure out a way to make it so that it's readable. And so that's what's

01:25:15.618 --> 01:25:22.493
- kind of hard about it. On GIS, it's easy, because you can zoom in and out, but to put it in a format

01:25:22.493 --> 01:25:29.299
- where you can have a static copy is hard, and that's what we're working on. But the parcel list is,

01:25:29.299 --> 01:25:36.514
- again, the identification part. Okay. My other question was just, is there any possibility or opportunity

01:25:36.514 --> 01:25:43.389
- for an appeal for Frisco Year 26, just given that this wasn't a legislative change, it was something

01:25:43.389 --> 01:25:44.478
- that was simply

01:25:44.642 --> 01:25:52.016
- delivered via software in terms of that shift, in terms of just the lost revenue that was not really

01:25:52.016 --> 01:25:59.389
- any intentional thing. It was just kind of how things turned out based on the change in software. As

01:25:59.389 --> 01:26:07.055
- an appeal with the county auditor, see if we can get those tough revenues. Unfortunately, we don't think

01:26:07.055 --> 01:26:11.070
- it's possible just because when certifications go out,

01:26:11.266 --> 01:26:17.725
- the way that assessed values work, there's underlying units that are in play, levies and tax rates are

01:26:17.725 --> 01:26:24.121
- in play based on these assessed values. So we can't go after abstract comes out and say we want these

01:26:24.121 --> 01:26:30.391
- dollars back. So unfortunately no, but that's also why it's important to take that step now to make

01:26:30.391 --> 01:26:34.718
- sure we can fix it for page one and 27. And actually we are already,

01:26:35.234 --> 01:26:42.396
- We already notified the county auditor of this happening so they can sort of be ready for when we do

01:26:42.396 --> 01:26:49.557
- remove these parcels to make sure it doesn't affect those certified assessed values. Okay, thank you

01:26:49.557 --> 01:26:56.648
- very much. So no other questions or comments from commissioners. I'll open it for public comment in

01:26:56.648 --> 01:27:02.462
- person or online. Not seeing any, I will open it for a motion on resolution 2653.

01:27:04.162 --> 01:27:11.707
- I'll make a motion to approve resolution 2653 is presented. Second. We've got a first and a second.

01:27:11.707 --> 01:27:19.779
- We'll do a vote viral call please. Lauren McRobbie. Yes. See scambler. Yes. John West. Yes. Randy Cassidy.

01:27:19.779 --> 01:27:25.438
- Yes. Deborah Meyerson. Yes. Motion passes unanimously for resolution 2653.

01:27:26.466 --> 01:27:35.538
- The last item of new business on our agenda is resolution 2654 approval of a lease at the forge with

01:27:35.538 --> 01:27:44.879
- Prometheus Energetics LLC. Who would like to speak to that? Good evening, John Fernandez from Amplified

01:27:44.879 --> 01:27:53.502
- Bloomington. Let me pull this up here real quick. Hopefully the memo I sent was straightforward

01:27:53.762 --> 01:28:02.582
- clear enough on what's happening here, but just to recap for the public. You know last December. December

01:28:02.582 --> 01:28:10.986
- 15th a RTC approved a lease with Prometheus energetics for 2400 square feet in the forge. That lease

01:28:10.986 --> 01:28:19.639
- included a right of first refusal to expand and take the remaining 1800 square feet on that first floor

01:28:19.639 --> 01:28:21.886
- of the building. They have

01:28:22.626 --> 01:28:30.898
- expressed the interest of doing that and taking the additional 1800 feet. When we looked at the way

01:28:30.898 --> 01:28:39.336
- to approach this, it made more sense to us to instead of doing a new lease for what's considered unit

01:28:39.336 --> 01:28:47.939
- 101, we would just or unit 100 that front piece, we would just replace that lease with a new lease that

01:28:47.939 --> 01:28:52.158
- covers all 4200 square feet. All the terms for the

01:28:52.546 --> 01:29:04.800
- lease are the same as the December 25th lease in terms of the monthly rate, the CAMS, all that. It also

01:29:04.800 --> 01:29:16.937
- is the same term, the three years with two or three additional rights to stand on an annual basis. The

01:29:16.937 --> 01:29:21.886
- tenant improvement allowance is the same.

01:29:22.050 --> 01:29:30.452
- as it's been for the other 2,400 square feet. The way it's set up is that once this is executed and

01:29:30.452 --> 01:29:39.022
- approved by the Redevelopment Commission, the commencement date for the lease would be either 100 and

01:29:39.022 --> 01:29:41.374
- make sure I get this right.

01:29:43.810 --> 01:29:51.023
- 150 days after execution or completion of the new tenant improvements, whichever comes first. And what

01:29:51.023 --> 01:29:58.236
- that'll do is that it resets that three year period for the entire 4200 square feet based on that day.

01:29:58.236 --> 01:30:05.308
- So it's kind of by some additional time, but that's really the long and short of it. And I'd love to

01:30:05.308 --> 01:30:09.790
- get the redevelopment commission's approval for this new lease.

01:30:12.578 --> 01:30:21.575
- Great, thank you for your presentation. We have any questions or comments from commissioners on resolution

01:30:21.575 --> 01:30:30.488
- 2654. So John, while while we are waiting for the leasehold improvements for the new space, new collected

01:30:30.488 --> 01:30:38.896
- space, are they still paying rent on 100? Yeah, they're continuing to pay their lease, the original

01:30:38.896 --> 01:30:40.830
- lease and then the new

01:30:41.058 --> 01:30:49.999
- total amount will kick in with the commencement date of this lease. But in the interim, they're continuing

01:30:49.999 --> 01:30:58.605
- to pay the rent that they're paying right now. And I should note why we're at it that with this lease,

01:30:58.605 --> 01:31:07.630
- if it's approved, we'll be at a 100% occupancy. So we need you to build another building. No, just kidding.

01:31:07.630 --> 01:31:09.886
- That's for John's benefit.

01:31:10.402 --> 01:31:16.555
- And the mills paying for that your your funds paying for it's not coming out of redevelopment.

01:31:16.555 --> 01:31:23.357
- Pardon me. Your fund is paying for it. Yeah. So we're good. Okay. And just comment Prometheus is a great

01:31:23.357 --> 01:31:30.093
- up and coming entity in our community and it's grateful to have Yeah, they're gonna for what it's worth

01:31:30.093 --> 01:31:31.518
- like pull it up here.

01:31:32.418 --> 01:31:39.194
- They currently, you know, their plan was to hire 13 people right now for the 2,400 square feet. That's

01:31:39.194 --> 01:31:46.300
- been moving very quickly as they've brought a lot of people into our community from other parts of Indiana,

01:31:46.300 --> 01:31:52.879
- but also from out of state, which is really nice from an economic development perspective. Over the

01:31:52.879 --> 01:31:58.142
- next six months, they plan to add another 20. And their current compensation is

01:31:58.658 --> 01:32:07.109
- It's higher than it's going to be, but for the entire building right now, our average wages are $136,000

01:32:07.109 --> 01:32:15.237
- a year. So it's doing what you all had hoped for. Appreciate it. Okay. If there's no other questions

01:32:15.237 --> 01:32:23.768
- or comments from commissioners, I'll open it for public comment. Not saying anything in person or online.

01:32:23.768 --> 01:32:27.390
- I will ask for a motion for resolution 2654.

01:32:27.874 --> 01:32:35.210
- Move approval of resolution 2654. Second. Got a first and a second. We'll do a vote by roll call, please.

01:32:35.210 --> 01:32:42.754
- Lori McGrady, yes. C. Scambaleri, yes. John West, yes. Randy Cassidy, yes. Deborah Meyerson, yes. Resolution

01:32:42.754 --> 01:32:49.882
- 2654 passes unanimously. Thank you. Great. Thank you all. That is the last item of new business on our

01:32:49.882 --> 01:32:56.734
- agenda this evening. We have a motion to adjourn. So moved. Thank you all this evening. Thank you.