PRESENT: Sonnentag, Wexler, Barmore, DiPiazza, Zellers
ABSENT: Simon
ALSO PRESENT: Kelley, Attoun
Moved by Wexler, seconded by DiPiazza, to approve the minutes of 8-26-08 and 9-9-08. Motion carried 5-0.
2. Decision on TIF #3 Assistance to the property owner of the building at the corner of Parmenter St. and Hubbard Ave.
CDA members discussed the proposed assistance. DiPiazza said he supports the proposed tenant for the project, the Mustard Museum, but is concerned about the City’s high percentage of participation in the building rehabilitation. He feels the property owner should increase participation and that the City should receive more of a payback if the developer sells the property within the ten years of the lease to the proposed tenant.
Barmore said he agrees with DiPiazza. He stated that the City should either have an equity position in the building or the City should contribute less. He supports the proposed tenant but is having a difficult time justifying the numbers.
Wexler said it is difficult to justify solely on the numbers, but the proposed tenant and additional tenants in the remainder of the building will attract people to the downtown. Zellers said she supports the assistance in part because of the intangible benefits this will bring to the entire downtown. Barmore said it will be important for the project to require “key man” insurance.
Sonnentag stated that this is a great opportunity for the City, as it does a lot for the downtown.
Moved by Wexler, seconded by Zellers, to recommend approval of the City’s use of TIF #3 funds up to $1.4 million dollars for rehabilitation and restoration of the building at 1819 Parmenter St. and up to $50,000 in relocation assistance for the Mustard Museum, with the terms as outlined in City Administrator Mike Davis’s memo of September 9, 2008. Motion carried 3-2, with Barmore and DiPiazza opposed.
3. Recommendation on TID #4 Assistance for Tribeca Village
Moved by DiPiazza, seconded by Wexler, to recommend TID #4 assistance, with the terms as outlined in a memo from Mike Davis, dated 9-19-08, assisting approximately one half of the structured parking for the Tribeca development, in two phases, and the first phase to include assurances of $100 million dollars in development. Motion carried 5-0.
4. Adjourn
Moved by DiPiazza, seconded by Wexler, to adjourn at 7:12 p.m. Motion carried 5-0.
EILEEN KELLEY
Note: These minutes were prepared by Eileen Kelley, City Planning Director and Zoning Administrator. These minutes are based on the notes of the recorder and are subject to change at a subsequent meeting.