 All right, it is four o'clock, and I will call the city plan commission meeting to order if you're able would you please stand for the Pledge of Allegiance? 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 alright, oh I should call the roll first Dave John Jerry mayors here Maryland Ryan Alright, and then Alder Mitchell is excused Is there a motion to approve the minutes from our last meeting? Is there a motion in? There was a motion in second any discussion Seeing none all those in favor of approving the minutes from our last meeting, please state aye Any opposition chair votes aye minutes are approved right first is item number six public hearing regarding the proposed amendments for boundary and project plan for tax incremental district 16 Anyone wishing to be heard? Anyone wishing to be heard? Anyone wishing to be heard seeing none will close The public hearing is there motion to close the public hearing Motion second all those in favor, please state aye Any opposition chair votes aye? Public hearing is closed Next item number seven consideration and possible action of the resolution that designation proposed amendment boundaries and improving the project plan amendment for tax incremental district 16 Jen Thank You chair, so this is a document to do a territory amendment for tiff number 16 so tiff 16 goes primarily from Wisconsin Avenue or the library down to the a street bridge and it's along a street so the the plan before you is to Do a tip a territory amendment to tit 16 to bring in the parcel of the shabuagan press building? And only the shabuagan press building and in order to allow the city to provide Development incentives for that project so this body has approved previously the construction drawings for the renovation of the former shabuagan press building into 27 29 30 workforce housing units somewhere between 25 and 30 every document has a different number, but Basically to convert that as a historic preservation project into 25 to 30 housing units that would Qualify under the city's affordable housing plan requirements based on the rents that they're proposing to charge so the plan is to amend the district and bring that into the district and then be able to provide cardinal capital Who's the developer with developer incentives? Phil coston is here from Ellers and the city had contracted with Ellers and Associates to do the Project plan and Phil will be able to run through more details about the financials of the deal Phil take it away great. Thank you Phil coston with Ellers nice to be with you tonight this afternoon. I'm sorry. I'm used to night meetings As Chad indicated I'll just give a brief summary since he did a good job kind of outlining what the purpose here is But in the project plan on a few things I want to point out and I'll talk a little bit about the financials of the tax increment district as well I think you had up on page 8 was the the boundaries that showed the Old shabuagan press a building being added. It's the only Parcel identified and read as you can see there This district was as Chad said originally created in 2015 is a mixed use tax increment district Meaning at the maximum life of this district is 20 years This amendment doesn't change the life of the district and it doesn't change the expenditure period Which is 15 years of the district as well. So this is really a relatively simple amendment to bring in this parcel as Chad indicated to Provide incentives to cardinal capital to be able to renovate and reuse this this building On page 4 of our project plan section 1 Is actually an executive summary. I've kind of pulled in some of the sections from the original project plan So you understand what the original purpose of tid 16 was? The expenditure again that's being added as 500,000 The agreement as I understand it at this point Is up to $500,000 that could be provided through an MRO a municipal revenue obligation Which is a fancy way of saying they build it they pay taxes on it and they get part of that reimbursed back So the city is not borrowing the money up front rather Reimbursing back out of the increased value that is being received by this redevelopment What they have identified at this point and what we have in our plan is 29 workforce housing units That can vary I'm sure and an investment of up to 4.7 million dollars At this site so pretty substantial investment We do as part of a project plan always include cash flows Understanding that you know this district is only about seven years in so there's time yet for both Costs that could be incurred and development that can be realized But the project plan that we have identified right now if you go it again and show on page 26 in the plan We've identified this development kind of highlighted in yellow That's the expenditure what we're showing is really the five-year period that they will be reimbursed back Over time as the agreement currently reads And you can see that Cumulatively while this district is in a negative We do show that it's going to flip over do this development other development has been realized And by 2031 Enough revenue be generated to close out the district up to five years early now again There's time yet for expenditures and other development or redevelopment to occur in the area As well so from an amendment standpoint this is pretty simple. It's one parcel. It's a redevelopment We have a developer lined up and developers Close to a development agreement I understand And no upfront incentive by the city which is really important. This is This is a a way to kind of shift the risk to the developer Using this mechanism of financing So with that happy to answer any questions that you have Jen Just one of the issue the reason for the TIF incentive need is historic preservation So you'll recall when you approve the drawings They were doing a facade renovation and bringing back the original windows in the building And that's really where a lot of the cost Differentials coming from because doing historic renovations to typically cost more than just standard Renovations so that's where the gap in their performer came from and under our TIF policy that is an eligible activity anyone Jerry I'd make a motion to approve as presented Motion and second good plan. Yes Any other discussion contributions seeing none all those in favor, please stay time The opposition chair votes aye that item is approved. All right. Thank you. Thanks Phil. I'll see you at the next meeting All right item number eight our number 10 22 23 by the capital improvements commission to whom was referred our number One 22 23 by administrator Todd Wolfe submitting capital improvements program requests for the years 23 to 20 27 Jen so I'll start out and then I know that City administrator Wolfe and Carrie Aaron's are here from the city administrator's office if there is any specific specific questions on this but This these projects in the capital improvements program have gone through two meetings of the capital improvements commission and was recommended out of the commission for the award for the 2023 projects that are identified in the spreadsheet that was attached and the Standard procedure under state statute is that it has to go to the planning commission in order to be adopted So that's why it's coming this way Jerry is the member that sits on the capital improvements commission with the mayor and if you have any questions I'm sure those two would be happy to answer them. Otherwise, we would be looking forward to a recommendation to approve the plan as submitted in a favorable recommendation back to the council Minister to Wolf additional comments questions concerns Thank You chair I Basically what I would like to you know ask the committee is that you would you would pass it in a positive Fashion it is obviously the 2023 CIP We are going to be looking at at future CIPs of taking it out from not just from five years But to ten years so that the the committee the commission capital improvements The planning the group can also understand it from what are we looking at for long-term future projects? So this was approved anonymously If I recall correctly and it is it fits within our budget for spending Thank you Comments questions motions from commissioners Motion second final thoughts Seeing none all those in favor, please state. Hi. I am opposed chair votes. I that is approved Next meeting June 14th. We've exhausted the agenda Motion second all those in favor anyone opposed chair votes. I 411 we're adjourned