- Welcome to the Redevelopment Commission meeting for the City of Bloomington for August 3rd, 2026. We
- will start the meeting with a roll call, please. Sue Scambaleri here. John West here. Randy Cassidy.
- Randy Cassidy present. Laurie McRobbie present. And Deborah Meyerson here. Can we have staff present,
- please? Anna Killian Hansen, Director here. Christina Finley, Hand Department.
- Jeff McCamm City Controller. Can be Caswell Hand Department. Jane Coopersmith Economic and Sustainable
- Development. Thank you.
- So the first item on our agenda this evening is presentations for College Square from respondents who
- originally submitted their proposals on July 20th. We've invited each of them to do 20 minutes
- in presentations so that we can have public viewing of the presentations. And then after each presentation,
- we'll have approximately 15 minutes of Q&A from commissioners with each respondent.
- So the first respondent on our agenda is Concord, TWG, Ratio, and Shiel Sexton. Good evening, members
- of the Redevelopment Commission. My name is Adam Tease. I'm with Ratio Design, and I'm representing
- the Concord development team tonight. Our presentation's on the screen. And with us tonight is Dustin
- Eggink from Ratio Design, as well as several people I think will be, there's Carl,
- from Concord Development Company, and we will be joined as well by Chase Smith from TWG Development.
- Welcome to Bloomington. That's the name of our presentation. Why do I use this?
- Why do I use this phrase? So I'm the father of four kids, and every time we come down I-69, we come
- home to Bloomington, because I live here in this community, my four kids, every single time, they count
- down 10, nine, eight, seven, six, and when we cross by that sign that's right at the College Avenue
- Act, they yell out, welcome to Bloomington, as loud as they can. They've done it since they were little
- children. And to me, this presentation,
- is about figuring out how Bloomington welcomes people and welcomes people to Bloomington. I think we
- have an excellent brand. It's an incredible story around this community. I love this logo that Visit
- Bloomington uses. I think Bloomington's a lot of different words. I think it's magical. This is at the,
- who has tuba sanas, right? Who has lights at Christmas time that are straight out of a Norman Rockwell
- book. It's whimsical, it's fun, it's unique.
- It's artistic. It's colorful. Those are four words I chose. Frankly, they don't really matter because
- in Bloomington, people choose a lot more words, right? This is a beautiful picture. I think I credited
- it appropriately. It was in the B Square as a recent article. Bloomington has lots of opinions, right?
- It's a very opinionated place because people are passionate about it. That's okay.
- We chose four words that we think represent our proposal, but there's lots of opinions. This whole topic
- has had a lot of opinions. I don't know how many articles from Dave Haskins I've read in the last couple
- of years about this topic, lots of opinions. I used to be a CIB board member for two and a half years.
- I'm very well of the convention, very, very aware of the convention center. And we pieced together this
- team for a very specific proposal for this project. We actually submitted this proposal to the CIB as well.
- So you're going to see a proposal that intends for the two bodies to work together. That's the intention
- of our proposal. What words matter to us? What matters to us is the word arrival. What does it mean
- to arrive in Bloomington? What's that first sense of experience? Our proposal proposes a new hotel on
- College Avenue where you have a direct arrival experience, where you meet and greet
- Bloomington at kind of its best, a street level drop off, a beautiful arch courtyard, a rooftop plaza
- where you can have a wonderful experience, an arrival. It means engagement. When you step inside this
- hotel experience, you would be met with a unique and a different opportunity to engage with Bloomington.
- In fact, if you take a second, imagine that when you arrive inside this hotel,
- You'd be engaged with the idea that you could go to a street front artist space. In fact, we intend
- to have this space right at the corner of 4th and College Avenue, where you could actually yourself,
- as a guest in the hotel, maybe go throw a clay pot. Maybe you could paint a painting. Maybe you could
- actually walk away with a piece of art from Bloomington, not just see some other piece of art.
- from Bloomington, you might even make a relationship with an artist. And we see that as a part of our
- proposal, a direct engagement. We think our proposal's about linkage. We think the Beeline Trail is
- an important part of this community and certainly is an compelling pedestrian bicycle corridor. We think
- that our whole entire proposal not only addresses linkages on the Beeline, but addresses linkages straight
- to downtown.
- Our proposal has a rooftop bar with views that directly look at the courthouse square. So imagine those
- magical winter nights when it's all lit up, or imagining the summer days when there's festivals and
- activities, and you can connect to this icon of the Bloomington community. We've also proposed a very
- special pedestrian connection to the beeline at the intersection of 3rd Street and College, where we
- think people actually will be as they come and go from the new convention center.
- On the backside of our development, we'd see a continued enhancement of the B line. We're not first.
- This community has already done this along the B line. It would just be another enhancement to that
- corridor. And we think these are compelling linkages. What's our proposal? We're just gonna be very
- transparent, open, and put it out there for you all to consider. I spent two and a half years on the
- Capital Improvement Board.
- I think as a community should be proud that the convention center's moving. It took a long time. I was
- on one of the first committees back in 2017, 18 and 19. So we should be proud. It's gonna be a beautiful
- building when it's done. One of my concerns is that it had about 450 parking spaces when it was a 30,000
- square foot building. It's going to be a 90,000 square foot building. I would really, really encourage
- that we need to preserve those parking spaces. It's really critical for the future of the convention
- center. South of the parking lots are what people call the seminary square development. We think that
- that is an ideal site for a mixed income apartment complex development that would include an
- exact replacement of the low income housing that's been lost. So we would, we've. Thank you, I appreciate
- the comment.
- That's too bad. We think that there are 27 units that would be low to moderate income units that would
- be included in this development, and it would be right along the Beeline Trail. Have a good rest of
- your day. We think this site would be a catalyst for Second Street and really be a pivot point to Hopewell
- and also re-engaging kind of the south part of downtown. These are examples of projects our team has done.
- both TWG projects and ratio design projects. In specific, ratio would bring a team of our design group
- that comes out of our Denver office that has had some very specific mixed income apartment and mixed
- retail and housing development. Two of our recently completed projects are at the top of the screen.
- In exchange, we would want the CIB to accept our offer for $4 million for that property.
- and in essence urge you as the redevelopment commission to accept that as the purchase price for the
- College Square property. So it's in essence the land swap deal that everybody's been talking about,
- but at a four million dollar valuation. TWG would request a developer-backed bond based on the development
- at that site to support those 27 units. On the College Square, Concord Hospitality would develop 160 room
- full service hotel on the eastern half of the site, we won't be bashful. We think this requires subsidy.
- We think it requires free land, and we're estimating a $12 million gap. How to close that, we would
- work with the Redevelopment Commission and the staff on how to do that, but we think the Bloomington
- Hotel market is soft for this product, and we think there's a required subsidy to deliver this kind
- of product at this kind of price point in this kind of location.
- ultimately is our main proposal. This is the overall summary. I'm gonna turn the microphone over to
- Dustin Egging, who will kind of paint the overall urban design proposal. Thank you, Adam. Again, my
- name's Dustin Egging with Ratio Design. Just to quickly go over the scheme here, and just to reiterate,
- this is something that
- It is not designed. We really look forward to working with the community to come up with this. But a
- few things to stress here, though, is that this is a partie that is dense or has a density to it that
- is visitor-facing and community-facing. So the element on the College Avenue side is where we are proposing
- the hotel component that has
- very distinct and direct and easy linkage to the convention center, but also has the views afforded
- back and the connection to the downtown proper. So it becomes this really nice connection point. On
- the opposite side, we have proposed a phase two. That could be an expansion of the hotel.
- or it could be additional housing as it faces the B line. And I think those are really kind of two distinct
- points is that there's a visitor-facing side, a community-facing side. And this really goes to the notion
- of finding the right mix and something that really fits in with the community right here. Towards the
- middle, parking, that really
- makes the both developments serviceable and an easy mix for the proposed development. I think at this
- point in time, we'll wanna just turn it over to questions. We have Concord and TWG on the line right
- now. Yeah, and I see Carl from Concord, but I don't see TWG unless someone else is trying to enter the
- meeting, but Carl,
- Carl Wren, Executive Vice President from Concord is on our call. Happy to answer any questions about
- our proposal. Adam Chase Smith is here as well. Hello, everybody. Okay, Chase Smith from TWG is on the
- line as well. Thank you for your presentation. We have
- several questions that the RDC worked together collaboratively to develop. I will be presenting them
- on behalf of the RDC. Our first question is, beyond the purchase price, please explain the form and
- amount of full public subsidy you're proposing for this project and how you arrived at that request.
- Carl, do you want to take this first? The $12 million in subsidy that would be required is what the
- pro forma shows to make the project work.
- We would be open to work with any and all different departments, entities to come up with the $12 million.
- That's what's needed to close the financing gap or to close the gap to have the project pencil. We would
- be open to any and all, whether it would be tax, whether it would be TIF, whether it would be any forms of
- incentives that we could come up with as a team would be required to make the project work. That's how
- our numbers work out based on the occupancy and the rates and adding 160 room almost luxury boutique
- style hotel. Thank you. Our next question is,
- If your proposal relies on CIB cooperation, have you had communication with them and secured
- their cooperation? What other third parties will be required for your proposal to be achieved? We submitted
- to the CIB. They did not hear our proposal when they went through their process. What other parties?
- I don't know of any other than the normal planning, zoning, city department approval
- processes that would be involved. Thank you. Our next question is, does your project require additional
- land or use of existing facilities that are outside of College Square? Yes, the proposal requires the
- CIB and the Redevelopment Commission to come to some sort of agreement to make that work.
- Could you be more specific about what land or facilities that you're anticipating would be part of your
- project? It was the land that was shown in the diagrams. I think the diagrams were as specific as we
- could get. They outlined the specific areas that we referred to. Can you explain the estimated time
- frame in which it will take to complete your project?
- as long as the negotiation takes and then it's always approximately about a two year process. So in
- your choice to include housing as part of your project, tell us more about the housing you've chosen
- to include and why. We think that there's demand on that site. We think that there's a reason to continue
- to provide
- very affordable units on that site and do it in a very high quality way. The RDC is required to consider
- the public benefit of your proposal. Tell us about how your proposal is providing the best benefit to
- the public and the highest and best use of the College Square site as well as any other related property.
- I think on the College Square site it's
- been long discussed as a very key location as you transition from the core of downtown Bloomington,
- particularly around the courthouse square, to this new convention center, a $70 million investment that
- everyone who's gone out to dinner has paid for. Those are the people who have bought the convention
- center, everyone who's gone out to dinner. And that investment has not been insignificant, and this
- site is basically the gap in the smile.
- of that downtown and filling that gap, I think, with a really strong sense of arrival and a really strong
- sense of a compelling hotel product really helps to bridge those visitors that will be at the convention
- center, getting them to come up into the courthouse square, which I think is really the kind of crown
- jewel of the downtown. One last question, which is, tell us more about the risk that
- your team is expecting to assume versus the risk that you're expressing the RDC and public entities
- to assume. In other words, if the product revenue does not deliver as intended, who bears the shortfall?
- I think that would be all forward-facing in future discussions. I think we've put together a pretty
- complex proposal. We're not naive. I mean, we read the papers. We go to the meetings. I used to be a
- CIB board member. I'm not naive. This is very messy.
- complicated, lots of meetings, lots of articles. We put forward an idea that we thought worked for the
- community. We would be, we don't think in any way it just magically snaps its fingers and comes together.
- So we think it's gonna take some time to negotiate, but we think we have a very compelling idea. Okay,
- thank you very much for your time and your responses this evening. Thank you.
- For our second presenter this evening, we have the other respondent, which is Dora, and partners like
- to invite you up.
- Good evening, everyone. Thanks for inviting us here. My name is Vince Dora from Dora hospitality.
- With me, I've got David Roush, our architectural firm and Chris see only from little brothers on the
- call is Russ louder back my development partner from a lot of back development. And I believe Travis
- is on the call areas. And he is going to be joining us as a partner with the multifamily housing development. So
- for our proposal today. We kept it brief and light so that we could all absorb it in the short amount
- of time we have today. So from a high level, our proposal includes 80 to 100 units of residential housing.
- That'll be market rate, a restaurant within the hotel or apartment building of 135 keys, commercial
- and retail space to be leased out,
- of approximately 20,000 square feet and structured parking of 200 stalls to help park all of
- this development. Next slide shows a bird's eye view of the overall site plan. And architecturally,
- you can see that the multifamily is on the north side of the site and the hotel and restaurant is on
- the south along third street.
- closest to the new convention center and the existing. We felt that was important so that there would
- be a smaller walkway from the hotel front door down to the convention center. As you guys know, we won
- the CIB RFP for the host hotel. This hotel and development would be working in tandem if we were to
- be selected so that there would be sister properties helping with overflow and other needs for the market.
- You can also see that in the middle, we've designed a promenade that we'll get into more details about
- in a second, but this is going to be walking space between college and the B line trail to help activate
- both sides. You'll be able to see through, we'll have some drivability and some walkability and retail
- space along that promenade on both sides to help activate the two sites and help them feel connected
- as one so that it's not just two separate buildings.
- I'll invite David up here in a second to kind of go into more detail about architectural, but we felt
- it important to have the restaurant on the west side of the site there along the beeline and college.
- There's a grade change that kind of lends to having a space over there that would play into activating
- that space along the walking trail, help attract folks that are biking or walking, and then also utilizing
- from the hotel standpoint as well.
- for our guests there. We will have a kind of elevated bar on the corner of college and third facing
- towards the convention center so that our guests and any convention goers or other users will be able
- to enjoy having a drink. This will be an elevated cocktail lounge, primarily for the hotel users, but
- also for the surrounding areas as well.
- The red square you can see on the fourth and college corner is gonna be retail. That is gonna be TBD.
- That's gonna be leaseable space. The main entrance is going to be on the north side into a underground
- parking deck that you will see here in a minute. The amenity space on the left is going to be to service
- the multifamily housing, whether it be fitness center, leasing office, gathering spaces, that kind of stuff.
- We're, well, I'm gonna invite David up here to talk about the inspiration for the overall architectural.
- He's better at it than I am. Thanks, Vince. Dave Rausch, Luminat Architects. So you had to build on
- Vince's earlier comment. The site approach here was to try to recognize the importance of College Avenue
- and programmatically
- put not only the hotel but also a housing component and give a nod to Courthouse Square and extend the
- facade, sort of the street line presence that works its way down college. So clearly a very specific
- move to bridge residential work along 4th Street and then the hotel down along 3rd. The promenade in
- the center,
- is a way to create a hole in the pedestrian scale hole in the site, which allows for a variety of local
- storefronts, vendors, an interactive pedestrian room, an outdoor room, if you will, and make
- that connectivity sort of across the site down to the beeline trail and the bridge. And that's where
- we placed a very, what we think is a keystone of the
- a signature restaurant that would hold that corner. Relative to the inspiration, again, this building
- and development would like to own, it does own a very obviously important part in the fabric of the
- city, and in our approach, we would look to distinguish the building so it fits by scale, by rhythm,
- by architecture, all the way across.
- virtue of not giving one specific facade complete ownership of college, which will be its most public
- presentation. We have set the hotel entry at one side, the retail with residential above to the northeast
- corner, and then
- an inviting pedestrian way to the center, again, partially to promote additional storefront activation
- and places to gather and so forth. Architecturally, taking clues from the municipality, from the area,
- recognizing all the sort of salient traits of Bloomington and trying to interpret them, obviously, in
- a modern and current and forward-looking way. You want me to keep going?
- So a couple of just, again, very conceptual early images here. This would be looking from the convention
- center toward the north and west. Thank you. And give you kind of an idea of the hotel holding the corner.
- You can see the beeline bridge to the distance there along 3rd Street. Thinking intentionally about
- things like, in this case, is there a possibility of allowing the
- you know, the retaining wall that starts to dive down underneath the bridge to be a place for public
- art. You'll also see a glimpse of that inside the development, but to really try to bring sort of local
- life to the project itself. In this particular case, what you'll see here on the left is the hotel.
- To the right, the retail and the multifamily component, and the invitation to an urban space in between.
- One of the real distinctive nods we have enjoyed exploring is the idea of taking the industrial sawtooth
- that's very prevalent right here and reinterpreting that as that geometry turning it on itself,
- if you will, facing it to the south and allowing that to be a very vivid opportunity to hold solar panels
- in this particular case. So rather than bring natural light from the north, we're bringing real light
- to the south and using that environmentally to help bring forward a sustainable building. A sketch from
- the west end, looking back up 3rd Street, you can get the idea of a couple of things here. Again, the
- notion of a walkway, promoting a walkway from the B line along 3rd Street.
- and then also allowing that to sort of be parted at the signature restaurant that would be on the corner.
- To the left then, in this view, is the multifamily residential component with the urban space,
- if you will, sort of finding its way across to the east, back out, and allowing you to, again, bisect
- the site and get back to college.
- I think that's... We had diagrammatically, just again, a quick, very conceptual blocking, stacking plan
- of having sort of these inverted L's of the hotel on the southeast, the residential on the north, working
- down to the public space. The oval in the center could be a kiosk, a nice place to promote local events,
- whether it's a...
- an entertainment place or a place for short-term rentals, again, an activation. And then, as Vince mentioned,
- lower level, using the grade change to our advantage to park more or less at or near grade on 3rd Street,
- which is about a story below the main part of the rest of the site. Go back to show some more visuals.
- The one thing that I wanted to call out for you guys in our proposal was, as you guys are aware, when
- we first worked with the CIB back in 2024, we had selected this site to be the host hotel and ran into
- some problems. So we know a little bit about the hurdles in front of us as far as the public incentive
- ask. And so we were very thoughtful and considerate in our proposal that we were aware that the RDC
- board is able to approve a
- we believe a project-based TIF of up to $5 million. That is included in the proposal itself. Much like
- our esteemed competition, we also first tried a larger ask and we were unsuccessful in getting that
- bridged with the different bodies of the city government. Part of the reason why we are offering a $1
- million purchase with revenues from the success of the hotel
- over the next several years is to help offset that. We're not gonna come and ask for money upfront.
- We're instead gonna help pay for it over time. And that is our way of trying to solve this problem that
- there is a shortfall to build this kind of development that the city needs and wants. But we know that
- the support isn't there across the board. So this is our attempt to try to bridge that gap.
- Before I turn it over to questions, I just wanted to give a chance to Russ online and Travis next to
- speak to anything that we might have missed. Russ? You're on mute.
- Can you hear me? Yep. All right, thank you. I was, I usually do most of the talking, so I was sort of
- feeling left out. So I appreciate giving me a chance to talk there, Vince. But thank you. I developed
- several projects there in Bloomington, the Hilton Garden Inn to begin with, Hyatt Place, and also the
- Spring Hill Suite. So we're very excited about looking at this one more time. I do think that this has
- a lot of synergies with the Host Hotel.
- because we can treat these as sister sister hotels if you will we'll be able to join the two together
- for four conventions for meeting space and and for several things so there's a lot of synergies that
- goes along with with having both hotels and both properties at once so also we very excited to have
- Travis and I wanted Travis has a few minutes there so I number one I apologize that I couldn't be there
- tonight I just had a previous engagement another another state that I just
- couldn't get out of. So thank you very much for entertaining us one more time and considering us one
- more time. And I would like Travis to make a slight introduction for himself. Thanks, Russ. Travis Spencil
- here. Also apologize that I can't be there tonight. I have a planning commission meeting in another
- town tonight starting in about 30 minutes. My apologies. I think from the residential side,
- We think there's a real opportunity here for some market rate housing. We're considering both rental
- and condos. Our preference would be to do a for sale product here. There's some challenges with that,
- both from the market standpoint and from construction standpoint, but we think we can overcome those.
- But we are proposing 80 to 100 units, one two bedrooms size units,
- that we think would really enhance the project in the downtown and bring something that we don't have
- a whole lot of in downtown. With that, I'm happy to answer any other questions. Okay, thank you. I would
- also like to congratulate the architect, did a fabulous job in being awarded the host hotel and also
- I think his design here is fantastic. So goes a long way toward our proposal.
- Thank you to your team for your presentation. We do have the same questions for both respondents, and
- so our first question for the DORA team this evening is, beyond the purchase price, explain the form
- and amount of the full public subsidy you're proposing and how you arrived at that request.
- Yeah, so we arrived at that request based on our knowledge of the RDC governing body and able to produce
- a project-based TIF without going to city council for approval. So we feel it's important to ask for
- that and we intend to apply that towards our parking, which is gonna be usable by both apartments and
- hotel guests. It's gonna be a big need for this site to park on site.
- It's going to be important for apartment renters or condo owners as well as hotel guests to have ability
- to park on site. So we feel that's going to be a good use of those funds. Other than that, there's no
- public ask. It's going to be borne by the developers and partners along with bank financing. Our next
- question. Does your proposal require CIB cooperation
- And do you need any cooperation based on this project? Are there any other third parties that are required
- for your proposal? No. There's no other participation required. We have been in communication with the
- CIB team. They're aware of this proposal. And because the host hotel site stays the same with the minimum
- requirements on the south site, the proposal that we presented to you guys is a standalone project.
- We do have John's blessing and encouragement that they hope that he helps what we succeed, so that we
- can bring even more rooms to the market and work in tandem as to sister properties.
- kind of getting into the forward thinking here, but the goal would be to have the host hotel as one
- major brand, Hilton, Marriott, IHG, et cetera, and then this hotel would be another brand so that we
- would have two separate reservation systems and loyalty programs working in concert together to push
- occupancy and ADRs for the entire market. I will also, excuse me, tease a slight little bit and a nod
- to Travis. He had a great idea for us. It's not for this,
- Proposal, but we are working with him on the south side as well because there's extra land available
- and so we are going to be forward thinking talking about Market or not market rate. I'm sorry affordable
- housing down on the south side to replace the units that are being lost for the demolition coming up
- Thank you So did your project require additional land or use of existing facilities given that you've
- said this is a standalone project and
- but does it require existing facilities or additional land outside of College Square? No. What is your
- estimated timeframe to complete the project? If we were awarded the project, it would be probably nine
- months of design and pre-development for the architect and engineers to get in there and start drawing
- plans. We would bring in our construction partner to help with a price, GMP.
- And we've already been talking with banks about permanent financing and construction loans. We have
- our equity in place as far as investment partners. So it'd probably be next spring when we can break
- ground and start construction. After that, it would be 18 to 20 months roughly before opening. So total
- around 27 months. Okay, total 27.
- And then in your choice to include housing in the proposal, tell us more about how you chose the type
- of housing to include and why. Well, I'm going to turn this over to Travis, but just from a high level,
- we feel like the College Square site lends itself to a higher use to go along with the hotel and restaurant
- that we're going to be developing. It's on a tighter site than the South site for the CIB.
- And with this being an upscale boutique property, bordering on upper upscale and luxury, we felt that
- market rate housing or condos would play well into that, as well as the promenade going in the middle
- to help support the local businesses that we hope to lease that space out to. But Travis, you go ahead
- and jump in. Sure. Number one, if we're able to do condos for sale product, we simply can't do that
- and meet the requirements of affordability on this site.
- structured parking, four or five story design, we're just not going to be able to meet the affordability
- definition of a for sale product. From a market standpoint, if we're leasing these units, we're going
- to be designing them to that scale. And so we believe that they would be leasing at also market rate,
- which is slightly above the affordable rate. So
- That's how we derived at that. We think there's a real need for that in Bloomington's downtown. We don't
- have a whole lot of market rate apartments that aren't associated with student properties. We clearly
- don't want student here. The RDC has been clear that they don't want student here. We don't think students
- appropriate here. So that's how we arrived to the product mix. And that's why we're still somewhere
- between 80 and 100 units, because we'll still vet that out as we continue to work on our design.
- We're talking about including the amenities to be shared. So there could be a fitness center or pool
- area that could be shared between the whole entire development. And we think that's just critical to
- making this work at market rate. So the RDC is required to consider the public benefit of a proposal.
- Tell us why how your proposal is providing the best public benefit and the highest and best use for
- the college square or any other related property involved. Sure. So I think we all know that with the
- new 70 to 75 million dollar Convention Center coming up the hotel room needs are going to be great to
- help support that facility once it gets fully stabilized and up and running and the host hotel being
- 200 rooms is going to be
- great for helping to solve that, but there's going to be more needs for hotels and rooms. Having this
- College Square proposal incorporate an even higher, better use facility, it'll help drive demand for
- that upper upscale guest looking for an upscale stay, as well as offering more apartments downtown,
- helping to attract young professionals and other
- folks that want to stay in the downtown environment. We hope to attract local people to lease the space
- that we have available to increase the walkability and traffic along the beeline in college to further
- increase the amenity space in that area.
- Additionally, I mean the obvious answer is is that without asking for any kind of tax abatement this
- property is going to be contributing to property taxes to help support the city whereas right now there's
- zero revenue being generated. I think how we both benefit the community is since we've been given the
- host hotel on the south side that that we're able to marry these two together and
- Design into this one. What the other one might lack or vice versa. I think having the two projects together.
- There's a lot of synergy there. Our last question is talking about the risk, the risk that your team
- is expecting to assume on the project versus the risk that you'd expect the RDC to assume. So if there
- were shortfall, who's bearing it.
- Yeah, there is no risk to the city of Bloomington, the RDC, or anyone else. The risk is fully on us
- as developers. We are going to be signing personal guarantees for our construction loan and permanent
- loan after it's open. And we will continue to bear those risks. So we are fully invested. That's how
- I do all my hotel deals throughout the state of Indiana. If I want to put my money into it, I believe
- in it. So this project being the same, we assume the risk.
- with our bank. Now I did want to make one clarification that Chris reminded me of. I think I misspoke
- earlier. We are asking the RDC for that five million dollar project-based TIF and I think I said that
- the City Council doesn't have to be involved and I think that's not right. I think they are involved.
- So just clarification on that point. Well thank you for your time this evening with your presentation
- and your answers to our questions. Thank you. So thank you all
- This evening, this concludes the presentation part and we'll return to our regular business meeting
- for the RDC. Yeah, we'd like to just take a five minute break just to segue into our business meeting.
- Can we request that?
- You would like to call short recess. All right, five minute recess will reconvene at 5.48.
- th th th th
- Yeah, she's a, there are, this is a, she's, they're watermelons. They're, they're watermelons. Please
- close your eyes. You didn't say I'd see a melon. So. And I'm not seeing a melon today. Oh, there she
- is. I'm ready. I'm ready. I'm ready. I'm ready.
- Yeah. Yeah. Yeah.
- th th th
- All right.
- It just means we'll have to separate out our parsers. Is that OK? Well, I'm not saying we have to separate
- out our parsers. Well, maybe not long enough. Yeah. There's no need. OK. I think I'm fine, right? I
- think you're good. You're good? Unless you need me to do something.
- And then I want to.
- I mean, you know, there had been times when she'd know that really physical brain stuff. That could
- just go all the way in until it just sprang in. You know, we have one screen, which has to be in separate
- ones. So it's literally when we finally find it. And then how we're working towards the end. It's just
- not a lot of work. Yeah, I mean, you know, and that's just a step that we always take.
- Yeah. Yeah. Yeah.
- You know, we have done some of these things to get some of those priorities. Not just the two things,
- but... No, it's not like that. But, you know, like a lot of these things, I do have one that I think
- is great and I like that it's just because my sister's father, you know, they have the hammer. But I
- used to tell them they were waiting for
- Yeah, they're at the mall, so they can start the animation at the new place.
- And now that is the problem.
- Yeah, absolutely. Appreciate it.
- I'm going to ask if all commissioners could return to the meeting area, please.
- Okay, we're gonna conclude our recess for the redevelopment commission meeting for the city of Bloomington
- for August 3rd, 2026. And we will resume our agenda with a review of the minutes. Any comments or questions
- from commissioners on the minutes? We have minutes from an executive session summary from July 20th,
- 2026 and minutes for July 20th, 2026. We'll invite a motion for both collectively if you wish to separate
- it, please indicate.
- I'll move approval of the minutes for both sessions. Second. We've got a first and a second. We'll do
- a vote by a roll call, please. C. Scambaleri, yes. John West, yes. Randy Cassidy, yes. Deborah Meyerson,
- yes. Motion passes unanimously. Next item on our agenda is the payroll register from July 24th, 2026.
- Any questions or comments from commissioners? If not, I'll ask for a motion.
- Move approval of the payroll register for July 24th. Second. We've got a first and a second, we'll take
- a vote by roll call please. Steve Scambaleri, yes. John West, yes. Randy Gassity, yes. Laurie McRobbie,
- yes. Deborah Meyerson, yes. Motion passes unanimously, thank you. Next on our agenda is reports. Do
- we have a director's report this evening? No report, happy to answer any questions.
- Thank you. A legal report? Nothing specific, so I'm also here for questions this evening. Thank you.
- Under Treasurer's Report, do we have a TIF status report? Jeff McKim. As you mentioned, the TIF status
- report is back in your packet. The only thing I just want to call attention to is that there are
- two new fund balances that are being listed thanks to Christina's brilliant suggestion. We're including
- the remaining bond proceeds funds there as well. And I think, as you know, the Fourth Street Bond Proceeds
- Fund that has about $446,000 is going to become more important as we conduct
- Analysis and necessary repairs on the to the water issues related to the 4th Street garage I would anticipate
- that in the near future You'll have a more detailed report on the findings for 4th Street garage, but
- I don't want to steal Jess's thunder, but happy to answer any questions Thank you Next item on our agenda
- is the business development update we have a report and
- Director Cooper Smith is not with us this evening, so there is no business development update.
- That's fine. We will hear from her next time. So the first item of new business on our agenda is resolution
- 2618, designating and declaring a certain area as an economic development area, the Hopewell South EDA,
- and improving an economic development plan for the said area, establishing a residential housing program
- in said area. And who would like to speak to that?
- Thank you, Dana Kerr with legal and I have Justin Chang with 3D financial with me this evening to discuss
- this. This is a very.
- It's very, very similar to the summit EDA that we created and with the Shasta Meadows residential allocation
- area. This will just be one allocation area for the entire Hopewell South development since it's just
- one neighborhood. And the purpose of this is so that we can create the residential TIF. The Hopewell
- South is going to require
- quite a bit of, as you know, subsidy to get it going in infrastructure, roads, utilities, design that's
- already been underway. So there's gonna be a lot that goes into that. By creating the residential TIF,
- it'll allow the RDC to be able to recoup, so to speak, some of those costs that they're putting in for
- the infrastructure,
- plus also with generating revenue from that, that revenue can be used.
- in other projects around that EDA Hopewell South that would help enhance the Hopewell South development.
- So the process that this goes through is exactly the same as before. It comes to you tonight as a declaratory
- resolution, then it will go to the plan commission for resolution, and then onto the common council,
- and then it'll come back
- for a public hearing to the redevelopment commission and a confirmatory resolution at which time it
- would establish the economic development area. The EDA is an economic development area. And then there
- is a remontrance period shortly after that. But Justin is here to add anything he would like to to that.
- Thank you, Dan. I think you pretty much touched on everything. This is very similar to that, if not
- exactly the same as the summit TIF. Really the only change, and not really even a change, because we
- made an amendment to the declaratory for summit, is that previously residential TIFs get a 20-year life.
- But since July 1st, they now get a 25. So this will follow a commercial TIF lifespan. So other than
- that, it's pretty much the same as JASTA Meadows. But I'm happy to answer any questions that you all may have.
- Correct, and the 25 years begins on the first payment of an obligation on that TIF. So it doesn't start
- as soon as it's created, it starts as soon as there's an obligation that is supported, the payment is
- supported by the TIF. Thank you for that presentation. We have any questions or comments from commissioners
- on resolution 2618.
- This is a staff question. I don't know who would want to answer it And this is also a bit of a crystal
- ball question, but would you anticipate? this type of tiff being required for All or most of
- the neighborhoods that are going to be built in Hopewell It likely would because each of these neighborhoods
- are going to require
- likely require some sort of additional subsidy or work to allow them to succeed. So there is a good
- chance that they could. It does depend though, if the private market is allowed, is used to develop
- certain blocks, then they may not need to be. But if certain blocks are,
- there needs to be some sort of further infrastructure that the market can't provide to allow development,
- then there may well be a need to add another TIF for that particular block. It's just too early to know,
- likelihood probably, but it's unlikely to know at this point in time.
- Just one follow-up question. So that said, and with the process that you outlined, how long will it
- take if you were going to do virtually every neighborhood? What kind of lead time do you need to actually
- get a TIF approved? Because you're making those decisions as you're trying to develop the property,
- and you can't say, well, maybe we need a TIF and then run off and get it.
- Yes, it starts tonight with a declaratory resolution and I believe in September would be the confirmatory
- resolution. So it takes a couple of months to go through the process. Thank you. Any other questions
- or comments for commissioners? Otherwise we will open it for public comment on resolution 2618.
- not seeing anybody online or in person, I will open it for a motion for this resolution. This is for
- resolution 2618. Move approval of resolution 2618. Second. We have a first and a second. We'll do a
- vote by roll call, please. Lori McRabbie, yes. Steve Scambillari, yes. John West, yes.
- Brandi Cassidy, yes. Deborah Meyerson, yes. Motion passes unanimously for resolution 2618. Next item
- on our agenda is resolution 2648. 2623, excuse me. I jumped ahead. 2623, which is the approval of an
- agreement for parking space at the trades district garage
- With Alan I you trades district hotel LLC who would like to speak to that? I'd be happy to take that
- Commissioners resolution 2623 is the final administrative step needed to implement the parking provisions
- That were included in the previously approved sale of the hotel parcel in the trades district rather
- than creating
- Reserved or exclusive parking this agreement allows the hotel to purchase up to 170 monthly parking
- permits at the same market rates established by city ordinance Parking will continue to be administered
- through parking services and the hotel is responsible for its own operational and integration costs
- Approval of this resolution simply effectuates the parking commitment already contemplated in the real
- estate agreement and authorizes staff to execute and administer a
- How many parking spaces are in the garage? I don't remember off the top of my head I can certainly help
- but it was there were a significant number I want to say it was somewhere between four and six hundred
- but I don't quote me on that I can get it and report back and these these particular spaces that we're
- dealing with
- Market rate first come first serve and it's up to it'll be up to the hotel for them to police accordingly
- Say that last part it'll be up to the hotel to regulate and they're not Garrett We'll guarantee him
- 270 spaces if they're available If available, okay. Thank you Any other questions or comments
- from commissioners on resolution 2623 if not, we'll open it for public comment
- May I correct something the controller just was able to pull up the number of parking spaces. It was
- 350 Thank you for that answer Yeah, so how many spaces are allocated to the hotel if they purchase them
- I believe it's 170
- So we've got that question clarified from commissioners. Anything else from commissioners? Otherwise,
- public comments available for 26-23. My name is Audrey Smith. As we discussed the parking situation
- for this hotel, I just want to speak to that more generally with hotels in the downtown area and in
- regard to the proposals that we heard earlier for a new hotel.
- Parking is already on everybody's mind. This hotel that we're talking about right now is a little bit
- further from downtown. There's a little less competition. But I just want to read the locations of the
- hotels that we already have downtown and then these two hotels that are under consideration both at
- the College Square property and the Convention Center Hotel. So as you travel down College Avenue, we
- have a hotel at 9th Street.
- We have a hotel between 7th and 6th. We have a hotel between Kirkwood and 4th Street. That one's over
- by the V line. It's not visible from college. We are considering proposals for hotels between 4th Street
- and 3rd Street and right around where Smith Street is. And then we, of course, already have the hotel
- for the convention center that already exists. So how many hotels do we need?
- That's my question. And who are we making space for in downtown Bloomington. Thank you. Any other public
- comment either online or in person. If not I will take a motion from commissioners on resolution 26
- 23. I'll move approval of resolution 26 23. Second.
- We've got a first and a second. We'll take a vote by roll call, please. Laurie McRobbie, yes. Sue Scambaleri,
- yes. John West, yes. Randy Cassidy, yes. Deborah Meyerson, yes. Motion passes unanimously for resolution
- 2623. The next item on our agenda, we've got three resolutions I'm going to invite the commissioners
- to consider collectively because they all are addressing amendments to 2025 CDBG physical improvement
- grants for respective agencies.
- Who would like to speak to that? Matt 20 with the hand department We have three amendments that all
- are pretty much in the same boat here Rising costs caused a need for additional funding for the
- 25 Life Designs Amendment. Originally it was $18,974.29. We're gonna raise that to $22,000. That's to
- cover an increase in costs. For Middleway House, the original amount was $9,418. We're gonna raise that
- to $45,000. That project started out as just a replacement of the railing for the elevator to keep it
- in compliance
- They since have a new maintenance contract with the new company who uncovered significant larger amount
- of repairs needed to the elevator and elevator shaft to keep it in compliance. So that's the reason
- for the increase there. Summit Hill Community Development Center originally had a grand amount of $136,103.
- We are going to increase that to $249,500. We have an additional larger scope now to include some ADA
- compliance and also connecting and incorporating the community garden that's already on site. Plus once
- they got to the design stays with the playground,
- some additional things had to be taken into consideration, which drove the cost up. So I'd happily answer
- any questions on those. Thank you. Thank you for that presentation. Any questions or comments
- from commissioners on these three resolutions? And if there's anything you'd like to separate, please
- let me know. Otherwise, the proposal is to vote on them collectively, as well as ask any questions about
- each of them in this comment period. From a collective standpoint, Matt,
- the additional monies that are hum, we have the adequate funds to take care of the increases? Yes, sir.
- Okay, without going over any budgetary or having to change funds? No. Okay, thank you. Any other questions?
- Otherwise, I'll open it for public comment for these three resolutions, 2648, 2649, and 2650, either
- online or in person. Seeing none, I will ask for a motion for these three resolutions.
- I'll make a motion to approve resolution 2648 2649 and 2650 as presented. Second. We have a first and
- a second. We'll do a vote by roll call, please. Lori McGrady. Yes. C. Scambaleri. Yes. John West. Yes.
- Randy Cassidy. Yes. Deborah Meyerson. Yes. The three motions passed unanimously. Excuse me. The three
- resolutions passed unanimously.
- Next on our agenda is resolution 2651, which is approval of 2026 CDBG physical improvement grant agreement
- with my sister's closet. Would you like to speak to that? Yeah, me again. This is the 2026 agreements,
- the first of our 2026 agreements. I wanted to go ahead and get this one ready to go, because this project
- is waiting. They're ready to go as soon as we get our funding from HUD.
- They purchased the building at 12 for West 2nd Street and that's going to be their new location and
- they're going to have all their services and a much large larger nicer building once they make all the
- renovations to it's going to be really great for them. Thank you. Well open for questions or comments
- from commissioners on resolution 2651.
- Seeing any, we'll open it for public comment on resolution 2651, either in person or online. Not seeing
- any, I will ask for a motion for 2651. Move approval of resolution 2651. Second. A first and a second,
- we'll do a vote by roll call, please. Lori McRobbie, yes. Steve Scambaleri, yes. John West, yes. Randy
- Cassidy, yes. Deborah Meyerson, yes.
- Motion passes unanimously for resolution 2651. Thank you. Thank you. Next in our agenda is resolution
- 2652, which is addendum number one with the environmental engineering LLC for environmental services
- at College Square. Who would like to speak to that? I think Dana and I will take tag team this a bit,
- but I will start out with some framing.
- This resolution is part of our due diligence efforts at College Square that completed additional
- environmental investigations in coordination with Indiana Brownfield's program. During that work, evidence
- of historic underground storage tanks was identified. Before the property can move forward
- towards redevelopment, we need to determine whether those tanks remain, remove them if necessary, remediate
- any associated contamination,
- and obtain the documentation required to pursue environmental site closure. The resolution authorizes
- an addendum with VET environmental engineering for this investigation, remediation, regulatory coordination
- and site closure in an amount not to exceed $156,755.25. Completing this work now will reduce redevelopment risk
- protects the RDC's investment and positions the property for appropriate future redevelopment. And there's
- not much I can add to that. It was very good. And we already have a contract. So again, an addendum
- is the appropriate way to amend this. And as stated, we need to address what's going on there at College
- Square anyway. And so going ahead and taking those measures
- will only help the further steps that you take with that property. Thank you. I'll ask for any questions
- or comments from commissioners on resolution 2652. Yes. I realize that the ship is sailed,
- but when this body, not us, but the RDC purchased this, was there not
- environmental studies done at that time? There was. Is there any record of environmental studies being
- done at that time? There was studies done. There was things noted in those studies. The purchases went
- through what was actually, you know, I can't
- explain the decision-making process that happened at that time. That was vague enough, thank you. Just
- to clarify, we had one done, it didn't identify it, we found something now that needs to be cleaned
- up. Well, there's been a number of studies done through the years and some of the studies have revealed
- potential concerns.
- When VET came in, they did a comprehensive review of a number of reports that were done and identified
- areas of concern that they thought needed some additional work. They went out and looked at those under
- the first contract, found that yes, this is an area of concern. We need more information regarding and
- And it was directed by item wanting that additional information. And so that's what led to these next
- steps. Again, what went into this decision making before I can. So just to be 100% clear, we're doing
- a time material basis not to exceed $156,755 and 25 cents. This should clean everything up so we can
- move forward with this property
- to move on to the redevelopment phase of this property. Just want to clarify. We don't have any more
- things we have concerned. With all environmental projects, it's like an old house. Once you get into
- it, you're never sure what you might come into. So I don't think there's any guarantee. This is what,
- based on they did do some,
- investigation work and so it does appear that they did a good job with that work from what I've looked
- at and so I I'm not expecting anything additional but I there's no way I can stand here and guarantee
- you that something won't pop up but this is you know that all likelihood this should solve it but I
- can't guarantee it given given once this potentially is executed do we have a time frame that
- They tentatively have this on the schedule for September to start work, which is the soonest available
- that they had. And I believe that the time is also ticking with IDEM and Brownfields just with that
- coordination. At this point, they've given directives of what needs to happen. And if we delay any further,
- they could reserve the right to review that and make a new finding. I don't know that that would happen,
- but this would just resolve it succinctly.
- From this site work, it would appear that they could get the site work done within a couple of months,
- a month or two, how long it would take to then put that through IDEM to have their review. Again, we
- would have no control over that. It may be after the first of the year before we can get responses back
- from IDEM. Realistically, this can start in September,
- be taken care of and then we're into the state and the paperwork with a good potential possibility that
- by next spring or this time next year, we would be able to have a clear, I understand there's things
- we don't know. Yes, there's a good potential for that to occur, yes, sir. Okay, thank you. Thank you.
- If there's no other questions or comments from commissioners, I'll open resolution 2652 for public comment.
- either online or in person, not seeing any, I will ask for a motion for resolution 2652. I'll make approval
- to approve resolution 26-52 as presented. Second. We have first and a second. We'll do a roll call,
- please. Lori McGrady, yes. C. Scambaleri, yes. John West, yes.
- Randy Cassidy, yes. Debra Meyerson, yes. Motion passes unanimously for resolution 2652. Next on our
- agenda is resolution 2653, which is amending the declaratory resolution at the Consolidated Economic
- Development Area and the Consolidated Economic Development Plan, removing certain residential parcels
- and regarding related matters. Who would like to speak to that?
- Dana Kerr from Legal again, as well as Justin Ching from Reading. This is going to be following the
- process alongside Hopewell South. So this is the declaratory resolution, amending the declaratory resolution.
- So after tonight, this will also go to the planned commission with Hopewell South, then Common Council
- with Hopewell South, and then back and have a public hearing
- with the Redevelopment Commission and a confirmatory resolution, just like Hopewell South, it's going
- to be going along the same process at the same time, to let you know that. This one's a little different,
- and I'll again try to explain, and Justin can correct me when I say it wrong. So what this is, is there
- are a number of parcels of land
- that are in the consolidated TIF that are residential in nature. And the way the DLGF has been running,
- having the auditors run the software program to account for residential properties has changed based
- on their direction. And so now those parcels
- while they were able to account for them before in the auditor's office to kind of balance their negative
- impact, what negative impact they would have out, they can no longer do that. So us along with many,
- many, many, many other communities, RDCs are looking to pull out those residential parcels so that they
- won't have a negative impact on the revenues.
- Without doing this, next year's revenues could be affected by approximately $360,000 less by leaving
- these parcels in. So the purpose of this is to remove these truly residential parcels from the consolidated
- TIF to keep that reduction in overall revenues from happening. It has no impact.
- On the residential park properties, there are a few residential properties that we are leaving in because
- of within the consolidated tiff. There's a few areas where there's little bottlenecks that connect the
- tips and a few of those are residential properties and we do not want to break the continuity of
- the tiff and separate it. So we want to keep it together. So we're leaving a few parcels in.
- About a dozen, there's 12 of them. So we're leaving those in. They should have just 12 parcels, pretty
- minimal impact. But this is an effort that many, many, many RDCs, if they're not doing it, they should
- be doing it, of removing residential parcels from their regular commercial type tiffs to,
- keep them from being counted against the revenues for the TIF. Thank you. Just to provide a little bit
- of elaboration on a few things that Dana mentioned. How this came about to be an issue is actually due
- to the TIF neutralization process. Essentially, we work with the auditor on determining what assessed
- value growth is capturable from year to year.
- And in the neutralization form that we fill out, it tells us, so for this year, we just completed the
- forms for Bloomington. It says next year, let's just say one of the Bloomington TIFFs should receive
- $10 million in incremental IV. When we received the parcel list from the auditor's office, we noticed,
- instead of saying $10 million, we're seeing $7 million instead. And so we start to work with the auditor's
- office and the software providers to find out why.
- what caused this discrepancy, and from discussions with the software provider, so Monroe County uses
- Lau, they told us that there was sort of a change in how they handle residentials based on what the
- DLGF is telling them. Essentially before, residential parcels didn't affect the TIFFs at all, it didn't
- benefit them, it didn't really hurt them. Now they can only hurt commercial TIFFs, which is why it's
- important to pull those out
- of the consolidated TIF. And Dana mentioned it's about a $360,000 savings we could save in 2027 if we
- do this now. Unfortunately, this actually did happen last year. So this year, if we're looking at TIF
- revenues, our TIF revenues were actually already about $300,000 lower than what it should have been
- if we were to cut it earlier. That is to say, we couldn't have done it, cut it earlier,
- earlier than we already did just because it has to come after the neutralization and CNAP process, but
- this $360,000 impact will continue to happen each and every single year if we don't remove them from
- the TIF allocation areas. Thank you for the presentation on resolution 2653. I'll open it for questions
- or comments from commissioners. This only has to do with
- We missed it last year, but it's due to the state law change from Department of Local Government Finance.
- It's not a legislation change, just the DLGF did not think the software was handling it correctly, but
- it's not a legislation change, that is to say. That also is not really something the county auditor
- can control either. It's just how the software is do the math when you input the neutralization factors
- and get the
- Assess values for the next year By removing these this clears it up. We don't have a software issue
- and we don't have a monetary loss Correct. Correct. And there's no impact on the taxpayers. Their tax
- bill will not change because of because of this the relative removal Other questions from commissioners
- I Have two questions one is just administrative in the packet. There's an attachment a for a map, but
- there's no map for
- Is that intentional or what's the, just help me understand that, because I can see all the parcel numbers,
- but I'm curious about the geographic locations of what this is and the map's not there. Yes, Mr. Cassidy
- asked me about that earlier today. This is the declaratory resolution. We can, without slowing down
- the process, because we need to get this,
- going because of when they do the calculations. We can amend that and we are, I am working with GIS
- in Bloomington, the Bloomington GIS to create a map for you that will show you exactly which parcels
- these are so that you can see them on a map. And then it's also going to show which parcels that we
- are going ahead and leaving in to make sure the continuity matches up as well.
- So that map is in preparation. It's just not quite finished up yet, but the parcel list includes the
- parcels for identification purposes. So when would the map be available to the public if they wanted
- to see it since it's not on our packet? Yes, as soon as the map is available and we're
- getting close to having it done, I will stick it with the resolution and make sure that it is part of
- the packet and so that it is available for viewing. Okay, thank you. It's kind of hard because there
- are little bitty parcels and it's a big city map of the whole area. Might be more than one map. Yeah,
- so we're trying to figure out a way to make it so that it's readable. And so that's what's
- kind of hard about it. On GIS, it's easy, because you can zoom in and out, but to put it in a format
- where you can have a static copy is hard, and that's what we're working on. But the parcel list is,
- again, the identification part. Okay. My other question was just, is there any possibility or opportunity
- for an appeal for Frisco Year 26, just given that this wasn't a legislative change, it was something
- that was simply
- delivered via software in terms of that shift, in terms of just the lost revenue that was not really
- any intentional thing. It was just kind of how things turned out based on the change in software. As
- an appeal with the county auditor, see if we can get those tough revenues. Unfortunately, we don't think
- it's possible just because when certifications go out,
- the way that assessed values work, there's underlying units that are in play, levies and tax rates are
- in play based on these assessed values. So we can't go after abstract comes out and say we want these
- dollars back. So unfortunately no, but that's also why it's important to take that step now to make
- sure we can fix it for page one and 27. And actually we are already,
- We already notified the county auditor of this happening so they can sort of be ready for when we do
- remove these parcels to make sure it doesn't affect those certified assessed values. Okay, thank you
- very much. So no other questions or comments from commissioners. I'll open it for public comment in
- person or online. Not seeing any, I will open it for a motion on resolution 2653.
- I'll make a motion to approve resolution 2653 is presented. Second. We've got a first and a second.
- We'll do a vote viral call please. Lauren McRobbie. Yes. See scambler. Yes. John West. Yes. Randy Cassidy.
- Yes. Deborah Meyerson. Yes. Motion passes unanimously for resolution 2653.
- The last item of new business on our agenda is resolution 2654 approval of a lease at the forge with
- Prometheus Energetics LLC. Who would like to speak to that? Good evening, John Fernandez from Amplified
- Bloomington. Let me pull this up here real quick. Hopefully the memo I sent was straightforward
- clear enough on what's happening here, but just to recap for the public. You know last December. December
- 15th a RTC approved a lease with Prometheus energetics for 2400 square feet in the forge. That lease
- included a right of first refusal to expand and take the remaining 1800 square feet on that first floor
- of the building. They have
- expressed the interest of doing that and taking the additional 1800 feet. When we looked at the way
- to approach this, it made more sense to us to instead of doing a new lease for what's considered unit
- 101, we would just or unit 100 that front piece, we would just replace that lease with a new lease that
- covers all 4200 square feet. All the terms for the
- lease are the same as the December 25th lease in terms of the monthly rate, the CAMS, all that. It also
- is the same term, the three years with two or three additional rights to stand on an annual basis. The
- tenant improvement allowance is the same.
- as it's been for the other 2,400 square feet. The way it's set up is that once this is executed and
- approved by the Redevelopment Commission, the commencement date for the lease would be either 100 and
- make sure I get this right.
- 150 days after execution or completion of the new tenant improvements, whichever comes first. And what
- that'll do is that it resets that three year period for the entire 4200 square feet based on that day.
- So it's kind of by some additional time, but that's really the long and short of it. And I'd love to
- get the redevelopment commission's approval for this new lease.
- Great, thank you for your presentation. We have any questions or comments from commissioners on resolution
- 2654. So John, while while we are waiting for the leasehold improvements for the new space, new collected
- space, are they still paying rent on 100? Yeah, they're continuing to pay their lease, the original
- lease and then the new
- total amount will kick in with the commencement date of this lease. But in the interim, they're continuing
- to pay the rent that they're paying right now. And I should note why we're at it that with this lease,
- if it's approved, we'll be at a 100% occupancy. So we need you to build another building. No, just kidding.
- That's for John's benefit.
- And the mills paying for that your your funds paying for it's not coming out of redevelopment.
- Pardon me. Your fund is paying for it. Yeah. So we're good. Okay. And just comment Prometheus is a great
- up and coming entity in our community and it's grateful to have Yeah, they're gonna for what it's worth
- like pull it up here.
- They currently, you know, their plan was to hire 13 people right now for the 2,400 square feet. That's
- been moving very quickly as they've brought a lot of people into our community from other parts of Indiana,
- but also from out of state, which is really nice from an economic development perspective. Over the
- next six months, they plan to add another 20. And their current compensation is
- It's higher than it's going to be, but for the entire building right now, our average wages are $136,000
- a year. So it's doing what you all had hoped for. Appreciate it. Okay. If there's no other questions
- or comments from commissioners, I'll open it for public comment. Not saying anything in person or online.
- I will ask for a motion for resolution 2654.
- Move approval of resolution 2654. Second. Got a first and a second. We'll do a vote by roll call, please.
- Lori McGrady, yes. C. Scambaleri, yes. John West, yes. Randy Cassidy, yes. Deborah Meyerson, yes. Resolution
- 2654 passes unanimously. Thank you. Great. Thank you all. That is the last item of new business on our
- agenda this evening. We have a motion to adjourn. So moved. Thank you all this evening. Thank you.