[00:00:04]
>> GOOD EVENING, LADIES AND GENTLEMEN.
THIS IS THE REGULAR MONTHLY MEETING OF THE CARMEL REDEVELOPMENT COMMISSION. WE ARE HERE IN THE CITY COUNCIL CHAMBERS. WE DO HAVE A QUORUM OF OUR
[1. PLEDGE OF ALLEGIANCE]
MEMBERS PRESENT. AS OUR-- I WILL CALL THE MEETING TO ORDER. IF YOU WOULD CARE TO JOIN ME IN THE PLEDGE OF ALLEGIANCE. WE ILL BEGIN.>> I PLEDGE ALLEGIANCE TO THE FLAG OF THE UNITED STATES OF AMERICA AND TO THE REPUBLIC FOR WHICH IT STANDS, ONE NATION UNDER GOD, INDIVISIBLE WITH LIBERTY AND JUSTICE FOR ALL.
[2. APPROVAL OF MINUTES]
>> THANK YOU VERY MUCH. WE WILL BEGIN WITH OUR NEXT ORDER OF BUSINESS WHICH IS THE APPROVAL OF THE MINUTES OF OUR OCTOBER 18 MEETING. ARE THERE ANY CORRECTIONS OR ADDITIONS TO THE MINUTES THAT WERE PRESENTED?
>> YEAH. I WOULD LIKE JUST A MINOR
ADJUSTMENT IF YOU WOULDN'T MIND. >> OKAY.
>> UNDER THE SECTION FOR THE ARCHITECTURAL REVIEW COMMITTEES, I WOULD LIKE IT MENTIONED THAT WE MET TWICE IN THE PAST REPORTING PERIOD. THE FIRST TIME WOULD HAVE BEEN SEPTEMBER 20. THE SECOND TIME WOULD HAVE BEEN OCTOBER 18. IF WE COULD ADJUST THOSE.
I APPRECIATE IT. >> COMMISSIONER WORRELL, I
THANK YOU. IS THERE A SECOND AS AMENDED?
>> SECOND. >> IT HAS BEEN MOVED AND SECONDED. FOR THE MOTION TO-- FOR THE MINUTES AS AMENDED BY COMMISSIONER BROOKS' ADDITION.
ALL IN FAVOR, PLEASE SAY AYE. >> AYE.
>> ANY OPPOSED, SAME SIGN. THEY ARE APPROVED.
THANK YOU VERY MUCH. WE WILL NOW MOVE ON TO OUR
[3.a. Cash Flow Report]
FINANCIAL MATTERS. WE WILL BEGIN WITH THE CASH FLOW REPORT. AND MR. LEE.>> THANK YOU. THE COMMISSION'S END OF MONTH BALANCE FOR OCTOBER WAS $7,014,125.
INCLUDING RESTRICTED FUNDS, IT WAS $12,469,069.
>> ANY QUESTIONS FOR MR. LEE REGARDING THE CASH FLOW REPORT?
[3.b. Approval of Claims]
SEEING NONE, WE WILL NOW MOVE ON TO THE APPROVAL OF CLAIMS.ONCE AGAIN, MR. LEE. >> YOU HAVE TWO SETS OF CLAIMS.
>> YOU TONIGHT. FIRST FOR NONOPERATING EXPENSES IN THE AMOUNT OF $115,106.10. THE SECOND SET IS FOR THE 2021TIF FUNDS IN THE AMOUNT OF $173,955.
PLEASE LET ME KNOW IF YOU HAVE ANY QUESTIONS.
>> THANK YOU, MR. LEE. QUESTIONS OF MR. LEE REGARDING THE CLAIMS BEFORE US THIS EVENING.
SEEING NONE, IF IT IS YOUR PLEASURE, THE CHAIR WOULD
ENTERTAIN A MOTION OF APPROVAL. >> MOVE TO APPROVE.
>> SECOND. >> MOVED AND SECONDED.
ALL IN FAVOR, PLEASE SAY AYE. >> AYE.
>> OPPOSED, SAME SIGN. IT IS APPROVED.
[4. EXECUTIVE DIRECTOR REPORT]
SO WE WILL NOW MOVE ON. TO THE EXECUTIVE DIRECTOR'S REPORT. AND MR. DIRECTOR.>> HELLO, HELLO. GOOD TO SEE EVERYONE.
LET ME JUST PULL UP A POWER POINT AND DISCUSS OUR PROGRESS HERE FOR THE LAST MONTH. ONE MOMENT.
OKAY. THE EXECUTIVE DIRECTOR'S REPORT, EVERYBODY. LOOK, LOTS OF PROJECTS GOING ON ALL AROUND. YOU CAN NOW SEE THE ROOF LINE.
WE ARE STARTING TO SEE SOME DETAILS.
HOW IT RISES ABOVE. IT IS REALLY NEAT TO SEE THAT.
THE CENTER BUILDING OUT. SAME WITH THE WINDSOR-- ESPECIALLY NOW THAT THE MARKET HAS STARTED.
IT WAS SO NICE FOR THAT SPACE TO FINALLY BE FILLED IN WITH WHAT'S QUICKLY BECOMING A BEAUTIFUL BUILDING.
IT IS A NICE ROUNDING OUT OF THAT SPACE.
WE DISCUSSED LAST MONTH, A MONUMENTAL AWARD FINALIST.
THE CRC CONTINUED TO WIN AWARDS FOR ITS WORK.
TAVERN ON THE GREEN IS MAKING ITS WA WAY THROUGH CITY APPROVAS NOW. MELANGE IS ALMOST DONE WITH CONSTRUCTION. WE WILL BE DEDICATING THAT PARK SOON HOPEFULLY. STAY TUNED TO THAT ANNOUNCEMENT.
TO FIGURE OUT WHICH FORMER MAYOR THAT PARK IS NAMED AFTER.
[00:05:01]
LOTS OF WORK ON FIRST ON MAIN. YOU KNOW, AFTER SO LONG, I HAVE HEARD A LOT OF COMMENTS ABOUT HOW NICE THE ARCHITECTURE OF THESE BUILDINGS IS LOOKING NOW THAT PEOPLE CAN ACTUALLY SEE WHAT THE ARCHITECTURE LOOKS LIKE.AND IT'S MAKING SOME GREAT PROGRESS.
I THINK WE WILL SEE A CEREMONY THERE FAIRLY SOON.
WE ARE LOOKING FORWARD TO THOSE OFFICE WORKERS MOVING IN AND DINING IN OUR MAIN STREET AND PATRONNING OUR MAIN STREET RESTAURANTS. MAGNOLIA CONTINUES TO MOVE AL ALONG. MUSE CONTINUES TO MOVE ALONG.
STARTING TO PUT DETAIL ON SOME OF THE BUILDINGS.
YOU CAN ALSO NOW SEE SOME OF THE ARTISTIC GARAGE ELEMENTS THAT HAVE BEEN INSTALLED ON THE GARAGE STRUCTURE.
BY THE WAY, AT 116, THE CRC IS CONTINUING TO BUILD OUT THE TRAILHEAD AT THE INTER-URBAN USING, AT THE REQUEST OF OUR PARK DEPARTMENT, THE URBAN PARKS FUNDS TO BUILD THAT TRAIL CONNECTION. SIGNATURE CONTINUES MOVING FORWARD THE CROSSING. I WILL POINT THIS OUT.
WE HAVE A PROJECT TERMS APPROVAL ON THIS PROJECT COMING UP.
THAT WAS ALSO MONUMENTAL AWARD FINALIST FOR CONSTRUCTION.
FOR REFERENCE, WHEN WE TALK ABOUT THIS LATER, IT IS THIS FIRST PHASE OF THE PROJECT, THE FIRST FOUR BUILDINGS OF THE PROJECT THAT ARE SUBJECT TO THE PROJECT AGREEMENT.
IT WILL BE A LATER PHASE THAT WE WILL TUNE UP THEN.
LOTS OF PROGRESS BEING MADE ON PER SINIUM, TOO.
THERE WILL BE ENHANCEMENT TO THE SIDEWALK WHEN THIS GETS BUILT OUT. IT IS GOING TO LOOK REALLY GOOD WHEN IT IS DONE. AFTER A WHILE, IT IS-- AFTER A LONG TIME, IT IS EXCITING TO SEE THE ELEVATOR TOWERS UP FOR THE 11TH PROJECT, ALSO KNOWN AS THE 1933 LOUNGE THAT IS GOING TO GO IN ON THE FIRST FLOOR. THIS PROJECT, AS YOU KNOW, HAS MADE IT THROUGH CRC ARCHITECTURAL REVIEW COMMITTEE.
IT IS EXCITING TO SEE IT UNDER CONSTRUCTION.
LOTS OF PROGRESS BEING MADE ALONG RANGELINE.
THIS IS NOT AN ACCURATE REPRESENTATION OF WHAT THE PLAZA IS GOING TO LOOK LIKE. IT IS ACTUALLY GOING TO BE MUCH MORE INVOLVED AT THE CORNER WITH A TV AND A TURF LAWN THAT WILL BE PRESENTED AT THE NEXT MEE MEETING.
THAT IS A PROJECT THAT WE HAVE BEEN WORKING ON WITH THE PARKS DEPARTMENT TO MAKE SURE THAT IT IS ALMOST A SECOND MIDTOWN PLAZA. IT WILL BE CLOSER TO OUR WEST SIDE RESIDENTS. THAT IS ALL MOVING FORWARD.
WE ARE WORKING THROUGH CITY APPROVAL NOW.
I SUSPECT THEY WILL START EARLY NEXT YEAR.
ON THAT PROJECT. INCLUDING THIS BUILDING IN THE MIDDLE THERE. AT&T SITE REDEVELOPMENT SHOULD HAVE EVERYTHING YOU NEED FOR-- IN TERMS OF APPROVALS.
THEY ACTUALLY CLOSED-- CLOSED ON THEIR DEAL.
WE SHOULD SEE DEMOLITION OF THE CURRENT STRUCTURE THERE SHORTLY.
AND THEN THIS PROJECT MOVING FORWARD WHICH IS EXCITING.
REGARDLESS OF WHAT ELSE IS GOING ON IN AMERICA, OFFICE CONTINUES TO BE BUILT IN OUR CENTRAL CORE. THE TOWNSHIP-LED PROJECT-- THE HISTORICAL SOCIETY MUSEUM, IF YOU HAVE BEEN BY THERE LATELY, YOU WOULD HAVE SEEN THE STEEL STRUCTURES UP.
IT IS REALLY EXCITING TO SEE THIS TAKE SHAPE.
KUDOS TO THE TOWNSHIP AND OUR CONTINUING TEAMWORK.
THE FINALIST WAS THE 96TH STREET ROUND-ABOUT ART.
KALEIDOSCOPE HAS BEEN A HIT. I WANT TO TAKE THIS OPPORTUNITY TO TALK ABOUT WHAT IS GOING TO BE LAUNCHING NEXT.
I GUESS WE ARE CALLING IT TOWERING NUTCRACKER IMAGERY.
OKAY. ESSENTIALLY, YOU KNOW, OUR CURRENT-- DURING THE MARKET, THIS WILL BE KIND OF LIKE A BACKDROP SO THAT IT DOESN'T TAKE AWAY FROM THE FESTIVITIES THAT
[00:10:06]
THE CURRENT MARKET IS. IN FACT, COMPLEMENT IT WITH THE POWER OF THIS. WHAT YOU WILL SEE OVER THE COURSE OF A HALF AN HOUR, SNOW WILL FALL.IT WILL BUILD UP ON, YOU KNOW, THE EDGES OF THE BUILDING.
AND THEN EVERY HALF AN HOUR, THE NUTCRACKER'S MOUTHS WILL OPEN.
THEY WILL SHUT WITH THE NOISE. ALL THE SNOW WILL FALL.
IF YOU NOTICED, THE YELLOW AND RED STARS SHOULD HAVE SOME GERMAN NAME TO THEM THAT I'M FORGETTING AT THE MOMENT.
THEY ARE FEATURED ON THE PROJECTION THEMSELVES.
THEY ARE ALSO THE STARS-- IT IS MEANT TO BE COMPLEMENTARY.
I THINK PEOPLE WILL LOVE IT AS ANOTHER ADDITION OF WHAT MAKES CARMEL AND THE HOLIDAYS SO SPECIAL.
HAPPENING NOW, FINALLY, WE EARLIER, AT THE LAST MEETING, WE APPROVED THE TAKING FLIGHT ART. AND LAST NIGHT, I WAS ABLE TO JOIN THE ART ADVISORY COMMITTEE WHERE THEY REVIEWED THIS ART PIECE AND APPROVED IT. ANDLY MENTION ONE FINAL THING.
FOR FIVE YEARS, OUR DEPUTY DIRECTOR JENELL FAIRMAN HAS MADE THIS DEPARTMENT BETTER IN EVERY SINGLE WAY, AND SHE IS GOING OFF TO GREENER PASTURES OR GREEN PASTURES UP IN WESTFIELD AND IS GOING TO DO AN AMAZING JOB TH THERE.
SHE WILL BE INCREDIBLY MISSED. SHE HAS HELPED ME GROW PERSONALLY. AND PROFESSIONALLY.
AND I APPRECIATE ALL THE TIME THAT WE HAVE HAD WITH DEPUTY DIRECTOR FAIRMAN. WE WISH HER ALL THE BEST IN WESTFIELD UNDER MAYOR WILLIS STARTING IN JANUARY.
AND WITH THAT, I THINK THAT CONCLUDES MY DIRECTOR'S REPORT.
>> THANK YOU, HENRY. I APPRECIATE IT.
>> I'M ABLE TO ANSWER ANY QUESTIONS THAT YOU MAY HAVE.
>> ANY QUESTIONS FOR THE DIRECTOR ON THE PROJECTS BEFORE US? THANK YOU VERY MUCH, MR.
[5. COMMITTEE REPORTS]
DIRECTOR. WE WILL NOW MOVE ON THEN TO COMMITTEE REPORTS. AND WE WILL MOVE ON TO THEARCHITECTURAL REVIEW COMMITTEE. >> MR. PRESIDENT, WE DID NOT
[6. OLD BUSINESS ]
MEET THIS PAST MONTH. >> THANK YOU.
IS THERE ANY OLD BUSINESS TO COME BEFORE US THIS EVENING? IF THERE IS NONE, WE WILL MOVE ON TO NEW BUSINESS, AND I
[7.a. Action Item #1 –James Building Secondary Roof Access Stair contract award]
BELIEVE WE HAVE ACTION ITEM NUMBER 1.I BELIEVE MADAM DEPUTY DIRECTOR, YOU WANTED THIS TABLED AT THIS
WE ARE REQUESTING THIS ITEM BE TABLED.
>> THANK YOU VERY MUCH. I WOULD LIKE A MOTION TO TABLE
ACTION ITEM NUMBER ONE. >> SO MOVED.
>> IS THERE A SECOND? >> MOVED AND SECONDED.
ALL IN FAVOR OF TABLE, SAY AYE. >> AYE.
THANK YOU VERY MUCH. ACTION ITEM NUMBER 1 IS TABLED.
[7.b. Action Item #2 – Resolution 2023-35 re: Civic Square Condos project terms]
NUMBER 2, RESOLUTION 2023-35 WHICH IS THE PROJECT TERMS FOR THE CIVIC SQUARE CONDOS. AND LET'S CEASE.AND LET'S SEE. >> I'M HAPPY TO DISCUSS IT.
>> ARE YOU GOING TO DO IT, HENRY?
>> YEAH. I WILL BE DOING EACH OF THE ONES FROM HERE ON OUT. OKAY.
SO WE HAVE THREE TERM SHEETS FOR YOU ON THE AGENDA TODAY.
CIVIC SQUARE CONDOS IS SA PROJECT WE HAVE BEEN WORKING ON FOR A WHILE. YOU KNOW, THERE ARE APARTMENTS OFTEN GETTING BUILT IN THE CENTRAL CORE.
ONE OF THE THINGS THAT THE REDEVELOPMENT COMMISSION FOCUSES ON IS BRINGING MORE FOR-SALE HOUSING TO THE AREA AS WELL.
THIS IS ONE OF THOSE PROJECTS. CIVIC SQUARE CONDOS, AS YOU KNOW, THE REDEVELOPMENT COMMISSION BUILT THE CIVIC SQUARE GARAGE AND THE NORTH AND THE WEST SIDE OF THE GARAGE RIGHT NOW ARE BLANK OR BARE CONCRETE.
THEY ARE MEANT TO BE WRAPPED WITH TOWNHOMES.
FOR-SALE TOWNHOMES. THIS IS A MOTION RESOLUTION TO APPROVE THE TERMS OF A PROJECT AGREEMENT WITH TONY'S COMPANY.
HE WILL BUILD 24 TOWNHOMES. THEY WILL LOOK ARCHITECTURALLY THE WAY THE REDEVELOPMENT COMMISSION WANTS THEM TO LOOK.
OBVIOUSLY, THEY ARE ACROSS THE STREET FROM MAGNOLIA.
WE ENSURED THAT WE ARE ESSENTIALLY USING SIMILAR
[00:15:04]
PATTERNS, SIMILAR-- EXACTLY THE SAME STYLE BRICK TO REALLY MAKE THAT ENTIRE NEIGHBORHOOD LOOK CONGRUENT, EVEN THOUGH IT IS TWO DIFFERENT DEVELOPERS BUILDING OUT THE PRODUCT.IT WILL ALL LOOK LIKE AN URBAN NEIGHBORHOOD.
THERE IS A PROFIT-SHARE IN THE PROJECT AGREEMENT.
THERE ARE SOME REIMBURSEMENT OF DESIGN COSTS THAT ARE GOING IN.
THE REDEVELOPMENT COMMISSION BUILT OUT GARAGE SPACES THAT ARE GOING TO BE PURCHASED AS THIS PROJECT GETS BUILT OUT AND AS UNITS GET SOLD. THERE IS, AS YOU KNOW, A PORTION OF THAT GARAGE IS MEANT FOR THE PRIVATE USE.
THE CITY STREET DEPARTMENT IS GOING TO OPERATE THE GARAGE, AND COSTS WILL GET SPLIT PRO RATA BETWEEN THE PRIVATE DEVELOPER'S SIDE AND THE REST OF THE CITY'S GARAGE SPACES.
REMEMBER, THERE IS 303 SPACES. 48 OF THEM ARE GOING TO BE FOR THIS PRIVATE USE. BUT THIS ALLOWS US, ESSENTIALLY, WHEN THIS IS DONE, WE HAVE A FOUR-SIDED PROJECT.
WE ARE PROVIDING MORE SPACES IN THE CORE.
WE ARE LINING THE GARAGE WITH BEAUTIFUL ARCHITECTURE ON TWO SIDES AND FOR-SALE UNITS ON THE OTHER TWO SIDES.
IT IS KIND OF BRILLIANT URBAN INFILL, HONESTLY.
AND MORE FOR-SALE PROPERTIES. THE FACT THAT THERE IS A PROFIT SHARE ON THIS MEANS THAT IF THE DEVELOPER DOES BETTER THAN EXPECTED, THE CRC SHOULD BENEFIT FROM THAT AS WELL.
WITH THAT, I'M HAPPY TO ANSWER ANY OTHER QUESTIONS ABOUT THESE
SPECIFIC DEAL TERMS. >> ANY QUESTIONS?
COMMISSIONER? >> MR. DIRECTOR, I NOTED THAT IN CONSIDERATION OF THE EXCLUSIVE PARKING PLACES, WE ARE GIVING THEM, IT LOOKS LIKE IT IS UP TO 48, WE WOULD BE GETTING A PAYBACK OF ABOUT $10,000 PER UNIT.
I'M CURIOUS. HOW MANY UNITS ARE GOING TO BE IN THIS? HOW MANY TOWNHOMES?
>> 24. EACH UNIT GETS TWO PARKING SPACES. WE ENSURED THAT THERE IS CONNECTIVITY FOR ELECTRICAL VEHICLES.
AS PURCHASERS DECIDE TO INSTALL ELECTRIC VEHICLE CHARGERS FOR THEIR PERSONAL VEHICLES HERE, THERE IS ALREADY INFRASTRUCTURE PROVIDED FOR THAT. BY THE WAY.
>> AS A MATTER OF NOTE -- >> 24 UNITS.
48 SPACES. >> AS A MATTER OF NOTE, THEN, THAT IS 10,000 TIMES 24. WE ARE GETTING BACK THE DESIGN COST PLUS. CORRECT?
>> ANY OTHER QUESTIONS? COMMISSIONER?
>> I HAVE A COUPLE OF QUESTIONS. SO HOW DID WE LAND ON 10,000? I THINK I WAS AT A MEETING THIS MORNING WHERE WE TALKED ABOUT THE COST OF A SPARKING SPACE IS 30.
HOW DID YOU LAND AT 10? AND THEN I ALSO WOULD LIKE TO KNOW WHAT PERCENTAGE OF PAR PARKING-- ANY OTHER PARKING THAT IS RESERVED, THIS IS ABOUT, I THINK, 16% OF THE PARKING SP SPACES. ARE THERE ANY OTHER RESERVE SPACES? THE REASON I'M ASKING IS IT IS BECOMING AN ISSUE IN OUR GAR GARAGES, AS YOU KNOW.
THEY ARE BEING HIGHLY UTILIZED. I WANT TO UNDERSTAND THAT A
THE ONLY OTHER RESERVE SPOTS A ARE, I BELIEVE, EIGHT SPAGHETTI FACTORY SPOTS. THAT IS BECAUSE THE DEVELOPER WHO OWNED PART OF THE LAND ON WHICH THIS WAS BUILT GAVE US SOME OF THEIR LAND WITH EIGHT OF THEIR PRIVATE SPOTS.
WE ESSENTIALLY REPLACED THEIR PRIVATE SPOTS.
WE WERE ABLE TO BUILD MORE STORIES ON TOP OF IT.
THAT IS OTHER SPACE THAT IS ARE RESERVED.
THIS IS-- WHY IS IT 10,000 PER UNIT ESSENTIALLY? THAT WAS PART OF THE NEGOTIATIONS.
I APOLOGIZE FOR FAILING TO SAY THIS.
ALL TAX INCREMENT OFF OF THIS PROJECT GOES TO THE REDEVELOPMENT COMMISSION AND NOT INTO THE PROJECT.
AND SO IT WAS JUST A MATTER OF NEGOTIATING THE RIGHT DOLLAR AMOUNTS. TO MAKE THIS PROJECT WORK.
>> AND IS IT $10,000 PER SPACE? OR $10,000 HER CONDOMINIUM?
>> $5,000 PER SPACE. $10,000 PER CONDO.
EACH CONDO WILL HAVE TWO UNITS. >> IT IS EVEN WORSE THAN WHAT I THOUGHT. OKAY.
THANK YOU. >> BUT WE ARE GETTING, WE ARE GETTING THE TIF FROM THAT PROJECT.
>> SPACE OR CONNEDO? >> CONDO.
BUT WE ARE RECEIVING TIF ON THIS PROJECT, AND THE ENTIRETY OF THE TIF FROM THIS PROJECT, IF YOU THINK ABOUT MAGNOLIA ACROSS THE STREET, THE COMMISSION PUT IN THE LAND.
80% OF THE TIF TO MAKE MAGNOLIA HAPPEN.
[00:20:03]
HERE WE ARE ESSENTIALLY PUTTING IN THE LAND AND GETTING SOME RETURN FOR THE PARKING BUT GETTING ALL THE TIF.>> THANK YOU, MR. DIRECTOR. OTHER QUESTIONS AT THIS POINT? SEEING NONE, IF IT IS THE PLEASURE OF THE COMMISSION, THE CHAIRMAN WOULD ENTERTAIN A MOTION OF APPROVAL.
>> MOVE TO APPROVE. >> THANK YOU, COMMISSIONER.
>> IT HAS BEEN MOVED AND SECONDED.
ALL IN FAVOR, PLEASE SAY AYE. >> HANG ON.
>> WHAT IS THE TIMELINE ON THIS? >> I HOPE THAT THEY CAN-- THEY HAVE BEEN HAVING DESIGN MEETINGS WITH THE ARCHITECTS.
I THINK THEIR LENDERS-- THEIR LENDER IS ONBOARD.
THE PROJECT AGREEMENT WILL BE EXECUTED AS SOON AS THIS COMMITTEE-- I'M SORRY. OUR COMMISSION APPROVES.
I THINK MID-NEXT YEAR. THAT IS PROBABLY A FAIR TIMING.
THANK YOU. >> ANY OTHER QUESTIONS AT THIS POINT? YES, COMMISSIONER.
>> I'M GOING TO MAKE THE MOTION AGAIN TO BE MORE SPECIFIC.
MOTION TO APPROVE RESOLUTION 2023-35.
APPROVAL OF THE TERMS FOR THE CIVIC SQUARE CONDOS PROJECT.
>> SECOND. >> IT HAS BEEN MOVED AND SECONDED. ALL IN FAVOR, PLEASE SAY AYE.
>> AYE. >> ANY OPPOSED? SAME SIGN. IT IS APPROVED.
[7.c. Action Item #3 – Resolution 2023-36 re: Hamilton Crossing project terms]
THANK YOU VERY MUCH. WE WILL NOW MOVE ON TO OUR ACTION ITEM NUMBER 3. WHICH IS RESOLUTION 2023-36.WHICH IS THE APPROVAL OF THE TERMS OF THE HAMILTON CROSSING PROJECT. ONCE AGAIN, MR. DIRECTOR.
IF YOU WOULD LIKE TO TELL US ABOUT THIS.
MAN, I REALLY WISH WE HAD MORE PROJECTS LIKE.
THIS THESE ARE UNICORNS THAT DO NOT COME AROUND OFTEN.
BUT ESSENTIALLY, THIS PROJECT MEMORIALIZES THE TERMS THAT CITY COUNCIL ESSENTIALLY APPROVED A FEW YEARS AGO WHEN WE VOTED-- WHEN THE CITY COUNCIL APPROVED THE BONDS FOR THIS PROJECT.
HAVING MULTIFAMILY, A GARAGE THAT IS NOT PICTURED.
OBVIOUSLY, A TRAINING CENTER. SOME ESTEEMED INDIVIDUALS HAVE HAD A CHANCE TO VISIT PERSONALLY.
ALONG WITH A HOTEL. AS SOME OF YOU HAVE LEARNED FROM THAT TOUR, THIS SITE ESSENTIALLY HOSTS A CONVENTION EVERY SINGLE DAY FOR ALL THE PILOTS THEY BRING IN.
THIS WAS 100TIF DEAL. THEY GOT REPUBLIC HERE.
THERE IS A FUTURE PHASE CONTEMPLATED WHERE ANOTHER HEADQUARTERS WOULD COME IN. THAT IS THE TIME AT WHICH THE PUBLIC PLAZA T THAT IS THE CENTR OF THIS SPACE WOULD BE BUILT AS WELL. ESSENTIALLY, THE PROJECT AGREEMENT MEMORIALIZES THE THINGS THAT WE ARE GENERALLY USED TO. YOU KNOW, THE PARKING.
75% OPEN TO THE PUBLIC. IT IS GOING TO BE A WONDERFUL, WONDERFUL URBAN PROJECT. AND I WISH WE HAD MORE HUGE HEADQUARTERS LIKE THAT WANTING TO BUILD.
WANTING TO BE PART OF ESSENTIALLY URBAN NEIGHBORHOODS.
YOU HAVE THE MORE SPECIFIC PROJECT TERMS IN FRONT OF YOU.
I'M HAPPY TO ANSWER ANY QUESTIONS THAT YOU MAY HAVE.
>> THANK YOU, MR. DIRECTOR. QUESTIONS OF THE DIRECTOR REGARDING THE HAMILTON CROSSING SEEING NONE, IF IT IS YOUR PLEASURE, THE CHAIR WOULD ENTERTAIN A MOTION OF APPROVAL.
>> SURE. I'LL MAKE A MOTION TO APPROVE RESOLUTION 2023-36. APPROVE THE TERMS OF THE HAMILTON CROSSING PROJECT. I WOULD LIKE TO VOICE MY SUP SUPPORT. EVERYONE WHO HAS WORKED ON THIS, THIS IS THE GIFT THAT CONTINUES TO KEEP ON GIVING.
IT IS JUST AMAZING WHAT IS GOING ON OVER THERE.
AND THAT THE HOUSING UNITS NOW BEING PART OF THIS ARE EXTREMELY
EXCITING. >> THANK YOU, COMMISSIONER WORRELL. IS THERE A SECOND?
>> SECOND. >> IT HAS BEEN MOVED AND SECONDED. ALL IN FAVOR, PLEASE SAY AYE.
[7.d. Action Item #4 – Resolution 2023-37 re: Penn 111 project terms]
I WILL MOVE ON TO OUR ACTION ITEM NUMBER 4.WHICH IS RESOLUTION 2023-37. WHICH IS APPROVAL OF THE TERMS OF THE PENN 111 PROJECT. AGAIN, MR. DIRECTOR.
>> THIS PROJECT IS NEAR AND DEAR TO MY HEART.
PARTLY BECAUSE I HAVE BEEN WORKING ON THIS PROJECT SINCE MY FIRST DAY IN THIS JOB. I THINK JENELL AND I HAVE SPENT AND MIKE AND ALL OF STAFF HAVE SPENT JUST UNLIMITED AMOUNT OF HOURS ON VERSIONS OF THIS PROJECT FROM DIFFERENT DEVELOPERS THAT NEVER CAME TO FRUITION.
AND ULTIMATELY, THE PROJECT THAT CITY COUNCIL ENDED UP APPROVING, I BELIEVE, IS THE BEST POSSIBLE VERSION OF ANYTHING THAT COULD
[00:25:02]
HAVE HAPPENED ON THIS SITE. AS YOU KNOW, IT IS ALMOST A BILLION-DOLLAR PROJECT THAT IS GOING TO BE A 15-20-YEAR PROJECT AS IT GETS BUILT OUT. WHAT YOU HAVE IS OFFICE USES ALONG PENNSYLVANIA. THE PARKING GARAGES.GARAGE WITH MULTIFAMILY. YOU HAVE TO THE NORTH AND ESPECIALLY TO THE EAST, BETWEEN THE MORE DENSE MULTIFAMILY AND OUR TRADITIONAL NEIGHBORHOODS THAT SURROUND THAT SITE, WE HAVE PEDESTRIAN PATHS, JOGGING PATHS. BUT REALLY FOR-SALE PRODUCT.
A LARGE AMOUNT OF FOR-SALE TOWNHOMES THAT CREATE A BUFFER AS WE STEP DOWN FOR MULTIFAMILY. THEN WE HAVE RESIDENTIAL-- FOR-SALE RESIDENTIAL. AS PART OF THIS, THE DEVELOPER IS DEDICATING STREETS TO THE CITY, MAKING OTHER STREETS OPEN TO-- AVAILABLE TO USE FOR THE PUBLIC BUT STILL MAINTAINING THEM. AND OVERALL, 12.5% OF THE MULTIFAMILY UNITS ARE GOING TO BE AFFORDABLE.
WHICH IS JUST AN INCREDIBLE THING.
I KNOW WE ARE ALWAYS LOOKING FOR SOMETHING LIKE THAT.
PUBLIC PARKING COMPONENTS, AND I DO WANT TO TAKE A MINUTE TO TALK ABOUT THE HEART OF THIS PROJECT WHICH IS A PUBLIC PLAZA.
I KNOW IT IS NOT SUPER EASY TO SEE HERE, BUT THERE IS A FOUNTAIN WITH STEPS HERE ON ONE SIDE.
THERE IS AN AMPHITHEATER WITH A STAGE AND A TV ON THE OTHER S SIDE. ANOTHER FOUNTAIN.
THIS ENTIRE PLAZA IS LINED WITH RETAIL THAT REALLY ACTIVATES THIS ENTIRE PROJECT. APART FROM THE LARGE PLAZA THAT IS THE HEART OF THE PROJECT, THERE ARE OTHER USES THAT DEVELOPERS ARE USING. INCLUDING PICKLEBALL COURTS TO THE NORTH. ANOTHER PLAYGROUND TO THE NORTH.
THE DEVELOPER WILL BE BUILDING ALL OF THAT OUT USING URBAN PARKS. WE BELIEVE THAT NOT ONLY WILL THIS PROJECT OVER 20 YEARS BUILD A NEW URBAN PART OF THE CITY, WE THINK IT ALSO ENHANCES REALLY THE REST OF THE CORRIDOR THAT HAS HAD LOTS OF SUCCESSES. BUT ALSO, I WOULD SAY IT HAS SOME OF THAT OFFICE, SOME OF THAT CLASS OF OFFICE THAT WILL SEE SOME STRUGGLES HERE IN THE NEXT DECADE PLUS.
SO TO SEE WALKABLE NEIGHBORHOODS BEING BUILT ACROSS FROM GIANT PARKING LOTS, OLD OFFICE DEVELOPMENTS OF THE 90S, I THINK IT IS INCREDIBLY IMPORTANT. WHAT THIS SHOULD ALSO DO IS HOPEFULLY RAISE THE VALUE OF THE HOMES AROUND HERE BECAUSE NOW THEY WILL HAVE WALKING-- THEY WILL HAVE RESTAURANTS AROUND THE PLAZA. ALMOST LIKE A MIDTOWN.
BUT LARGER WITHIN WALKING DISTANCE OF THE SURROUNDING NEIGHBORHOODS. THIS IS, I THINK, AN INCREDIBLE PROJECT. THE RESOLUTION IN FRONT OF YOU TODAY ESSENTIALLY MEMORIALIZES THE TERMS THAT WE JUST DISCUSSED. CITY STAFF, CRC, ENGINEERING, PLANNING IS WORKING DAILY WITH THE DEVELOPERS AT PENN TO MOVE THIS PROJECT FORWARD. IT IS A BIG LIFT FOR THE CITY.
A BIG LIFT FOR PENN. A BIG PROJECT FOR US IN THE FUTURE. I'M HAPPY TO ANSWER ANY QUESTIONS THAT ANYONE MIGHT HAVE.
>> THANK YOU, MR. DIRECTOR. ANY QUESTIONS?
I WILL START OUT. ON THE WORKFORCE HOUSING OR I THINK YOU REFERRED TO IT AS AFFORDABLE, I KNOW THAT WE HAVE DONE THIS BEFORE WITH PED CORE. THEY ARE STRUGGLING TO GET SOME NECESSARY CREDITS I THINK IS WHAT IT IS CALLED.
WHAT MAKES YOU OPTIMISTIC THAT THIS WILL ACTUALLY OCCUR IF WE ARE HAVING TROUBLE ON ANOTHER PROJECT.
>> THAT IS A GREAT QUESTION. THE WORKFORCE/AFFORDABLE COMPONENTS ON THESE PROJECTS ARE SLIGHTLY DIFFERENT.
ON THE PROJECT THAT YOU JUST REFERENCED, CONCOURSE, THAT AFFORDABLE COMPONENT OR WORKFORCE COMPONENT IS AT 50% AMI. AREA MEDIAN INCOME.
FOR A DEVELOPER TO DO SOMETHING LIKE THAT, IT REQUIRES REALLY A TAX CREDIT OR BOND VOLUME FROM THE STATE THROUGH AN ENTITY CALLED IHCDA, HOUSING AND COMMUNITY DEVELOPMENT.
[00:30:02]
ASSOCIATION. OR SOMETHING.AND THAT IS WHERE SO FAR I TH THINK, HAS BEEN-- YOU KNOW, THERE IS LIMITED MONEY. THERE IS MANY PROJECTS IN THE THEY COMPETE AGAINST EACH OTHER. THAT IS WHAT IS CONCOURSE.
50% AMI. AGAIN, THIS PROJECT IS DIFFERENT. THIS PROJECT IS AT 80% AMI.
IT IS STILL AFFORDABLE. IT IS STILL NEEDED.
IT IS STILL PROVIDING RELIEF TO OUR TEACHERS AND TO OUR FIREFIGHTERS, BUT IT IS A DIFFERENT AMI STANDARD THAT DOES NOT NEED IHCDA INVOLVEMENT. IT JUST NEEDS THE APPROVAL OF BANKS THAT ARE LENDING TO THIS DEAL.
THEY BENEFIT FROM LENDING TO A PROJECT WITH THIS AFFORDABILITY COMPONENT. SO THAT FLEXIBILITY ALLOWS PED CORE TO MOVE FORWARD ON THIS WHERE THE DIFFERENT AMI PERCENTAGE REQUIRES THE INPUT OF A STATE AGENCY ON THE CONCOURSE PROJECT. IN COMPARISON.
THAT IS A BETTER ANSWER THAN I WAS EXPECTING.
WHEN YOU ARE PUTTING TOGETHER THESE PROJECT AGREEMENTS, IS IT A NEGOTIATION WHERE WE ARE ASKING FOR 20% OF THE APARTMENTS TO BE AFFORDABLE, AND THEY ARE WILLING TO DO 5 AND WE END UP AT 12.5? HELP ME TO UNDERSTAND HOW WE GOT TO 12.5 AND IF IT IS POSSIBLE TO ASK FOR MORE.
>> YEAH. I MEAN, THAT IS PRETTY GOOD.
I SAY THAT NOT EVERY DEVELOPER IS WILLING TO DO AFFORDABLE AT ALL. IN FACT, UNLESS THE ICA IS FUNDING IT, I WOULD SAY MOST DEVELOPERS WANT NO PART OF IT.
AND SO IT IS-- WITH OUR DEVELOPMENT PARTNERS THAT WE KNOW HAVE DONE AFFORDABLE BEFORE, IT IS ALWAYS PART OF NEGOTIATION. ALWAYS PART OF THE ASK.
HERE WE WERE SUCCESSFUL IN-- YEAH.
WE WANTED MORE. THEY WANTEDLESS.
WE GOT TO 12.5 WHICH, YOU KNOW, IN A BILLION-DOLLAR PROJECT, THAT IS A SIGNIFICANT NUMBER OF UNITS.
A SIGNIFICANT NUMBER OF UNITS. I WOULD SAY IT IS SOMETHING WE ALWAYS TRY TO PUSH FOR. THE AFFORDABILITY QUESTION OVERALL IS A TOUGH QUESTION THAT I THINK WE HAVE ALL BEEN IN PUBLIC FORUMS AND HAVE DISCUSSED IT.
I GUESS ONE OF THE BENEFITS IS THAT AS WE CONTINUE TO ADD UN UNITS, WE ENSURE THAT THEY ARE EXISTING MULTIFAMILY PRODUCT DOESN'T CONTINUE RAISING RATES. WEAPON KNOW THERE IS NO VACANCY.
RIGHT? I UNDERSTAND THAT THE MULTIFAMILY RUNS AT LIKE A 95% OCCUPIED WHICH IS REALLY MAX.
BECAUSE USUALLY, MULTIFAMILY UNITS DON'T LEASE OUT 100%.
THEY LEASE OUT 95. THEN THEY RAISE THEIR RATES UP FOR THE FINAL AMOUNT. 95% IS ALMOST FULLY OCCUPIED.
WITH FAMILY PROJECTS HAVING THAT KIN OF SUCCESS, WHAT STOPS THEM FROM RAISING RATES? EVEN FURTHER.
FRANKLY, ADDING MORE MULTIFAMILY UNITS IN THE CORE HAS BEEN HELPING THE COST FROM IN-- KEEPING THE COST FROM INCREASING FURTHER. THAT HAS ADDED TO SOME-- YOU KNOW, SOME AFFORDABILITY ASPECT. AS FAR AS, LIKE, YOU KNOW, TRUE PERCENTAGE OF AMI, NOT ALL DEVELOPERS ARE WILLING TO DO THEM. MOST DO NOT.
UNLESS THEY ARE GETTING A TAX CREDIT FROM THE STATE.
I THINK THAT CARMEL IS ALWAYS GOING TO BE IN A TOUGH, TOUGH POSITION. AND YOU KNOW, WHILE YOU HAVE ME SPEAKING, I THINK WE ARE ALWAYS GOING TO BE IN A TOUGH POSITION FOR MULTIPLE REASONS. APART FROM CARMEL BEING GENERALLY THOUGHT OF AS DOING WELL AND NOT NEEDING IT, AWFNGTIMES OUR COMPETITION FOR THESE PROJECTS ARE GARDEN-STYLE PRODUCT, LESS EXPENSIVE GARDEN-STYLE PRODUCT THAT CAN SPRAWL OUT. MORE UNITS CAN BE MADE AFFORDABLE. WHAT WE ARE TRYING TO DO IS NOT BUILD A-- YOU KNOW, IT IS SHOWN THROUGH STUDIES THAT AFFORDABILITY INTEGRATES A LOT BETTER WHEN IT IS MIXED INCOME.
WHERE IT IS NOT A 100% AFFORDABLE WORKFORCE PROJECT.
WHERE IT IS MIXED. YOU HAVE ALL SORTS OF PEOPLE ALL LIVING TOGETHER IN THE SAME BUILDING.
AND SO AS WE ARE TRYING TO GET THE SAME BOND VOLUME, THE SAME CREITS FOR URBAN DEALS THAT ARE MIXED INCOME AND, YOU KNOW, ARE MORE EXPENSIVE PROJECTS JUST BY THE NATURE OF THEM BEING URBAN,
[00:35:02]
WE ARE COMPETING AGAINST CHEAPER PROJECTS THAT ARE SUBURBAN IN STYLE AND CAN SPRAWL OUT SOMEWHERE IN THE MIDDLE OF NOWHERE WHERE THERE IS-- IT COULD BE 100% AFFORDABLE.WELL, THAT MAY WORK RIGHT FOR WHOEVER IS, YOU KNOW, CHECKING THE BOXES. IT DOESN'T MEAN IT IS THE RIGHT THING FOR CARMEL. WE WANT SO SEE-- WE WANT TO SEE SOMETHING MUCH MORE MIXED-USE. THAT IS A LONG WAY OF SAYING I THINK AFFORDABILITY IS AN ISSUE THAT WILL CONTINUE TO BE DISCUSSED AND WORKED ON BETWEEN MANY LEADERS GOING FORWARD.
>> OKAY. >> SORRY FOR MY LONG-WINDED ANSWER. I HOPE THAT WAS HELPFUL.
>> NO. IT IS VERY, VERY HELPFUL.
ALL OF THIS IS GOOD FOR CONTEXT AND UNDERSTANDING BEFORE WE VOTE. TWO MORE QUESTIONS.
ON THE PUBLIC SQUARE THERE, THE AREA THERE, COULD YOU COMPARE THAT TO MIDTOWN FOR ANYONE THAT MIGHT BE WONDERING LIKE ME? I HEARD YOU SAY LARGER. HOW MUCH LARGER? IS THIS TWICE AS BIG? 20% BIGGER?
>> I WOULD LIKE TO GET BACK TO YOU WITH SPECIFICS, BUT I WOULD SAY IT IS AT LEAST 20% TO 30% LARGER.
>> OKAY. >> IN TERMS OF COST, IF YOU WANT ME TO ADDRESS THAT, COUNCILOR, I CAN DO THAT, TOO.
>> SURE. >> SO THE AMOUNT OF PARKING FEES WE HOPE ARE CREDITED TO THIS PROJECT ARE ABOUT $4.7 MILLION.
TO DO THAT, WE HAD THE DEVELOPER SUBMIT ESSENTIALLY EXACTLY WHAT THEY WERE GOING TO BUILD, AND WE VETTED THOSE COSTS.
THIS IS A LARGER PLAZA IN SIZE THAN MIDTOWN.
AND NOT ONLY ARE THEY BUILDING THIS LARGER PLAZA, THEY ARE ALSO BUILDING A PLAYGROUND AND PICKLEBALL COURTS IN THIS PROJECT. ALL OF THAT WAS-- TO ALL OF THAT WAS A $4.7 MILLION NUMBER ATTACHED.
IN COMPARISON, MIDTOWN PLAZA% WHICH IS SMALLER WAS BUILT FOR $4.5 MILLION IN 2019 DOLLARS. SO I WOULD SAY IT WOULD BE MUCH MORE EXPENSIVE TO BUILD THE SAME AMENITY TODAY.
SO I WOULD SAY THIS, ADJUSTED FOR INFLATION AND CONSTRUCTION, IS GOING TO COST MUCH MORE THAN THE MIDTOWN.
I MEAN, MUCH, MUCH MORE. SO YEAH, I GUESS FOR THE AMOUNTS, WE WILL LEAVE IT AT THAT.
THE OTHER THING I WANT TO NOTE IS THAT THE DEVELOPER HERE IS GOING TO BUILD OUT THIS AMENITY EARLY ON TO KIND OF CREATE, YOU KNOW, THE HEART OF THE PROJECT THAT IS GOING TO DRAW MORE PEOPLE HERE. MORE PEOPLE WANT TO LIVE HERE, WORK HERE, WHATEVER. YOU KNOW, WE ARE APPLYING THE FUTURE PARK IMPACT CREDIT TOWARDS THIS.
WELL, THOSE PARK IMPACT FEES, IF YOU WILL, WOULD NOT HAVE TO BE PAID UNTIL EACH OF THE BUILDINGS WERE BUILT.
THIS IS A 20-YEAR PROJECT. SOME MAY NOT BE BUILT FOR 15 YEARS. EVEN THOUGH THE INFRASTRUCTURE THAT THEY ARE CREDITED TO IS GOING TO BE BUILT OUT IN THE VERY BEGINNING. AND I THINK-- I DON'T WANT PEOPLE TO MISS THAT IMPORTANT POINT.
THE THIRD AND FINAL POINT IS USUALLY, OUR PARKS DEPARTMENT MAINTAINS PARK INFRASTRUCTURE. OUR PARKS DEPARTMENT MAINTAINS MIDTOWN PLAZA, FOR EXAMPLE. THIS DELLAPOLLASA IS GOING TO BE MAINTAINED BY THE DEVELOPER. THE PUBLIC BATHROOMS ARE PROVIDED BY THE DEVELOPER. MANAGED, MAINTAINED BY THE DEVELOPER. THE PLAZA IS MANAGED AND MAIN TAPED BY THE DEVELOPER. THE ONLY THING MAINTAINED AND MANAGED BY THE CITY HERE IS THE TV AND.
A V. EQUIPMENT SO THE CITY CAN STREAM ITS PROGRAMMING SO THAT IS PART OF THE PLAZA. THAT IS GOING TO BE A HUGE LONG-TERM SAVINGS FOR THE CITY TO HAVE A DEVELOPER MAINTAIN AND MANAGE THE PUBLIC AREA WHICH IS DIFFERENT FROM MIDTOWN.
>> YEAH. AND THE PICKLEBALL COURTS ARE
>> YEAH. >> WE RECORD A DECLARATION ON THE LAND THAT ALL LENDERS HAVE TO BE SUBORDINATE TO THAT KEEPS THESE PUBLIC AMENITIES OPEN TO THE PUBLIC FOREVER.
THAT RIGHT CAN NEVER BE FORECLOSED.
>> VERY GOOD. I'M GLAD YOU MADE THAT POINT.
THE MAYOR MADE THAT POINT AT THE MEETING THIS MORNING.
ABOUT THIS BEING A 20-YEAR PROJECT AND THE INFRASTRUCTURE WILL BE BUILT IMMEDIATELY. PARK IMPACT FEES WOULD NOT BE CHARGED. MOST OF THEM UNTIL PROBABLY THE SECOND HALF OF THE PROJECT. SO --
>> SURE. >> GOOD POINT YOU MADE.
ANYTHING ELSE YOU WANT TO SAY REGARDING PARK IMPACT FEES?
>> I HOPE THAT THE BPW APPROVES THEM FOR THIS PROJECT.
CRC'S USE OF PARK IMPACT FEES AND URBAN PARKS FUNDS HAVE BEEN
[00:40:04]
INSTRUMENTAL IN MAKING PROJECTS LIKE THIS HAPPEN.THE ONE PIECE I WANT TO SAY IS I KNOW THAT THE DIRECTOR-- WELL, THIS PICTURE HAS BEEN OUT HERE FOR ABOUT A YEAR PLUS.
WHEN IT WAS FIRST SHOWN TO COUNCIL.
THE DIRECTOR HAS HAD A MONTH TO REVIEW THE MORE DETAILED INFORMATION THAT HAS BEEN SUBMITTED TO BPW.
THERE IS A LOT OF WORK STILL TO BE DONE ON THE DETAILS OF THIS PLAZA. I INTEND TO WORK HAND IN HAND WITH THE DIRECTOR OF THE PARK DEPARTMENT TO MAKE SURE THAT IT IS DONE RIGHT AND WITH PARK DEPARTMENT INPUT.
SO THIS IS STILL CONCEPTUAL IN NATURE.
AND I LOOK FORWARD TO WORKING WITH THE DIRECTOR TO ENHANCE IT
EVEN FURTHER. >> THANK YOU, COMMISSIONER.
I MAY NOT BE UNDERSTANDING WHAT WE MEAN BY WORKFORCE HOUSING, BUT COULD YOU DESCRIBE-- LIKE, ARE THESE GOING TO BE STUDIO APARTMENTS, SINGLE-BEDROOM? SOME WILL HAVE MORE BEDROOMS IN
THEM? >> WORKFORCE HORSE HOUSING IS GENERALLY A TERM OF AFFORDABLE HOUSING.
ANOTHER WAY OF SAYING IT. IT USUALLY RELATES TO A PERCENTAGE OF AMI WHICH IS ESSENTIALLY, YOU KNOW, AREA AVERAGE INCOME TO. QUALIFY TO LIVE THE, YOU HAVE TO-- YOUR HOUSEHOLD HAS TO MAKE LESS THAN THE AREA MEDIAN INCOME. SO THAT IS HOW WE GET TERMS LIKE AFFORDABLE AND WORKFORCE. IT IS ALL RELATED TO THOSE NUMBERS ESSENTIALLY. JIM CANNOT RENT ONE OF THESE
UNITS, FOR EXAMPLE. >> I WAS TRYING TO GET A FEEL FOR POSSIBLE IMPACT TO THE SCHOOLS AS FAR AS CHILDREN THAT MIGHT BE COMING INTO THE BUILDINGS.
>> THIS IS A LARGE ENOUGH AREA WHERE I SUSPECT THERE WILL BE A LOT OF CHILDREN LIVING HERE. WHICH IS, YOU KNOW, IT IS GOOD.
I KNOW THAT THE SCHOOLS-- I KNOW THE SCHOOLS HOPE THAT THERE IS ALWAYS MORE CHILDREN ENROLLED COMPARED TO THE DROP IN ENROLLMENT WE HAVE BEEN EXPERIENCING OVER THE LAST FEW
YEARS. >> SO YOU DON'T HAVE A NUMBER IN MIND? A RANGE OR NUMBER, BY ANY
CHANCE? >> A LOT OF THIS IS CONCEPTUAL.
WE WILL GET-- IT WILL GET BUILT OUT ON A BUILDING BY BUILDING BASIS. YOU KNOW, FOR AD BYING TO MOVE THROUGH THE CITY PROCESS, THE PLANNING, THROUGH ENGINEERING, EVERYTHING GETS LOOKED AT. AND SO HERE AT THIS POINT, WE ARE MORE PROVIDING KIND OF THE OVERALL PLAN OF THE STRUCTURE.
WE WILL GET A CHANCE TO HAVE THE BUILDINGS BE FURTHER DESIGNED, DELINEATED AS TIME MOVES FORWARD AND AS THESE BUILDINGS ACTUALLY GET DESIGNED. NO, TODAY I DON'T HAVE AN EXACT MIX OF BEDROOMS IF THAT IS WHAT YOU ARE ASKING.
>> YEAH. I GUESS THE ONLY COMMENT I WOULD MAKE REGARDING THAT BASED ON MY EXPERIENCE, DEALING WITH THESE APARTMENTS, THREE-BEDROOM APARTMENTS TEND TO BE THE ONLY ONES THAT REALLY ATTRACT FAMILIES.
AND WE HAVE NOT BEEN BUILDING THREE-BEDROOM APARTMENTS.
TRADITIONALLY, IN THE REST OF OUR LUXURY APARTMENT COMPLEXES.
I'M ASSUMING THIS WOULD FOLLOW SUIT.
YOU KNOW, SO I THINK THE IMP IMPACT-- YOU SAID THERE IS GOING TO BE LOTS OF CHILDREN. THERE WILL ONLY BE LOTS OF CHILDREN, HENRY, IF THERE ARE LOTS OF THREE-BEDROOM APARTMENTS. I JUST DOESN'T WORK OTHERWISE.
>> YOU ARE RIGHT. YOU ARE RIGHT.
>> YOU KNOW, THE REALITY IS THAT THESE PRICE POINTS-- I GUESS WE WOULD LOVE TO HAVE LOTS OF CHILDREN.
IT IS NOT REALISTIC. RIGHT NOW.
BASED ON PERFORMANCE TO DATE. >> OTHER QUESTIONS AT THIS POINT? SEEING NONE, IF IT IS YOUR PLEASURE, COMMISSIONERS, THE CHAIR WILL ENTERTAIN A MOTION OF
APPROVAL. >> I WOULD HAVE A MOTION TO APPROVE RESOLUTION 2023-37, THE APPROVAL FOR THE TERMS OF THE
PENN 111 PROJECT. >> THANK YOU, COMMISSIONER.
IS THERE A SECOND? >> I'LL SECOND.
>> IT HAS BEEN MOVED AND SECONDED.
ALL IN FAVOR, PLEASE SAY AYE. >> AYE.
>> SAME SIGN FOR DISAPPROVAL. SEEING NONE, IT IS APPROVED.
[8. OTHER BUSINESS]
THANK YOU VERY MUCH. >> THANK YOU.
>> IS THERE ANY OTHER BUSINESS TO COME BEFORE US THIS EVENING?
>> THERE IS NOT, MR. PRESIDENT. >> THANK YOU, MR. DIRECTOR.
[00:45:01]
WELL, WITH THAT, WITHOUT OBJECTION, OUR MEETING IS[9. EXECUTION OF DOCUMENTS]
ADJOURNED PENDING THE EXECUTION OF DOCUMENTS.I WOULD LIKE TO WISH EVERYONE A GOOD HOLIDAY SEASON HERE.
ENJOY YOUR THANKSGIVING. AND I BELIEVE THE MARKET IS GETTING STARTED. IT IS NOT QUITE AS CHILLY AS LAST YEAR. YOU MIGHT ENJOY ROLLER-SKATING THIS YEAR INSTEAD OF ICE-SKATING.
HOPEFULLY, WE GET CHILLIER WEATHER.
>> DO WE HAVE A MEETING IN DECEMBER?
>> YES, WE DO. OUR NEXT MEETING IS WEDNESDAY, DECEMBER 20. AT 6:30 HERE IN THE COMMISSION
CHAMBERS. >> AND JENELL WILL BE WITH US THEN AS WELL? .
>> I WILL NOT BE WITH YOU. >> OKAY.
>> UNLESS I'M IN THE AUDIENCE. (LAUGHTER).
>> I WAS JUST GOING TO AGAIN WISH JENELL WELL IN HER NEW ENINVESTORS. WITH THAT, WITHOUT OBJECTION, WE
* This transcript was compiled from uncorrected Closed Captioning.