[1. O-276-23 AN ORDINANCE ESTABLISHING A DEVELOPMENT AREA PURSUANT TO PROVISIONS OF KRS 65.7041- 65.7083 TO BE KNOWN AS THE ONE PARK DEVELOPMENT AREA, DESIGNATING THE METRO DEVELOPMENT AUTHORITY, INC. AS AN "AGENCY", ADOPTING A DEVELOPMENT PLAN, APPROVING ENTERING INTO A LOCAL PARTICIPATION AGREEMENT, AUTHORIZING THE PAYMENT OF THE "RELEASED AMOUNT" PURSUANT TO THE TERMS AND CONDITIONS OF THE LOCAL PARTICIPATION AGREEMENT, REQUIRING THE SUBMISSION OF REGULAR REPORTS TO LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT AND AUTHORIZING THE EXECUTION AND DELIVERY OF ANY OTHER DOCUMENTS AND THE TAKING OF ANY OTHER ACTIONS NECESSARY TO ACCOMPLISH THE PURPOSES AUTHORIZED BY THIS ORDINANCE. Action Required By: May 2024 Sponsors: Markus Winkler (D-17) ]

THE RECORD, MR CLARK IN ORDER TO ESTABLISHING A DEVELOPMENT AREA PURSUANT TO PROVISIONS. KRS 65.7041 THROUGH 657083 TO BE KNOWN AS ONE PARK DEVELOPMENT AREA, DESIGNATING THE METRO DEVELOPMENT AUTHORITY INCORPORATED AS AN AGENCY ADOPTING A DEVELOPMENT PLAN APPROVING ENTERING INTO A LOCAL PARTICIPATION AGREEMENT AUTHORIZING THE PAYMENT OF THE RELEASED AMOUNT PURSUANT TO THE TERMS AND CONDITIONS OF THE LOCAL PARTICIPATION AGREEMENT, REQUIRING THE SUBMISSION OF REGULAR REPORTS TO LOUISVILLE, JEFFERSON COUNTY METRO GOVERNMENT AND AUTHORIZING EXECUTION OF DELIVERY OF ANY OTHER DOCUMENTS AND THE TAKING OF ANY OTHER ACTIONS NECESSARY. TO ACCOMPLISH. THE PURPOSE IS AUTHORIZED BY THIS ORDINANCE READ IN FULL THANK YOU. CAN I GET A MOTION APPROVED? CAN I GET A SECOND? SECOND, ALRIGHT, PROBABLY MOVED INTO SECOND. THIS ORDINANCE IS BEFORE US. UM NO, WE HAVE MEMBERS OF THE LOOKS LIKE THE DEVELOPER. WE ALSO HAVE. AH FOLKS FROM ECONOMIC DEVELOPMENT. UM, IF ANYBODY I WOULD LIKE. TO START AND TELL US ABOUT WHAT THIS ENTAILS. WE APPRECIATE IT. THE COUNCIL HOPE YOU ALL ARE WELL. I'VE GOT JUST A COUPLE OF PRELIMINARY REMARKS, IN FACT, CAN AND IF YOU JUST INTRODUCE YOURSELF, DO YOU KNOW? INTRODUCE YOURSELF FOR THE RECORD? THIS STILL ALTHOUGH I THINK TODAY MAYBE MY SEVEN MONTH ANNIVERSARY OH, WELCOME. THANK YOU. THANK YOU. I'M PAT MOLLOY.

I'M THE DEPUTY MAYOR FOR ECONOMIC DEVELOPMENT FOR AMERICA. GREENBERG. UM AND I WANT TO TAKE A MOMENT AND COMMENT ON AS I UNDERSTAND IT, THE DEVELOPMENT ITSELF HAS BEEN APPROVED. THIS IS ABOUT TIFF APPROVAL TODAY TAX INCREMENT FINANCING APPROVAL, AND IN A MINUTE, I'M GONNA ASK MY PARTNER AND SUBJECT MATTER EXPERT JEFF O'BRIEN TO COME UP AND SPEAK TO ANY MORE SPECIFIC DETAILS, BUT I DO HAVE TWO OR THREE PRELIMINARY REMARKS. I'D LIKE TO SAY FOR THE RECORD, PLEASE. FIRST OF ALL ON BEHALF OF THE MAYOR AND THE ADMINISTRATION. UM I WANT TO

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COMMEND THE TEAM THAT HAS PUT THIS PROJECT TOGETHER. I KNOW IT'S BEEN THROUGH A LOT OF COMMUNITY CONVERSATION, A LOT OF DEBATE AND WHICH IS THE WAY DEMOCRACY WORKS AND IN THE DEVELOPMENT WORLD. IT WORKS VIGOROUSLY THAT WAY. BUT WE BELIEVE THIS IS AN EXTRAORDINARY PROJECT AND WE FULLY SUPPORT IT. AND WE ARE FULLY SUPPORTIVE OF THE TIFF, THE TAX INCREMENT FINANCING PIECE THAT GOES WITH IT. UM THIS PROJECT. UM I'VE LIVED NOT TOO TERRIBLY FAR FROM IT AND DRIVEN BY GOSH THOUSANDS OF TIMES IN MY LIFE. UM IT'S A GREAT CORNER. IT'S AN UNDERSERVED CORNER RIGHT NOW. IT'S THE SITE TODAY OF THE OLD GAS STATION, WHAT WAS A BAR AND RESTAURANT ACROSS THE STREET OF Y'ALL ARE OLD ENOUGH TO REMEMBER I AM THAT IT WAS A LITTLE ABNER'S RESTAURANT WHEN I WAS A KID WHERE YOU COULD GO GET THE BIGGEST ICE CREAM SUNDAE IN THE CITY. BUT IT HASN'T BEEN MUCH IN TERMS OF CONTRIBUTING TO THE ECONOMIC HEALTH OF THIS COMMUNITY FOR A LONG TIME. THE DEVELOPMENT TEAM IS PROPOSING TO BUILD 700 RESIDENTIAL UNITS HERE. A GROCERY STORE OF NEARLY 50,000 SQUARE FEET. OFFICE SPACE . UM RETAIL RESTAURANTS HAVE ALMOST 60,000 SQUARE FEET. AND IN A TOWN WHERE CLEO BATTLE WILL TELL YOU WE ARE 10,000 HOTEL ROOMS UNDER BEDDED. THEY'RE GOING TO ADD 160,000 SQUARE FEET OF HOTEL SPACE. AND I DO BELIEVE I'VE REVIEWED THE DESIGN. I'M NOT AN ARCHITECT. I'M A LAWYER, BUSINESS GUY, BUT IT'S A WORLD CLASS DESIGN. IT'S A FIRST RATE QUALITY. AND I DO BELIEVE THIS. I DO NOT BELIEVE THIS PROJECT WOULD BE BUILT WITHOUT PUBLIC SUPPORT. I BELIEVE THAT THAT THE HEART OF MAKING THE ECONOMICS WORK IN THIS PROJECT IS THE NECESSITY OF A PUBLIC PRIVATE PARTNERSHIP. COUPLE OTHER COMMENTS. I'VE SPENT MY FIRST SEVEN MONTHS ACTUALLY, FIRST FIVE MONTHS THE LAST FIVE MONTHS OF THE FIRST SEVEN MONTHS WORKING AT MAYOR GREENBERG'S DIRECTION TO BUILD AN ECONOMIC DEVELOPMENT PLAN FOR THE CITY, WHICH WE WILL UNVEIL, I THINK A WEEK FROM WEDNESDAY THE 13TH AT 130 OVER AND THE MAYOR'S GALLERY AND THE FIRST THING WE DID COUNCIL, MEN AND WOMEN WAS TAKING A REAL LOOK AT THE ASSETS AND CHALLENGES OF THIS COMMUNITY. WE LEARNED A BUNCH OF STUFF. WE LEARNED A BUNCH OF OUR STRENGTHS, MANY OF WHICH YOU ALL KNOW THAT WE ARE STRENGTH WITH DIVERSE ECONOMY. WE'VE GOT 10 MAJOR INDUSTRIES IN THIS TOWN, NONE OF WHICH COMPRISED MORE THAN 5% WHICH PROTECTS US AND INSULATES US FROM THE BONES AND BUS THAT OTHER COMMUNITIES IF YOU'RE IN SILICON VALLEY OR IN YOUR IN NEW YORK, YOU'RE MORE SUBJECT TO THOSE BOOMS AND BUSTS. LOUISVILLE STRENGTH IS A STEADY UNDERLYING ECONOMY. THAT'S THE STRENGTH ALONG WITH THEIR GEOGRAPHY AND OUR WATER, RELATIVELY CHEAP LABOR, RELATIVELY INEXPENSIVE REAL ESTATE COMPARED TO OTHER MARKETS. BUT OUR BIGGEST CHALLENGES. ARE ONES WE CAN'T IGNORE. WE'VE HAD NO POPULATION GROWTH IN THIS CITY FOR A DECADE MINIMUS POPULATION GROWTH. WE DON'T HAVE ENOUGH CAPITAL. WE DON'T HAVE ONE OF THE MEN. I HAVEN'T TALKED IN DEPTH WITH THE MEN AND WOMEN BEHIND ME THAT WORK IN THIS DEVELOPMENT COMPANY BUT ACCESS TO CAPITAL AND FINDING CAPITAL TO BUILD PROJECTS OF THIS SIZE, THAT'S A CHALLENGE AND CHALLENGE AND A GOOD ECONOMY AND IT'S A CHALLENGE FOR SURE AND A VERY, VERY TOUGH ECONOMY. FOR 10 YEARS THE GROWTH AND INTELLECTUAL CAPITAL IN THIS TOWN, THE GROWTH AND THE PERCENTAGE OF OUR POPULATION. THEY GET DEGREES AND CERTIFICATES. HASN'T GROWN A WIT. NOT A WHIT. UH UM. AND THE NUMBER OF RESIDENTS IN THE PRIME WORKING AGE BETWEEN 25 AND 40 WAS ACTUALLY DROPPED 2% IN THE LAST DECADE. THAT'S THAT'S THE HARSH REALITY OF WHAT WE SEE WHEN WE'RE LOOKING IN THE MIRROR. WHAT WE LEARNED AND LISTENING IN THIS PROCESS THAT MAYOR GREENBERG HAS DRIVEN US THROUGH IS THAT THEY'RE ABOUT FOUR LEGS OF THE STOOL THAT REALLY MATTER. ONE IS QUALITY OF PLACE. PEOPLE WANT TO LIVE IN A PLACE. THAT IS VIBRANT. THAT FEELS GOOD. I JUST LEFT JUST MET THE NEW MAYORS AND NEW MAYORS, THE NEW OWNERS FROM INDIANAPOLIS OF THE PEOPLE THAT BOUGHT THE BROWN WILLIAMSON TOWER THEIR LOCAL PEOPLE UP IN INDIANAPOLIS, AND THEY BOUGHT IT FOR LESS THAN $10 MILLION, AND THEY'RE GOING TO RE IMAGINE THE CORNER OF FOURTH AND JEFFERSON. THAT'S ALL KINDS OF INTERESTING, EXCITING PLANS, BUT IT'S GONNA TAKE AND THEY HAVEN'T THERE INTENTIONALLY TAKING RISK RIGHT IN THE HEART OF OUR CITY. SO THE QUALITY OF PLACES WE BUILD INVESTING IN DR SHAZZA WERE HERE. SHE WOULD TELL YOU THAT THE MOST IMPORTANT THING IN THIS PLAN IS INVESTING IN PEOPLE. WE'VE GOT TO BECOME A PLACE WHERE YOUNG MOLLOY'S OR YOUNG PEOPLE, ARGENTINA'S WERE YOUNG MOBILE HILLS WILL COME AND LIVE FROM CITIES OTHER THAN LOUISVILLE. MAYBE NOT SO MANY ARGENTINA'S AND MOLLOY'S, BUT YOU GET MY POINT. UM, THAT'S HUMOR. COUNCILMAN UM, WE GOTTA DEVELOP ENTREPRENEURS. WE GOTTA DEVELOP PEOPLE THAT WILL TAKE RISK, AND WE GOTTA TELL LOUISVILLE STORY. UM. TAX INCREMENT FINANCING, AND JEFF CAN ADDRESS THESE ISSUES BETTER THAN ME. I'M A PRETTY WELL TRAINED LAWYER, BUT I'M NOT A TAX. SPECIALIST BY ANY MEASURE, BUT THE THEORY OF THE TAX INCREMENT FINANCING IS THAT IT'S ONLY NEW MONEY. THIS IS NOT THE

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OMNI DEAL. GOOD BAD OR OTHERWISE , YOU CAN DEBATE THAT THIS IS NOT $100 MILLION BOND ISSUE.

THIS IS ONLY INCREMENTAL REVENUE. IN FACT, IT'S THE SAME THEORY. HERE IN THE SAME TOOL THAT BUILT THE ARENA IN DOWNTOWN LOUISVILLE ARENA THAT MOST OF DOWNTOWN LEVELS COVERED BY GIANT TIP. AND THAT THING WOULDN'T BE HERE WITHOUT THAT INCREMENT FINANCING. THAT'S WHAT SAVED IT, FRANKLY, DURING THE DOWNTURN IN 08 WHEN THE MARKETS CRASHED, AND THEY WENT THROUGH ALL THE REFINANCING OVER THERE. IT ALSO IS THE SAME UNDERLYING TOOL THAT'S THE HEART OF THE WEST END PARTNERSHIP. IN THE NINE MOST UNDERSERVED NEIGHBORHOODS IN OUR COMMUNITY THAT TOOL IT'S NOT YET TO BE LAUNCHED. BUT I HAD BREAKFAST WITH LAURA DOUGLAS YESTERDAY MORNING AND THEY'RE WORKING HARD TO MAKE THAT A REALITY. IN CALIFORNIA AND RUSSELL AND PARKLAND AND PARKHILL AND ALGONQUIN AND THE REST OF THE NEIGHBORHOODS IN THE WEST END. SO IT'S THE SAME TOOL.

THE LAST THING I WANT TO SAY, AND THEN I'M GONNA BE QUIET AND UM, TURN IT OVER TO JEFFREY HERE. FROM A PROCESS STANDPOINT, I SCREWED SOMETHING UP. SO I'LL YOU ALL AN APOLOGY OF THIS GENTLEMAN, AN APOLOGY. I SHOULD HAVE HAD HIM MORE IN THE LOOP. NOBODY WAS PURPOSEFULLY CUT OUT.

I PROMISE YOU IT WAS A MISTAKE OF THE HEAD. AND NOT THE HEART. UM I'M NOT AS DEVELOPERS FOR A LONG TIME. I ASKED HIM TO HAVE MORE VIGOROUS COMMUNICATION. THEY DROPPED SOME OF THE BALL THERE, TOO. BUT FOR THAT I'LL TAKE RESPONSIBILITY FOR IT. AND I'M NOT PAL ALONG THESE DEVELOPERS. THEY THROUGH GOOD TIMES AND BAD TIMES. THEY TRIED TO MAKE WHAT I THINK. IS ONE OF THE MOST SIGNIFICANT REAL ESTATE TRANSFORMATIVE OPPORTUNITIES IN OUR LIFETIME REALITY ON THESE CORNERS OVER HERE. BUT ANDREW, IF I CAN CALL YOU MY FIRST NAME IN THIS COUNCIL FOR MY MISTAKE, I APOLOGIZE TO YOU. AND I OWE YOU THAT. UM. THE LAST THING IS, THIS IS THIS MEETS THE GUTS OF THE MAYOR'S ECONOMIC PLAN. IT'S ALL ABOUT QUALITY OF PLACE. IT'S ALL ABOUT BUILDING AN EXTRAORDINARY SET OF ASSETS ON THESE COMMUNITIES. YES AND THE REALITY IS THERE'S NO TALK TO CHRIS AUDIT LENGTH ABOUT IT THE OTHER DAY. THERE'S NOTHING HIDDEN ABOUT THIS. THEY CAME TO DEVELOPERS CAME TO US, THEY SAID. 10% IS TOUGH. THE ECONOMICS OF THE DEAL ARE TOUGH.

THEY ARE NOT AN INSIDER IN THAT DEAL, OBVIOUSLY, BUT I BUILT LOTS OF REAL ESTATE AND LOTS OF COMMUNITIES AROUND THE COUNTRY. WE'RE IN THE WORST INTEREST RATE ENVIRONMENT SINCE MY ADULT LIFETIME SINCE I WAS A KID GETTING OUT OF LAW SCHOOL THAT AND CONSTRUCTION COSTS AND INFLATION HAS REALLY CHANGED THE COMPLEXION OF HOW HARD IT IS TO GET DEALS DONE. AND THEY ASKED FOR SOME GRACE. WE DIDN'T GIVE THEM ANYTHING. IT WAS. IT WAS A NEGOTIATION TO GET HIM TO 7% THAT REALITY IS 7% WILL GIVE YOU 50 AFFORDABLE HOUSING UNITS ON THIS CORNER. I THINK THE HARD MATH IS AS IF IT'S 700 UNITS, YOU'LL SEVEN TIMES SEVEN IS 49. YOU'LL HAVE 42 THAT'S 449 AFFORDABLE HOUSING UNITS. THIS IS NOT ABOUT THE MAYOR BACKING UP OR CROSS FISHING IN ANY WAY ON HIS COMMITMENT TO AFFORDABLE HOUSING. WE ARE LEADING ON THAT, TRYING TO LOTS OF INTERESTING, EXCITING PROJECTS HAVE SPENT AT LEAST A THIRD MILE WEEK EVERY WEEK WITH MARILYN HARRISON. HER TEAM. UM BUT THIS IS AND THIS ISN'T IN THE WEST END. THIS ISN'T IN ONE OF THE POOREST NEIGHBORHOODS IN TOWN, BUT IT DOES ADD TO THE STOCK OF AFFORDABLE HOUSING. SO UM, THAT'S OUR PITCH, AND THAT'S WHAT WE BELIEVE. AND SO WITH THAT, I'M GLAD TO ANSWER ANY QUESTIONS YOU'VE GOT. BUT JEFFREY IS MORE OF A SUBJECT MATTER EXPERT THAN I AM ON SOME OF THE TECHNICAL STUFF. I DO HAVE A THANKS PAT FOR THAT. THANK YOU, PATRICK. HOLD ON. I THINK THAT WE DO HAVE DO YOU ALL HAVE QUESTIONS FOR I KNOW YOU'RE IN THE Q. DO YOU HAVE QUESTIONS FOR MR MALONE? OKAY? YES SO DO YOU WANT TO HEAR FROM OTHER FOLKS AND THEN? OKAY, SO SORRY.

DON'T IT'S OKAY. DON'T GET AWAY TOO QUICKLY WITH THAT. IF I DON'T KNOW THE ANSWER, I'LL ASK FOR JEFFERIES HELPS COUNSEL COUNSEL AND PURPOSE. YOU ARE FIRST IN THE QUEUE. DO YOU WANT TO ASK YOUR QUESTIONS TO HIM? OR DO YOU WANT TO DEFER? LET MISS HAWKINS. SHE SAYS SHE HASN'T FRIEND. UM MR MALLOY, IF YOU DON'T MIND SURE. COUNCIL ANSWER THE QUESTIONS THAT I HAVE HAVE A SERIES OF QUESTIONS MHM. ONE SECOND. LET ME GET MY NOTES UP. I DIDN'T THINK I WOULD BE CALLING THIS SUMMER. WOULD YOU PLEASE LET ME GO? HOLD ON. OKAY UM, SO THIS IS A MULTIPURPOSE COMPLEX? YES MA'AM. THAT'S MY UNDERSTANDING DEPARTMENTS, GROCERY OFFICE SPACE RETAIL HOTEL COMMON AREAS IN PUBLIC PLACES ON IT. IT LOOKS LIKE IT'S GOING TO BE A BEAUTIFUL DEVELOPMENT. UM IT SEEMS LIKE IT WOULD BE LOVELY TO HAVE IN ANY NEIGHBORHOOD. HOW MANY, UM, THESE GOING TO BE CONDOS OR APARTMENTS FOR RENT. I THINK IT'S ALL RENTAL RENT AND ALL THEY WANT BACKS. CORRECT ME IF I WAS A MISTAKE, BUT I THINK RIGHT NOW IT'S ALL RENTAL. 123 BEDROOM APARTMENTS WILL BE A MIX IS MY GUEST. SO NONE OF THEM WOULD BE PURCHASE. AS CONDOS DON'T THINK

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THERE'S A PLAN TO SELL THEM RIGHT NOW. UM DO YOU KNOW THE AVERAGE INCOME OF THOSE THAT WOULD BE LIVING? I HAVEN'T STUDIED THE ECONOMIC ANNOUNCE THEIR PEOPLE. I'M SURE HAVE DONE DEMOGRAPHIC STUDIES. I DON'T KNOW THAT OFF THE TOP OF MY HEAD. I WOULD LIKE TO KNOW THE MARKET RATE. AND HOW MANY ARE YOU ALLOCATING FOR AFFORDABLE HOUSING. I THINK THE TIFF PROPOSAL THAT'S IN FRONT OF YOU RIGHT NOW HAS A THERE WAS A LOT OF CONVERSATIONS SOME OF THE HEARINGS ABOUT 10% AND I KNOW THAT'S WHAT WAS TALKED ABOUT WHEN THIS THING CAME IN 2019, I THINK BUT I WASN'T HERE THEN. BUT TODAY I THINK COUNCILWOMAN, IT'S 7% OF ABOUT 700 UNITS. WITH THE ABILITY TO BUY THAT DOWN. IF FOR SOME REASON, THE ECONOMICS GET TOUGH, THEY DEVELOPERS AGREED. I THINK ITS CERTIFICATE OF OCCUPANCY TO PUT A PAYMENT OF A MILLION DOLLARS A LITTLE OVER A MILLION DOLLARS IN CASH INTO THE AFFORDABLE HOUSING TRUST FUND 7% OF 749 4950 UNITS. YES, MA'AM. OKAY AND HOW MUCH ARE YOU LOOKING FORWARD OUT OF THE TIFF. JEFFREY I'LL NEED YOUR HELP ON THE TIP NUMBERS, PLEASE. NO ONE, BUT I DON'T WANT TO GUESS. ADAM, PLEASE. EXCUSE ME. JEFF O'BRIEN, EXECUTIVE DIRECTOR, ECONOMIC DEVELOPMENT THE, UH TIP. TOTAL TIP AMOUNT IS 114,000,209. THAT IS REIMBURSED OVER 30 YEARS PROVIDED THAT THE DEVELOPER MAKES A MINIMUM INVESTMENT OF $200 MILLION. INITIALLY AND THEN HAS REALIZES THE FULL VALUE OF THE PROJECT, WHICH IS ESTIMATED RIGHT NOW. $554 MILLION. IF THE THERE ARE COMPLETION PERCENTAGES , WHICH RAMPS THAT CAP DOWN THAT $114 MILLION NUMBER I GAVE YOU IS A CAP. UM IT DOES. IT'S NOT A GUARANTEE IT'S A CAP. SO IF THE DEVELOPER COMPLETES LESS THAN WESTERN 6 $554 MILLION THERE ARE THERE IS A PERCENTAGE OF THE ONLY A PERCENTAGE OF THAT CAP CAN BE REALIZED. SO WHAT I'D LIKE TO KNOW IN THE DEVELOPMENT STAGE. WERE WAS THE DEVELOPER INITIALLY LOOKING FOR SUPPORT FROM THE TEXT INCREMENT FINANCING. UH I'M NOT DURING THE INITIAL DEVELOPMENT STAGES CAME TO US. THE APPLICATION FOR THE TIP CAME AFTER THE PROJECT WAS APPROVED FOR THE FIRST PART, AND I BELIEVE THE NORTHERN HALF OF THE PROJECT, WHICH WAS APPROVED EARLIER THIS YEAR THERE, I BELIEVE WE ACTUALLY DID HAVE A TIP APPLICATION AT THAT TIME. YEAH. THANK YOU ALL YOUR FLOOR TO MY COLLEAGUE, COUNCILMAN HAWKINS. HOLD ON REAL FAST. WE DO HAVE A Q SO I'M SORRY. WE HAVE A PROTOCOL ON THE PROCESS, SO WE'LL GO IN THE ORDER OF THE Q. BUT I WAS GOING TO TELL JEFF YOU NEED TO INTRODUCE YOURSELF AND IF INSTEAD OF PLAYING INSTEAD OF PLAYING MUSICAL MICROPHONES THAT YOU COULD PROBABLY SIT THERE OR BOTH OF YOU COULD SIT THERE. THEN YOU ALL CAN EAT YEARS. THOSE MICROPHONES MIGHT JUST BE EASIER, MORE COMFORTABLE, AND I'M SURE THEY'LL BE ASKING MORE.

WE'LL HAVE WE HAVE PLENTY MORE IN THE QUEUE FOR QUESTIONS. I WILL INTRODUCE MYSELF AGAIN.

JUST IN CASE NOBODY CAUGHT ME. JEFF O'BRIEN, EXECUTIVE DIRECTOR, ECONOMIC DEVELOPMENT CABINET. THANK YOU. AND WITH THAT, COUNCILMAN PH IN, TINA, THANK YOU, MR CHAIR, AND I WOULD NOT OBJECT TO MORE PEOPLE WITH A LOT OF VOWELS IN THEIR LAST NAME THAT COMES TO TOWN. WHETHER IT'S PIATRA DINA. YEAH SO WITH THAT SAID, I DO WANT TO CLARIFY A FEW THINGS FOR MY COLLEAGUES, PARTICULARLY IN PLEASE STEP IN IF I MISSTATE ANY OF THE FACTS, FIRST OF ALL RELATED TO THE AFFORDABLE HOUSING ELEMENT WHEN THE ORIGINAL ZONING REMEMBER THERE ARE TWO PROPERTIES OF REZONED. ONE PARK SOUTH PARK, NORTH ONE PARK SOUTH HAD THIS LANGUAGE AROUND 10% AFFORDABLE HOUSING THAT WAS OUT OF 400 UNITS. THAT IS 40 UNITS. WE APPROVED ONE PARK NORTH EARLIER THIS YEAR WITH NO AFFORDABLE HOUSING REQUIREMENT, SO THEORETICALLY, RIGHT NOW, THE REQUIREMENT IS ONLY 40 UNITS. WE ARE GETTING MORE THAN THAT. SO I KNOW THAT PEOPLE ARE THERE'S SOME REPORTING ABOUT IT WAS 10% OUT 7% THAT IS INACCURATE INFORMATION BASED ON THE WAY THIS WENT DOWN THAT 10% APPLIED TO ONLY ONE OF THE TWO PROPERTIES. SO WHEN YOU ADD THE 300 UNITS NOW, A TOTAL OF 700 UNITS FROM ONE PARK NORTH, WHICH HAD NO AFFORDABLE HOUSING REQUIREMENT. WE ARE GETTING MORE AFFORDABLE HOUSING UNITS THAN WE WERE ORIGINALLY PROMISED AND ORIGINALLY REQUIRED THE DEVELOPMENT DEVELOPER TO DELIVER ON FURTHER I CAN TELL YOU I DON'T REMEMBER THE LAST TIME THAT GENERAL GEOGRAPHIC AREA GOT AFFORDABLE HOUSING UNITS AT ALL, UH, AT LEAST ON THE FIVE YEARS OR SO I'VE BEEN ON COUNCIL, BUT I THINK YOU COULD GO WELL BEFORE THAT. AND THIS AREA OF THE CITY HAS NOT BEEN ONE THAT HAS HAD THE CIRCUMSTANCES TO HAVE MORE AFFORDABLE HOUSING IN THERE AT ALL. NOT TO MENTION IT IS COMING WITH. UM IT IS COMING WITH

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GROCERY WITH MIXED USE, DOING ALL THE THINGS THAT WE HAVE ASKED AND ARE LOOKING FOR RELATED TO SUSTAINABLE DEVELOPMENT. I WANT TO POINT OUT ANOTHER THING THAT I THINK HAS BEEN LOST IN SOME OF THIS CONVERSATION AGAIN. CORRECT ME ON THE NUMBERS. THE MAX OF THIS TIP IS $114 MILLION CEILING RIGHT? THAT'S IF THEY HIT EVERY POSSIBLE METRIC AFTER THEY SPEND AT LEAST $200 MILLION IN CASH. CORRECT TO BUILD THE BUILDINGS. THEY GOT TO MAKE THE INVESTMENT.

THE AS I UNDERSTAND IT, THE PUBLIC INFRASTRUCTURE ALONE FOR THIS PROJECT IS COMING IN AT 160 MILLION. IS THAT ABOUT CORRECT? YES IT'S ONCE $165 MILLION. THIS TIFF DOES NOT EVEN COVER THE PUBLIC INFRASTRUCTURE THAT WILL BE DONE BY THIS DEVELOPER. RIGHT? COINCIDENTALLY THIS DEVELOPER HAS ROUGHLY 800 UNITS THAT HAVE BEEN BUILT OR IN THE MIDST OF CONSTRUCTION IN MY DISTRICT LITERALLY TOOK AN ENTIRE AREA OF COMPLETE GREEN SPACE AND TURNED IT INTO ONE OF THE NICEST, MOST VIBRANT AREAS OF MY COMMUNITY AND JUST DID AN OUTSTANDING JOB FRONT TO BACK AND EXECUTING THAT PROJECT. RIGHT SO AGAIN, YOU'RE I MEAN, YOU'RE CORRECT. THAT THAT. I'M NOT HERE TO SELL THESE MEN AND WOMEN BEHIND ME, BUT ADD ON. IT'S NOT A FREEWAY AND I DIDN'T UNDERSTAND THAT UNTIL I CAME TO THIS JOB. I'VE DRIVEN PAST IT. THEY BUILT THE LARGEST NURSING COLLEGE, THE LARGEST FOR PROFIT NURSING COLLEGE IN AMERICA, IS NOW HEADQUARTERED IN LOUISVILLE, KENTUCKY, THAT THIS GROUP TOOK THE RISK AND BUILT. SO THAT'S IN THERE. SKILLING DON'T 4500 NURSES A YEAR THROUGH THAT BUILDING. CORRECT GALEN COLLEGE OF NURSING IS LOCATED. THERE IS ONE OF THE ANCHOR BUILDINGS IN THAT AREA, ALONG WITH A COUPLE OF MULTI FAMILY HOUSING UNITS.

AND THEN I WANT TO SAY ONE OTHER THING ABOUT THIS WHOLE QUESTION OF TIFF BECAUSE WE'RE NOT TALKING ABOUT ZONE WHEN I TOOK THIS TALKING ABOUT TEF, AND HOW HAS THIS BEEN USED BEFORE AN EMAIL WAS SENT TO US FROM A FORMER COLLEAGUE RECENTLY, UH, EXPRESSING THE DESIRE TO FOR US NOT TO APPROVE THIS. THAT SAME COLLEAGUE HAS A VOTING RECORD THAT APPROVED EVERY SINGLE TIFF THAT CAME ACROSS THEIR DESK WHEN THEY WERE AN ELECTED OFFICIAL HERE. THOSE TIFFS WERE LARGELY RELATED TO OR MANY OF THEM WERE RELATED TO HOTELS IN NEW, LOW AND DOWNTOWN. NOT EXACTLY THINGS THAT WE ARE DESPERATE FOR. AS A COMMUNITY. WE ARE DESPERATE FOR HOUSING. WE ARE DESPERATE FOR GROCERY. WE ARE DESPERATE FOR SUSTAINABLE, MULTI USE DEVELOPMENT THAT THIS IS PROPOSING SOMETHING. I THINK IT'S COUNSELOR, PURVIS SAID. WE HAVEN'T SEEN IN THIS WHOLE CITY.

WE WOULD LOVE TO SEE EVERYWHERE. THIS IS A START. AND SO THE FACT THAT THIS IS EVEN REMOTELY CONTROVERSIAL WHEN EVERY SINGLE ONE OF THOSE TAX INCREMENTAL FINANCING BECAUSE THEY AND KEEPING IN MIND THE TIFF DOES NOT APPLY TO THE JEFFERSON COUNTY PUBLIC SCHOOL SYSTEM. THE PUBLIC SCHOOL SYSTEM WILL GET ALL OF THEIR TAX DOLLARS TO THE TUNE OF WELL OVER $100 MILLION IN TAX REVENUE TO THE SCHOOL SYSTEM. WE ARE ONLY GETTING THE WE ARE GETTING TAX REVENUE THAT HAS NOT EXISTED AND WILL NOT EXIST. IF SOMETHING LIKE THIS DOESN'T GO THERE. WE HAVE USED THIS TOOL FOR AS FAR AS I'M CONCERNED, MUCH LESS DESERVING PROJECTS SO I WOULD ENCOURAGE MY COLLEAGUES. IF YOU HAVE ANY QUESTIONS. I'M GLAD TO GIVE SOME ADDITIONAL HISTORICAL PERSPECTIVE. BUT REMEMBER THAT THIS DOESN'T EVEN COVER THE PUBLIC INFRASTRUCTURE DEVELOPMENT ROADS, UTILITIES, ETCETERA THAT THEY HAVE TO DO IN ORDER TO MAKE THIS PROJECT WORK.

THANK YOU, MR CHAIR. THANK YOU. AND UM, I'VE NEGLECTED WE WERE WE HAVE BEEN JOINED BY COUNCILMAN BAKER COUNCILMAN FLOOD AND OUR PRESIDENT, COUNCILMAN WINKER PRESIDENT WINKLER. AND WHO IS THANK YOU VERY MOBILE HILL, WHO IS NEXT IN LINE IN THE QUEUE. SO WITH THAT PRESIDENT LINCOLN THAT YOU WERE CALLING ME APOLOGIZE. THANK YOU. CHAIR MOMENT. I'M GONNA JUST A COUPLE OF COMMENTS THAT I'D LIKE TO MAKE ON THIS. UM, YOU KNOW, FIRST OF ALL, LET'S BE CLEAR THIS THIS PROJECT IS UNIQUE, RIGHT IF THIS WERE JUST A REGULAR APARTMENT BUILDING, WE WOULDN'T BE SITTING HERE TALKING ABOUT A TYPIST. UM YOU DON'T OFTEN HAVE THE ABILITY TO PARTICIPATE IN A PROJECT THAT IS REALLY A SIGNATURE DEVELOPMENT FOR THE CITY. YOU KNOW WHETHER IT'S THE ARM MEDIUM CENTER, THE SOCCER STADIUM OR POTENTIALLY NOW ONE PART, YOU KNOW, THAT REALLY HELPS TRANSFORM TRANSFORM AN ENTIRE AREA. UM YOU KNOW, I THINK WHEN YOU LOOK AT THIS PROJECT, THIS IS THE SORT OF THING THAT THAT DOESN'T GET BUILT IN BOOM. RIGHT? IT'S BEING BUILT IN SINCE THAT AGE BEING BUILT IN INDIANAPOLIS. IT'S BEING BUILT IN NASHVILLE. AND WHILE I DON'T THINK WE WANT TO BECOME ANY OF THOSE CITIES, WE CERTAINLY WANT TO HAVE THAT TYPE OF DEVELOPMENT. UM, IN OUR AREA. IT IS INFILL DEVELOPMENT, WHICH MEANS THAT THE INFRASTRUCTURE IN

[00:25:05]

PLACE OUR SEWER SYSTEM IN PLACE. OUR SCHOOLS ARE LOCATED THERE. UM, YOU'VE GOT ACCESS TO ROADS AND HIGHWAYS. IT IS VERTICAL DEVELOPMENT, WHICH IS MUCH MORE SUSTAINABLE THAN OTHER DEVELOPMENT AND YOU'RE NOT CARRYING DOWN A FOREST TO BUILD 700 APARTMENT UNITS. YOU'RE NOT BUILDING THEM IN A FLOODPLAIN ON AN ENVIRONMENTALLY SENSITIVE AREA. YOU'RE BUILDING THEM IN A PLACE WHERE THE INFRASTRUCTURE UM, FOR THIS TYPE OF DEVELOPMENT EXISTS. UM IT'S ALSO AN INVESTMENT OF HUNDREDS OF MILLIONS OF DOLLARS INTO OUR COMMUNITY. THAT'S HUNDREDS OF NEW HOUSING UNITS, ALRIGHT. AND WHILE 50 OF THEM WILL BE AFFORDABLE. THE NET BENEFIT OF ADDING 700 NEW UNITS PERIOD MEANS THAT YOU HAVE MORE SUPPLY AND MORE SUPPLY PUTS DOWNWARD PRESSURE ON PRICES EVERYWHERE ELSE. SO ASIDE FROM JUST THE DIRECT IMPACT OF THE AFFORDABLE UNITS, UH THE NET INCREASE OF SUPPLY WILL HAVE AN IMPACT ON PRICING COUNTYWIDE. UH IT ALSO CREATES NEW RETAIL. NEW COMMERCIAL NEW OFFICE NEW HOTEL SPACE NEAR DOWNTOWN AND JUST AS IMPORTANTLY, BRINGS IN OVER $150 MILLION OF STATE INCENTIVES THAT WILL NOT BE APPROVED IF WE DO NOT PROVIDE THE TIPS. SO ASIDE FROM JUST THE CITY'S INVESTMENT, THE ONLY WAY TO UNLOCK THE STATE INVESTMENT IS WITH OUR PARTICIPATION. I THINK THAT'S VERY IMPORTANT TO REMEMBER IS A GREAT WAY FOR US TO BRING TAX REVENUE BACK FROM FRANKFURT. BACK IN THE JEFFERSON COUNTY AS COUNSEL MP ARGENTINA MENTIONED THE J. C. P S REVENUES ARE ON IMPACTED THE TARGET. REVENUES ARE ON IMPACTED AS WELL. SO IT IS A TAX. UM PRODUCER FOR OTHER ANCILLARY CITY SERVICES. ALSO SAY AT THE HEARING LAST NIGHT, YOU KNOW THERE'S LOTS OF DISCUSSION ABOUT THIS PROJECT.

VERY LITTLE OF THE DISCUSSIONS, ACTUALLY RIGHT THAT IF THE MAJORITY OF THE DISCUSSION RELATED TO ITS TOO TALL, IT'S TOO BIG. IT'S TOO DENSE. THOSE WERE ALL ISSUES THAT WERE PREVIOUSLY DECIDED WITH THE ZONING CASE AND ARE NOT WHAT ARE BEFORE US TODAY. THE QUESTION BEFORE US TODAY IS DOES THE CITY PARTICIPATE TO HELP GET A PROJECT LIKE THIS BILL? UM AS A REMINDER, THE TIP IS NOT A DIRECT OUTLAY OF TAX DOLLARS, WERE NOT WRITING THE DEVELOPER.

A CHECK FOR 114 MILLION OR EVEN 100 MILLION, OR EVEN 14 9 IS ONLY IF THE PROJECT MR FORD IS ONLY THE INCREMENTAL REVENUE THAT IS GENERATED. WHERE SOME PORTION OF THAT 80% WILL BE REFUNDED BACK TO THE DEVELOPER. IF NOTHING IS BUILT. NOTHING IS LAID OUT AND I, FOR ONE WOULD LIKE TO HAVE 20% OF SOMETHING. RATHER THAN 100% OF NOTHING. UM LAST TWO THINGS I'LL SAY YOU KNOW, PEOPLE ARE RIGHT. ONE OF THE ARGUMENTS THAT I HEARD LAST NIGHT RELATED TO THE AREA BEING BLINDED AND THAT YOU KNOW WHETHER THIS GETS BUILT OR NOT, SOMETHING WILL GET BUILT ON THAT CORNER, AND THEY'RE ABSOLUTELY RIGHT. SOMETHING. YOU MIGHT GET A COUPLE 100 UNIT APARTMENT COMPLEX. YOU MIGHT GET A STRIP MALL, BUT YOU'RE NOT GOING TO GET A PROJECT THAT FUNDAMENTALLY TRANSFORMS AN AREA AND CREATE HUNDREDS UPON HUNDREDS OF NEW UNITS. I'D ALSO REMIND EVERYBODY WHEN WE TALK ABOUT THE SEVEN VERSUS 10% WITHOUT THE TIP. THERE'S NO GUARANTEE THAT WHATEVER ENDS UP GETTING BUILT, THERE HAS ANY AFFORDABLE UNITS BECAUSE THERE WILL BE NO PUBLIC PARTICIPATION. AND SO THE CHOICE ISN'T BETWEEN 50 THEORETICAL 60 UNITS. THE CHOICE IS REALLY BETWEEN DO WE GET 50 AFFORDABLE UNITS IN AN AREA THAT DOESN'T REALLY HAVE MUCH AFFORDABLE HOUSING OR ZERO AFFORDABLE UNITS, AND SO I'D ENCOURAGE US TO REMEMBER THAT AND YOU KNOW, REALLY THE LAST THING THAT I'LL SAY THEY IS, YOU KNOW, DO WE WANT TO SIT HERE 10 YEARS FROM NOW AND LOOK AT CITIES LIKE CINCINNATI, INDIANAPOLIS OR OR EVEN AT THAT POINT LEXINGTON AND WONDER, WHY ARE THINGS LIKE THIS BEING BUILT THERE? AND WHY ARE THEY BEING BUILT HERE? UM, YOU KNOW, IT IS. WE OFTEN SAY NO TO THINGS WERE A TOWN AND COULD HAVE WOULD HAVE SHOULD HAVE, AND I'D LIKE TO SEE US PUT A STAKE IN THE GROUND APPROVED THIS PROJECT AND LOOKING FORWARD, AND QUITE FRANKLY, I THINK EVEN IF WE APPROVE THIS TEST, IT'S GOING TO BE VERY CHALLENGING FOR THIS PROJECT TO MOVE FORWARD THE ECONOMIC ENVIRONMENT, THE INTEREST RATE ENVIRONMENT MAKES IT DIFFICULT. I AM CERTAIN WITHOUT THE TIP. IT WILL NOT MOVE FORWARD. THANK YOU, MR CHAIR. THANK YOU FOR YOUR COMMENTS. NEXT UP. WE HAVE COUNCILMAN HAWKINS. THANK YOU.

I'M STRUGGLING WITH ALL OF THIS. UM I HAVE A SEVERAL QUESTIONS. AND IF I NEED TO GET BACK IN THE QUEUE CHAIR, PLEASE LET ME KNOW. JUST GIVE ME A HAND STICKING ARCHITECT. UM FIRST. THE FIRST THING THAT I WANT TO DO IS COMMEND THE DEVELOPER. THAT IS THE FIRST THING THAT I WANT TO DO, BECAUSE I THINK THAT THE DEVELOPER HAS WENT OVER AND BEYOND AS FAR AS COMMUNITY ENGAGEMENT. UM WHETHER THEY AGREE OR NOT, YOU CAME STRAIGHT IN THE FRONT DOOR AND PROPOSED EXACTLY WHAT YOU WANT TO DO, AND I APPRECIATE THAT FIRST, UM SECONDLY, UM. FEW QUESTIONS. I

[00:30:09]

WANT TO RELATE THESE QUESTIONS TOO. MR MCCOY. I KNOW YOU SAID THAT YOU UM MALLOY, I'M SORRY.

HE ALWAYS SAYS THAT I DROPPED THE MIC AND GO ON TODAY. I'M NOT GONNA DROP THE MIC OFF CALLED WORSE COUNCIL. I KNOW YOU SAID THAT JUST A COUPLE OF THINGS AND I HAVE TO MAKE THESE STATEMENTS SO YOU CAN KIND OF SEE WHERE I'M GOING WITH THIS, UM SO I CAN GO TO THE NEXT STEP. UM, YOU SAID THAT YOU'VE BEEN DOING THE DEVELOPERS FOR A LONG TIME. OKAY? UM MM. AND YOU SAID THAT THE QUALITY UM THAT THE PEOPLE THE QUALITY THAT THE TENANTS. WOULD BE REALLY NICE, REALLY NICE QUALITY APARTMENTS. QUALITY OF THE CONSTRUCTION OF DESIGN. RIGHT RIGHT. RIGHT. RIGHT WHICH I HAVE HEARD THAT SEVERAL TIMES THAT THE QUALITY OF THESE APARTMENTS WERE GOING TO BE AWESOME, WHICH IS A GREAT INVESTMENT, AND IT'S ALSO A GREAT INVESTMENT IN THE LOCATION THAT IS IN I KNOW FRANKIE HAD BEEN ROGER'S BEEN NORTHERN FOR QUITE SOME TIME. UM AND I WILL SAY THAT I AM NOT TOTALLY AGAINST THIS. BUT I WILL SAY THIS AND I'M SAYING THIS TO SEND A MESSAGE. A VERY CLEAR MESSAGE. UM, YOU KNOW YOU YOU CAME AND YOU SPOKE TO US IN ADVOCACY OF THE MAYOR AND ON BEHALF OF THE MAYOR. JUST YOU'RE ADVOCATING FOR THE DEVELOPER. AND YOU SAID THAT YOU KNOW THEM. I'M NOT ADVOCATING PART. I'M NOT ADVOCATING FOR THE DEVELOPERS.

I'M ADVOCATING FOR THE DEVELOPMENT FOR THE DEVELOPMENT CORNERS. YES BUT YOU DID SAY THAT YOU'VE BEEN NORTHERN DEVELOPERS FOR QUITE SOME TIME KNOWN FOR A LONG TIME. I WANT TO BE CLEAR ON SOMETHING. I'VE BEEN KNOWING MY CONSTITUENTS FOR QUITE SOME TIME. A LOT OF THE CONSTITUENTS THAT LIVE AND DIE OSCAR MANNER. OKAY AND, UM, A LOT OF MY DISTRICT. UH, ARE REALLY CONCERNED ABOUT THE TIP. ONLY BECAUSE THEY DON'T HAVE THE KNOWLEDGE. YES MA'AM, DON'T HAVE THE KNOWLEDGE OF UNDERSTANDING OF WHAT THIS CHIP BRING. THAT DOESN'T MAKE IT A BAD THING.

IT'S JUST THAT I BELIEVE THAT WE NEED TO EDUCATE MORE PEOPLE ARE WHAT THIS CHIEF REALLY MEANS.

WHAT IT LOOKS LIKE 1000% WHETHER WHETHER IT'S THE WEST END PARTNERSHIP OR THIS 50. IT'S A WEIRD, ARCANE FORM OF FINANCING THAT THAT THAT THE PRESIDENT WINKLER EXPLAINED IT BETTER THAN I DID. BUT YES, MA'AM, WE WE'VE GOT EDUCATION TO DO IN THAT AREA. YOU ARE RIGHT. BUT I THINK ONE OF THE CONCERNS IS THAT THE EDUCATION CAME AFTER THE FACT THAT CAME FIRST. I THINK IT'S COMING DOWN THE PIPELINE IF IT WOULD HAVE BEEN EDUCATED TO, YOU KNOW MORE PEOPLE. I THINK THAT BECAUSE YOU HAVE TO LOOK AT IS COMING OUT OF EVERYBODY OUT. PARDON COMING OUT OF EVERYBODY'S TAX DOLLARS, RIGHT? RIGHT NOW. THE SHARING OF THE GROWTH IN TAX DOLLARS? YES NOT JUST IN ONE DISTRICT OR ANOTHER, SO IT'S VERY VITAL TO EDUCATE PEOPLE WERE THEIR DOLLARS ARE BORN.

RIGHT YOU'D SAY THAT'S FOR, UM. AND THE CITY WANTS TO SUPPORT THIS DEVELOPMENT. RIGHT? AND I'M NOT SAYING THAT I'M AGAINST IT. BUT WHAT I WILL SAY IS THAT THE CITY NEEDS TO SUPPORT WHAT WE ALREADY HAVE. RIGHT NOW. WE HAVE HUNDREDS. PEOPLE LIVING IN APARTMENT NASCAR MANNER AND NOBODY'S BEEN MOVED THAT THAT FIRST WHAT THE CITY NEEDS TO SUPPORT. THAT DOESN'T MEAN HER NORTHER. TALK ABOUT TIFF. I THINK THAT SOME OF THAT MONEY OR SOME MONEY NEEDS TO COME FROM SOMEWHERE. TO SUPPORT PEOPLE THAT ARE ALREADY LIVING BAD CONDITIONS UNSAFE, UNHEALTHY CONDITIONS. SO YOU KNOW, UM, THAT'S ONE PART OF IT. I THINK THAT THIS IS A VERY UNIQUE DEVELOPMENT. I WOULD LOVE TO SEE THIS DEVELOPMENT NOT JUST IN THE DISTRICT THAT IS GOING IN. I WOULD LOVE TO SEE THIS DEVELOPMENT ALSO, UH WERE THAT NEW SPORTS LEARNING? TOOK THE WORDS OUT OF MY MOUTH EXACTLY RIGHT RUN TRACK. THOSE ARE THOSE PEOPLE THAT RUN TRACK. THEY HAVE TO, YOU KNOW, RUN ALL THE WAY FROM MARKET STREET IN THE WEST END ALL THE WAY DOWNTOWN TO HOTELS. THERE ARE NO HOTEL. THERE ARE NO HOTELS, NINTH. OF WEST OF WEST OF NINTH STREET.

NONE THAT WOULD HAVE BEEN A GREAT PROJECT FOR THE AMENITIES IN THIS DESIGN PROJECT IS

[00:35:04]

AWESOME. I LOVE TO SEE THIS DEVELOPMENT NOT JUST WORTH GOING . I LOVE TO SEE THIS DEVELOPMENT OVER THE ENTIRE CITY. THIS TYPE OF INVESTMENT NEEDS TO BE EVERYWHERE. YOU'RE 1000% CORRECT . SO I WILL SAY AGAIN. I'VE HAD A LOT OF CONSTITUENTS FROM THIS PARTICULAR DISTRICT. CONTACT MY OFFICE. UM YOU KNOW, STATING THAT THIS IS NOT SOMETHING THAT THEY WANT TO SEE ANYONE THAT KNOWS ME KNOWS THAT. UH YOU KNOW, I THRIVE OFF OF THE COUNCIL PERSON THAT REPRESENTS THAT DISTRICT. UM SO I DON'T KNOW WHERE COUNCILMAN OH, NZ'S GUESS I WOULD SEE THAT, UH, AND SHOUT OUT AGAIN TO THE DEVELOPERS WHO HAVE BEEN FRIENDLY NEIGHBORS. WHO HAVE TAKEN THEIR TIME. AND I'M JUST REALLY ANXIOUS TO SEE THIS TYPE OF DEVELOPMENT MIXED USE COMMERCIAL SPACE. UM IN OTHER AREAS BECAUSE IT IS SO NEEDED, NOT JUST EAST OF NINTH STREET.

THANK YOU. THANK YOU. COUNCILMAN HAWKINS COUNCIL ON PURPOSE. THANK YOU, MR CHAIR. UM I DON'T KNOW THIS AND I JUST WANTED TO KNOW IF YOU ALL HAVE RECEIVED ANY FUNDING FROM THE AFFORDABLE HOUSING. TRUST PLAN. YEAH GO AHEAD FOR THIS PROJECT NOW. NO. I'M SORRY. I WAS DISTRACTED FOR THIS PROJECT. YOU HAVE NOT? NO, MA'AM, YOU WERE YOU PLANNING TO, UM ASK FOR ANY FUNDING FROM THEM. HMM. I DON'T KNOW IF THE DEVELOPERS PLANNING TO APPLY FOR THE AFFORDABLE HOUSING TRUST FUND FOR THESE UM, TYPICALLY, THE AFFORDABLE HOUSING TRUST FUND IS LOOKING TO FIND UNITS AT THE 30 OR 50% AM I LEVEL AND THEY'RE AFFORDABLE HOUSING DEVELOPMENTS AND NOT AT THE 80% AM I LEVEL SO I DON'T. I DON'T KNOW HOW THEY WOULD REVIEW THIS PROJECT, AND THEY USUALLY PUT A MINIMUM OF WHEN A MINIMAL INVESTMENT INTO PROJECTS. SO I THINK WHAT WE WOULD WELL, WE USUALLY DON'T ENCOURAGE THAT DEVELOPMENTS THAT ARE GETTING TIPS ALSO GO AND SEEK FUNDING FROM THE AFFORDABLE HOUSING TRUST FUND. MOSTLY BECAUSE OF NOT SUCCESSFUL BECAUSE THE 80% AND MY LEVEL IS NOT SOMETHING THAT IS TYPICALLY SUCCESSFUL AT THE AFFORDABLE HOUSING TRUST FUND. SO YOU'RE SAYING THIS THE AM I FOR THIS DEVELOPMENT WOULD BE 80% THAT'S CORRECT. SO THE WHICH TRANSLATES JUST IN PLAIN ENGLISH. THE 80% AM I LEVEL FOR AGAIN APARTMENT, SO WE'RE GOING TO ASSUME 1 TO 2 PERSON HOUSEHOLDS HERE, A ONE PERSON HOUSEHOLD EMMY IN JEFFERSON COUNTY IS 50 JUST OVER $50,000. 80% AND MY FOR HOUSEHOLD OF TWO IS JUST OVER $57,000. THAT TRANSLATES INTO RENTS THAT ARE IN THE $1200 A MONTH RANGE. THAT'S NOT REAL AFFORDABLE. FOR THAT AREA FOR THIS PART OF TOWN. BUT WHEN I THINK OF AFFORDABLE HOUSING, I THINK OF MUCH LESS THAN THAT. THERE ARE PARTS YOU'RE CORRECT, AND THAT'S NOT I COULDN'T EVEN AFFORD TO LIVE THERE. I'M JUST SAYING THAT'S NOT REALLY AFFORDABLE. THAT'S THE HOOD. MATH. SO YEAH, UM.

OKAY I'LL RESERVE QUESTIONS FOR LATER. THANK YOU. THANK YOU, COUNCILMAN. WE'RE GNG TO GO OUT OF ORDER HERE, UM, COUNCILMAN BAKER'S DEFRED TO COUNSELING OWENSSO COUNCILMAN OWEN THANK YOU CHAIR. APPRECIATE IT. THIS UH, IS PROJECT IS IN NINTH STRI, AND TS PR GOTBE QUT.UARTER OF MILE OR SSROM MYOUSE,O IT COULD NOT BE ANY MORE LOCAL TO ME. UM. EVERYBODY THAT HAS HEARD ME TALK DURING MY CAMPAIGN AND SINCE I'VE BEEN ON COUNCIL KNOWS THAT I AM EXTREMELY SIM PORTED OF PROJECTS JUST LIKE THIS ONE. WE NEED. PROJECTS THAT ARE MIXED USE. WE NEED PROJECTS THAT HAVE A LOT OF DENSITY. AND BECAUSE OF THAT, WE NEED PROJECTS THAT HAVE MORE HEIGHT. SO THIS PROJECT CHECKS A LOT OF BOXES FOR ME.

AND ONE OF THE FIRST THINGS I DID WHEN I CAME ON COUNCIL, LIKE A WEEK OR TWO AFTER I GOT HERE.

I HAD TO ADVOCATE ON BEHALF OF THE PROJECT IN ORDER TO GET THE SECOND PART OF IT REZONED. AND I

[00:40:02]

DID THAT AND WAS VERY CLEAR IN MY SUPPORT OF THE PROJECT. SO I WANT TO START BY SAYING THAT I ALSO WANT TO SAY THAT I AM EXTREMELY SUPPORTIVE OF TIFFS AS ECONOMIC DEVELOPMENT TOOLS.

THERE I THINK A LOT OF TIMES MISUNDERSTOOD. BUT THEY ARE PERFORMANCE BASED. AND SO WHAT? THAT MEANS, AND THEY WERE TALKING ABOUT IT A LITTLE BIT AT THE MEETING LAST NIGHT. IF YOU DO NOT HIT THE PROJECTED NUMBERS. OVER AND AGAINST THE BASELINE NUMBERS. THE PROJECT RISI RECEIVES NOTHING. NOT $1. SO THAT IS A VERY DIFFERENT KIND OF AN ECONOMIC DEVELOPMENT TOOL.

THEN SOME OTHERS AND SO THAT THE PERFORMANCE BASED PART OF THAT, I THINK IS REALLY GREAT. UM I ALSO, UM. IT'S THERE ARE ALSO VERY FEW WAYS THAT WE CAN GET STATE REVENUE TO BE REINVESTED IN METRO LOUISVILLE AND TIFFS ARE ONE OF THE WAYS THAT WE CAN DO THAT. TELL ME ANOTHER PLACE IN WHICH THE STATE IS GOING TO INVEST 150 MILLION IN OR SOMETHING LIKE THAT IN METRO LOUISVILLE. YOU ARE. YOU ARE GOING TO FIND TOO MANY PLACES. RIGHT? SO AGAIN, THAT'S VERY SUPPORTIVE OF THE PROJECT WOULD LOVE TO SEE A BILL. VERY MUCH SUPPORTIVE OF TIFF. FINANCING NOW WITH THAT SAID, WE DO HAVE CRITERIA FOR WHAT WE USED TIPS FOR AND WHAT IS IN MY HEAD IS WHAT MY CRITERIA ARE ARE NOT EXACTLY WHAT'S IN THE WRITTEN CRITERIA THAT THAT'S IN THE DOCUMENTS. BUT FOR ME IT IS NUMBER ONE. ARE WE SUPPORTING THE PROJECT IN AN AREA THAT HAS IS DISTANT, HAS DISINVESTMENT AND WOULD OTHERWISE NOT BE INVESTED IN. AND THE CLEAR ANSWER ON THIS ONE IS NO. THIS IS AN AREA IT'S A FANTASTIC LOCATION. IT WOULD BE INVESTED IN WITHOUT A TIP. NUMBER TWO UM. DOES IT HAVE A MULTIPLIER EFFECT FROM AN ECONOMIC DEVELOPMENT STANDPOINT? IS IT AND DOESN'T HAVE AN OUTSIZED ECONOMIC DEVELOPMENT IMPACT ON THE ENTIRE COMMUNITY? I THINK YOU COULD ARGUE AGAINST MY POSITION ON THIS, BUT FOR ME, NOT REALLY.

RIGHT. IT'S A PRETTY ISOLATED DEVELOPMENT THAT WILL DO CERTAIN THINGS, BUT TO ME, IT'S NOT A PUBLIC. UM ASSET THAT, LIKE THE ARENA THAT MULTIPLIES THE INVESTMENT THAT I THINK IS INHERENT TO PROJECTS THAT SHOULD BE SUPPORTED BY TIPS. SO IT DOESN'T REALLY CHECK THAT BOX FOR ME. AND THE THIRD PART OF IT IS DOES THE DEVELOPMENT PROVIDE A PRODUCT THAT IS THAT DOESN'T EXIST OR IS UNDER REPRESENTED IN OUR METRO AREA AND AGAIN. YOU COULD ARGUE THAT WE DON'T HAVE ANYTHING LIKE THIS, AND I CAN SEE HOW YOU COULD ARGUE THAT I CAN SEEND ALL THAT. BUT DOES IT PROVIDE THINGS LIKE AFFORDABLE HOUSING UNITS THAT WE DON'T HAVE IT DOES THAT A VERY MINOR SCALE. BUT FOR ME, WE'RE NOT PROVIDING SOMETHING THAT YOU KNOW THAT THAT THAT TIFF WOULD THE CRITERIA DOESN'T GET MET THERE FOR ME TO SUPPORT IT WITH THE TIM SO I AM EXTRA. I HAVE TO SAY FOR ME. I'M VERY TORN. MY CONSTITUENTS HAVE MADE IT VERY, VERY CLEAR. MY CONSTITUENTS HAVE COME AROUND TO THE IDEA OF THE PROJECT OVER THE LAST COUPLE OF YEARS, BUT MY CONSTITUENTS HAVE SAID ABSOLUTELY NOT. SHOULD WE BE PROVIDING A PUBLIC SUBSIDY TO THIS PROJECT, AND AT THE END OF THE DAY, IT IS A PUBLIC SUBSIDY SUBSIDY, WHETHER IT'S FUTURE REVENUE BEING SPLIT 8020 OR NOT, THAT IS STILL PUBLIC SUBSIDY. AND SO. I WON'T TALK TOO MUCH ABOUT HOW THIS WAS ROLLED OUT.

PET MENTIONED IT EARLIER, AND I WISH THAT I HAD BEEN INVOLVED IN THE CONVERSATION EARLIER BECAUSE I THINK I COULD HAVE HELPED SOME UM, WE MIGHT. MY PREDECESSOR WAS MENTIONED A MINUTE AGO AND I WANTED TO SAY UM. I THINK EVERYONE KNOWS THAT MY PREDECESSORS NUMBER ONE THING WAS AFFORDABLE HOUSING. AND HE WENT THROUGH A VERY, VERY DIFFICULT PROCESS ON THE FIRST PART OF THIS PROJECT TO GET IT. UH UM. GET IT REZONED, AND HE LOST LIFETIME FRIENDSHIPS OVER HIS SUPPORT OF THE PROJECT TO GET IT REZONED. AND SO WHEN 10% WAS SPOKEN IN A 10% WAS SAID IF WE DO A TIP, WE'RE GOING TO DO 10% OF AFFORDABLE HOUSING. WHETHER WE'RE TALKING ABOUT PHASE ONE OR PHASE TO MY PREDECESSOR HUNG HIS HAT ON THAT 10% AND THE FACT THAT IT CAME

[00:45:05]

BACK AT 7% IS WHAT GOT HIM SO UPSET AND I THINK WHAT WHAT? COUNCILMAN PETER JIM TEENY WAS SAYING BEFORE I WOULD HAVE A DIFFERENT TAKE ON IT. I WOULD SAY THAT HAD THIS COME OUT WITH THE 10% AFFORDABLE HOUSING COMPONENT LIKE MY PREDECESSOR EXPECTED. HE WOULD NOT HAVE BEEN AT THAT MEETING LAST NIGHT. AND TALKING THE WAY HE WAS ABOUT IT. HE WOULD HAVE BEEN SUPPORTIVE OF THIS TIP, PROBABLY SIMILARLY TO WHAT HE WAS BEFORE, SO IT'S REALLY THE AFFORDABLE HOUSING COMPONENT. I DON'T THINK AS A GROUP. WE OUGHT TO EVEN CONSIDER THIS UNTIL THAT 10% MINIMUM THRESHOLD IS HIT. UM ANOTHER THING I WANTED TO MENTION ABOUT INFRASTRUCTURE COSTS. PUBLIC INFRASTRUCTURE IS ONE THING, AND IT MAY BE, UH, 165 MILLION, BUT I THINK SOMETHING LIKE 140 OF THAT IS PARKING GARAGES. IS THAT REALLY PUBLIC PUBLIC INFRASTRUCTURE? OR IS THAT SOMETHING THAT SIMPLY SUPPORTS THIS DEVELOPMENT AGAIN? IT'S SOMETHING THAT THAT THAT COULD BE, UM, IT COULD BE ARGUED OVER SO FOR ME. I HAVE TO VOTE AGAINST THE PROJECT. I WOULD LOVE TO SEE IT TO VOTE AGAINST THE TIFF FINANCING FOR THE PROJECT. I WOULD LOVE TO SEE THE PROJECT BUILT IF IT NEEDS TO BE SCALED BACK A LITTLE BIT TO GO AHEAD AND GET IT BUILT. UH YOU KNOW, AND CLOSE THE GAP, THEN I WOULD LOVE TO SEE THAT HAPPEN. BUT FOR ME, IT DOESN'T MEET THE CRITERIA THAT I SET FOR IN MY OWN HEAD FOR TIFF FINANCING, AND SO I'M I'M I'M NOT SUPPORTIVE OF IT. ANYBODY ELSE THAT SEES IT AS A TRANSFORMATIONAL PROJECT? I UNDERSTAND THAT. I'M NOT GONNA ARGUE WITH WITH PEOPLE WHO THINK THAT, BUT BUT I CAN'T BE SUPPORTIVE OF THE PROJECT AS THE TIP IS CURRENTLY WRITTEN. THANK YOU. THANK YOU. COUNCILMAN BAKER . THANK YOU, CHAIR. UM WELL, I MEAN, I AGREE WITH PRETTY MUCH ALL THAT THAT SAYING THAT, AND I THINK WE ALL LOOK UM, WE ALL HERE WE'RE GONNA BE CINCINNATI AND INDIANAPOLIS. YOU KNOW, WE GOT TO MAKE BOLD DECISIONS. UM, SO I GUESS I'M CHANGING MY BUT MY COMMENTS, BUT I JUST WANT TO ASK THE QUESTION TO BOTH. YOU ALL GOT TO BOTH. SORRY CHIEF DEPUTY MAYOR MALLOY AND EXECUTIVE DIRECTOR BRIAN UM ABOUT THE BECAUSE THOSE ARE THE TWO THINGS I WAS ACTUALLY, THE COUNCIL IN THE EMAIL WAS KIND OF POOR DRUG ME INTO ABOUT MY CONSTITUENCY AS WELL. AND UM, MAGAZINES ABOUT 5050. YOU KNOW, WE'RE ALL VOTED IN TO DO A JOB, NOT NECESSARILY WITH OUR VOICES, BUT TO REPRESENT OUR PEOPLE. AND SO, UM, ASIDE FROM THE PLANNING AND ZONING SIDE OF THE BRAIN, RIGHT? THAT WAS ABOUT 95% OF IT.

I CAN SEPARATE THAT. BUT THE TWO MOSTLY THINGS THAT CAME OUT FOR CLARITY IS THE 7% CAN YOU GIVE ME CONTEXT? I UNDERSTAND. THE YOU KNOW, IT WAS SAID IN THE MEETING THAT WAS GOING TO BE 10.

IT WASN'T A PRETTY MUCH ON RECORD AND THAT THE PROPOSAL CAME AT 7% BUT CAN YOU TALK ABOUT TO GIVE ME CONTEXT OF? WHY THE 7 TO 10? YOU KNOW, BECAUSE I THINK NONE OF US WE ALL WANT THIS PROJECT TO GO THROUGH. BUT AGAIN, IT'S THAT THAT ISSUE AND THE SECOND ONE. IS REMOVING THE BIOTA OPTION AND HOW THAT NUMBER CAME TO WHAT WAS GOING TO BE PUT INTO THE AFFORDABLE HOUSING.

JUST NEGOTIATED NUMBERS. COUNCILMAN THERE'S NOT THERE WASN'T ANY HITTING WASN'T ANYTHING HIDDEN ABOUT IT? THE DEVELOPER AND HIS COMPANY CAME TO US AND THEY SAID, LOOK, CONSTRUCTION COSTS ARE THROUGH THE ROOF, AND THEY ARE YES AND INTEREST RATE AND THE ABILITY TO BORROW MONEY IS VERY, VERY DIFFICULT RIGHT NOW. I RESPECTFULLY RESPECT EVERYTHING.

COUNCILMAN ANDREW AND SAID. I RESPECTFULLY DISAGREE. I DON'T KNOW ENOUGH ABOUT REAL ESTATE AND ECONOMICS. I DON'T BELIEVE I'M SORRY. I DON'T BELIEVE THAT THIS THING WILL GET BUILT WITHOUT A PUBLIC PRIVATE PARTNERSHIP. I THINK IT'S IT IS INCREMENTAL, NOT INCREMENTAL. I THINK IT IS INTEGRAL TO THE SUCCESS OF THIS DEAL. I AGREE ON THAT. IT'S JUST THE NUMBERS ARE TOO BIG NUMBERS. $600 MILLION DEAL, PROBABLY WHEN IT'S ALL SAID AND DONE PROBABLY NORTH OF THAT. AND WITHOUT SIGNIFICANT PUBLIC DOLLARS INVOLVED IN THIS, AND I DO BELIEVE IT'S TRANSFORMATIONAL. I AGREE WITH COUNCILMAN WINKLER. UM THIS CITY YOU CAN DRIVE DOWN WESTERN AVENUE OR HARDING ROAD OR ALL KINDS OF MAIN ORDERS IN NASHVILLE, WHERE I SPENT A LOT OF YEARS RUNNING A BUSINESS AND GOING TO COLLEGE AND LAW SCHOOL. IN THE TOWN IS LITTERED AND COVERED WITH HIGH RISE. MULTI USE FACILITIES WERE NOT IN LOUISVILLE. I MEAN, THERE IS SOME IRONY IN THAT THE DEVELOPER, THIS DEVELOPER BEHIND ME CUT HIS TEETH THROUGH ALL KINDS OF ECONOMIC TRAVAILS WITH A BUNCH OF PARTNERS WHEN I WAS A KID HERE TO BUILD THE 1400 WILLOW UP THE STREET AND WENT THROUGH A LOT OF THE SAME DEBATES AND IT TODAY IS THIS MAJESTIC BUILDING THAT HOUSES A WHOLE BUNCH OF PEOPLE IN THE HEART OF THE CITY, BUT WE DON'T HAVE A LOT OF THAT. AND WE'RE STARVED FOR IT IN TERMS OF QUALITY OF PLACE. I REALLY DO

[00:50:02]

BELIEVE THAT I RESPECT COUNCILMAN OWENS CINEMAS. I AGREE, BUT BUT I DON'T WANT TO.

I DON'T WANT TO DIE ON THE SORT OF PERFECTION CHASING GOOD GOOD HERE IS 50 NEW, AFFORDABLE HOUSING UNITS. WORTH THE NUMBER IN THE MAYOR'S PLAN IS 15,000 UNITS, THE ANALYSTS TELL US IN THE HOUSING ASSESSMENT NEEDS COUNSELING WOMAN, HAWKINS WERE 30,000 SHORT. I MEAN, IT'S ALL OVER THIS TOWN, AND IT'S IN EVERY NEIGHBORHOOD AND SO I AGREE 2000% WITH HER REMARKS EARLIER. SO ALL I'M SAYING IS, LET'S NOT LET'S NOT. THROW THE BABY OUT WITH THE BATHWATER.

HERE LET'S TAKE 50 UNITS WHERE WE CAN SUCCEED. LET'S GIVE A LITTLE BIT ON THE PUBLIC FINANCING THAT NEEDS TO BE DONE IN THIS DEAL. I THINK TO MAKE IT A REALITY AND LET'S BUILD SOMETHING. LET'S BUILD SOMETHING BOLD AND TRANSFORMATIONAL. LET'S TAKE A RISK. THIS THIS THING THEY CONTROL IT, AND I DON'T THEY'RE NOT GONNA WALK AWAY FROM IT. I GET THAT THEY GOT A LOT OF MONEY INVESTED IN THIS THING. BUT THIS IS A SPECIAL CORNER WITH VISIBILITY ON OUR 64 COMING INTO THE HEART OF OUR CITY. YOU KNOW IT'S IMPORTANT AND WITHIN MILES OF DISTANCE WITHIN A MILE OF THIS THING, YOU'VE GOT DEVELOPMENTS TRYING TO OCCUR AT PARIS TOWN. YOU'VE GOT DEVELOPMENTS GOING ALL OVER THAT HOPEFULLY ARE GOING TO START LINKING UP OUR NEIGHBORHOODS IN THIS TOWN. SO ANYWAY, I HOPE THAT'S AN ANSWER TO YOUR QUESTION. I THINK I DO BELIEVE THAT THE PUBLIC FINANCING IS INTEGRAL TO THE SUCCESS OF THIS DEAL. I DON'T THINK IT WILL HAPPEN ON THIS SCALE WITHOUT IT. UM ONE. THANK YOU FOR THAT RESPONSE. UM YOU KNOW, I JUST WANT TO BE CLEAR TO EVERYBODY HERE AND THE COMMITTEE. I MEAN, I THINK WHAT I'M HEARING EVERYBODY HAVE A GREAT DEAL OF RESPECT FOR YOUR CUSTOMER, OWEN, AND IT'S YOU KNOW, I THINK WE'RE ALL KIND OF SAYING THE SAME THING. WHAT PROJECTS WE WANT IN PARTICULAR MYSELF. I SAY IT ALL THE TIME. I WANT MY FRIENDS TO COME BACK TO WANT TO LIVE HERE AND SO YOU KNOW, I DO NOT THINK I WANT TO BE CLEAR. I DO NOT THINK THIS IS A BAIT AND SWITCH. I DON'T THINK THIS IS, YOU KNOW, I GET THE NUMBERS AND I THINK IT'S A GREAT PROJECT. YOU KNOW, IT'S JUST A BALANCE THAT WE'RE HAVING ON GET OUT REPRESENT OUR CONSTITUENCY AND WHERE WE ARE. SO UM, I'LL I'M LEADING TO BEING VERY, VERY AND SUPPORTED THIS PROJECT. BUT THOSE ARE TWO THINGS THAT JUST FOR CONTACTS, WHETHER EVEN BEFORE THIS PROJECT OR THE NEXT, YOU KNOW TIPS ARE ALWAYS GOING TO BE A LITTLE MESSY OR A LITTLE MURKY. BUT THAT IS THE CONSTANT THING. I HEARD ABOUT THAT BY OPTION AND THEN ALSO THAT THAT 10% OF WHAT WAS PRESENTED AS OPPOSED, AND I THINK YOU KNOW WHEN THE FORMER COUNCILMAN WHO ARE PREDECESSOR HAD THAT SEAT. THAT'S WHERE THAT COMES FROM GREAT RESPECT FOR HIM. YEAH AND YES, YOUR COMMENTS ARE ALL FAIR. BUT THE WORLD HAS CHANGED. COVID CHANGED THE WORLD. INFLATION HAS CHANGED THE WORLD INTEREST RATES HAVE TURNED IT UPSIDE DOWN. SO WE GOT TO FIGURE OUT HOW TO MOVE FORWARD AND I AND I AGREE. I THINK IF WE'RE GONNA HAVE THAT CITY THAT WE TALKED ABOUT AND BEING ALIGNED WITH THAT 2040 VISION, WE'RE GOING TO HAVE TO TAKE A RISK. AND SO YOU KNOW, I THINK THAT'S WHERE WE ARE WHEN THAT ENCOURAGE ANYBODY EITHER WAY, BUT THERE'S JUST SOMETHING THAT YOU WANT. THANK YOU. THANK YOU. THANK YOU. AND WE DO HAVE TWO NEW MEMBERS THAT WANT TO SPEAK IN THE QUEUE. I'M GOING TO TAKE THEM BEFORE AND WE'LL COME BACK TO THE TOP OF THE QUEUE AFTER THAT COUNSELING, BADGERING THANK YOU. CHAIR THANKS, GUYS FOR PRESENTING THANK YOU TO THE DEVELOPMENT TEAM, TOO. YOU WANT TO BE BOLD IN OUR CITY? UM 22 THINGS HERE ONE THE QUESTION ONES JUST KIND OF COMMENT. UM WHAT WOULD THE TIMELINE OF COMPLETION BEYOND DEVELOPMENT? ESTIMATED. RICO WOULD TIMELINE. FOUR YEARS. FOUR YEARS. OKAY UM, I'VE SAID THIS ONCE, AND IF I'VE SAID IT ONCE A PRICE, SAID IT, 100 TIMES. WHERE THE 16TH LARGEST CITY IN THE COUNTRY AND WE'RE 20 YEARS BEHIND IN DEVELOPMENT. I THINK WE NEED TO GROW. UM, CONVERGENCE IS KEY. UM ACROSS OUR ENTIRE WORLD. I THINK IT IS. WE AS A CITY MUST BE BOLD. WE NEED TO MAKE MOVES. AND GRAVEL. AND I'LL LEAVE IT AT THAT. THANK YOU, COUNCILMAN.

NEXT UP. WE HAVE COUNCILMAN FOR IT. THANK YOU, MR CHAIR. I HAVE TO ROUGH QUICK QUESTIONS. IS THAT OKAY? AND I GUESS THAT'S A PROBLEM FOR YOU, JEFF UNDER THE DEVELOPMENT PLAN. FOR UM, FOR THE ONE PART DEVELOPMENT AREA. IT STATES 600 TO 700 UNITS. SO THEN THAT WOULD TAKE THE AFFORDABLE HOUSING, YOU KNOW, COMPONENT DOWN TO 36 UNITS, POSSIBLY RIGHT? UH SO UNDER THE UNDER THE SEVEN UNDER THE 7% SCENARIO, IT GOES. IT'S 600. EXCEPT IT'S A 42 UNITS AT, UM, 700 MINUTES. IT'S AT 49 IF THEY DO THE BY DOWN TO THE TO THE 5% IT WOULD GO TO 36 AND, UH, GO DOWN. I'M SORRY. GO TO 30 TO 35. OKAY AND THEN ON THE MEMORANDUM OF UNDERSTANDING, UM LET ME

[00:55:08]

GATES. UM UNDER SECTION ONE. I DON'T BE. THE DEVELOPER FURTHER AGREES AS PART OF THE PROJECT IN CONJUNCTION TO ESTABLISH THE DEVELOPMENT AREA DEL DEVELOPER WILL MAKE GOOD FAITH EFFORTS.

SOMETIMES WE USE VERY AMBIGUOUS LANGUAGE. I THINK ON SOME OF THESE, AND THERE'S NOTHING AGAINST THE DEVELOPER. I'M JUST SAYING. GOING FORWARD WHOSE GOOD FAITH EFFORT, SO WE'VE ASKED THE DEVELOPER TOO. MAKE EFFORTS TO WHAT WE AND THIS IS SOMETHING THIS IS LANGUAGE AT METRO USES IN ITS OWN PROCUREMENT PROCESSES TO MAKE GOOD FAITH EFFORTS TO HIRE EITHER LABOR THAT IS UNIONIZED AND MINORITY MINORITY BUSINESS ENTERPRISES TO DO THIS CONSTRUCTION WORK, AND WE WILL, WE WOULD LIKE THEM TO, UM WE WOULD LIKE THEM TO GIVE THOSE OPPORTUNITIES GIVEN THE SIGNIFICANCE OF CONSTRUCTION. AND AS WE HAVE OUR OWN EQUITY AND PROCUREMENT TASK FORCE, TRYING TO GET SOME OF OUR DOLLARS TO MINORITY BUSINESS ENTERPRISES, WE'D LIKE THAT TO BE AVAILABLE HERE. SO THAT'S ON THE DEVELOPER. IT'S SOMETHING THAT WE WILL BE REVIEWING AS PART OF THEIR PROJECT GOING FORWARD. IS THERE ANY WAY YOU CAN INSERT THAT SOME OF THIS WOULD BE HIS LOCAL WORKFORCE. HMM YES. SO THAT THAT WAS THE INTENT THAT WE DO THAT WE'RE LOOKING AT LOCAL BUSINESSES, BUT I DON'T. I DON'T HAVE TO CONFER THAT WITH DEVELOPER BUT I DON'T.

WE DON'T HAVE A PROBLEM WITH THAT WITH THAT LANGUAGE, AND THE OTHER THING I WANTED TO KNOW WAS SEE WHERE THE HUMAN RELATIONSHIPS RELATIONS COMMISSION WAS GOING TO ALL NUMBERS OF REPORTED TO THEM. IS THERE A WAY THAT CAN BE STIPULATED THAT AH, LIKE I DON'T KNOW EVERY SIX MONTHS EVERY SO OFTEN THAT NUMBERS ARE BROUGHT BACK TO THE COUNCIL JUST REPORTED TO US OR SENDING AN EMAIL TO US SO THAT WE KNOW WHAT'S REAL. WHAT'S GOING ON? WE'RE GET ASKED. THERE IS EVERY YEAR AS PART OF THE AS PART OF THE TIP AGREEMENT, THEY WILL BE REQUIRED TO SUBMIT A TIFF COMPLIANCE. UH TO THE CITY AS WE REVIEW ANY REQUESTS FOR REIMBURSEMENT, SO WE WOULD WE CAN ASK FOR THAT REPORT IS THAT AND WE'LL BE HAPPY TO SHARE THAT WITH METRO COUNCIL. IS THERE ANY WAY IT COULD BE EVERY SIX MONTHS? OR DOES IT HAVE TO BE EVERY 12? YEAH, WE CAN LOOK AT SIX MONTHS, BUT WE'RE JUST THAT WAS TRYING TO PICK AN ANNUAL REPORTING TIME. BUT WE CAN ABSOLUTELY AGAIN HAVE TO CONFER WITH THEM. BUT I UNDERSTAND THAT I'M JUST THE CITY DOESN'T OBJECT TO THAT. METRO DOESN'T OBJECT TO THAT. THANK YOU. TO ME. THEY HAVEN'T DEVELOPER HAS NO PROBLEM WITH THAT REPORT. AS OFTEN AS REASONABLY YOU ALL WANT THE INFORMATION? SORRY YOU HAVE COUNCILMAN OR DO YOU HAVE ANY OTHER QUESTIONS? NO MR CHAIR.

THANK YOU SO MUCH FOR YOUR TIME. COUNCILMAN HAWKINS. ANOTHER QUESTION. I THINK THAT YOU SAID THAT WE WERE SHORT. UM AFFORDABLE HOUSING, RIGHT? OKAY. CAN I GET THE STATS FOR THAT? BECAUSE I BELIEVE I ASKED. OH MY OFFICE HAS ASKED FOR THE STATS ALL THE WAY UP UNTIL TODAY. I'M JUST WANTING TO KNOW WHERE WE'RE SHORT HOUSING IS COMING FROM BECAUSE I HAVEN'T BEEN ABLE TO IS IT BECAUSE OF THE MANNER HOMELESS PEOPLE WE HAVE ON THE STREET. UM NO, THAT'S A SMALL PIECE OF IT BECAUSE PEOPLE FROM L M H A LOT OF THINGS THAT'S GOING ON. SO IT'S A LOT OF MOVING PARTS, SO I'M JUST TRYING TO SEE EXACTLY WERE THOSE NUMBERS ARE COMING FROM THAT. WE ARE SHORT. I WOULD LOVE TO SEE THIS STATISTICS OF HOW MANY AFFORDABLE HOUSING THAT WE'VE ALREADY DONE. AND HOW MANY AFFORDABLE HOUSING WE'VE DONE ALREADY THIS YEAR. I LIKE TO SEE THAT UM, CAN I RESPOND QUICKLY TO YOUNG MARILYN HARRIS? I WILL GET YOU THAT DATA AND INFORMATION AND SHE HAS THAT. I SAW A MOCK UP LAST WEEK. SHE'S ALREADY STARTED BUILDING A DASHBOARD THAT WILL SHOW YOU THE AFFORDABLE HOUSING UNITS UNDER CONSTRUCTION ALREADY BUILT, SO YOU WON'T THEY'LL BE TRANSPARENCY ON ALL OF THAT. OKAY, GOOD. GOOD SO THIS TAKES ME BACK TO THIS. SO. ONE OF THE ANOTHER. HUGE CONFIRM THAT NOT JUST MYSELF, BUT A LOT OF MY COLLEAGUES ALSO HAVE AND STRUGGLE WITH IS EXACTLY WHAT IS AFFORDABLE HOUSING. IS IT AFFORDABLE FOR WHO CAN AFFORD IT ? BECAUSE IF IT'S AFFORDABLE HOUSING, UM SOMEONE THAT MAKES $1000 A MONTH THERE IS ABSOLUTELY NO WAY THAT THEY'RE GOING TO FIND SOMEBODY TO RENT TO THEM FOR 300 SOME DOLLARS A MONTH. I'M TRYING TO EDUCATE MY CONSTITUENTS ON EXACTLY WHAT AFFORDABLE HOUSING IS NOT WHAT IT LOOKS LIKE, BECAUSE AFFORDABLE HOUSING TO ME. IT'S TOTALLY DIFFERENT THAN WHAT AFFORDABLE HOUSING MAY LOOK LIKE TO SOMEONE ELSE BECAUSE WHAT COULD BE AFFORDABLE TO ME COULDN'T BE AFFORDABLE TO PROBABLY SOMEONE ELSE. CORRECT.

THAT MAKES SENSE. IT MAKES SENSE JUST REALLY NEED TO GET UNDER THE MAYOR'S PLAN OF THE

[01:00:01]

AFFORDABLE HOUSING EXACTLY WHAT IT IS DEFINITION DOESN'T DEPEND ON THE AREA. I'M SURE IT DOES, DEPENDING ON THE AREA THAT YOU LIVE IN. DEPENDS IF IT'S AFFORDABLE FOR YOU. SO I THINK THAT THAT NEEDS TO BE VERY CLEAR . I THINK THE WORLD AFFORDABLE HAS BEEN SLUNG AROUND WAY TOO LONG. EVERYTHING IS NOT AFFORDABLE. UM MY LAST QUESTION THAT I HAD IS, UM. I'M NOT QUITE SURE WHO THIS DEVELOPMENT IS GOING TO GROW. BECAUSE I KNOW ANYBODY WHO LIVES IN MY DISTRICT UH OR NEITHER. WEST STREET PROBABLY WOULDN'T BE ABLE TO AFFORD, UH PROBABLY LIVING THERE WITH THE TEARFUL WITHOUT THE T F , UM IN THAT AREA. UM AND THEN MY NEXT QUESTION IS, IS THERE ANY WAY AND THIS IS TO THE DEVELOPER? IS THERE ANY WAY THAT YOU'RE WILLING TO GO 10% AND REMOVE ANY OF THE OPTIONS TO PURCHASE. OPTIONS TO PURCHASE. YOU MEAN LIKE A CONDO REGIME. I KNOW YOU SAID. WELL, NOT AS OF YET. I'M JUST SAYING IT. YOU MEAN THE BY DOWN YOU MEAN YOU'RE CORRECT NO OPTIONS TO BUY IF WE'RE GOING TO BE USING TAXPAYER DOLLARS, AND ARE THEY WILLING TO GO BACK TO 10? I DON'T WANT TO SPEAK FOR HIM THAT WORK FOR THE GOVERNMENT. BUT CAN I GET THE DEVELOPER TO SEE THEIR COMPROMISE? IS THERE ANY COMPROMISE TO GO 10% AND THEN REMOVED ANY OPTIONS TO BUY? ON THE YEAH, I DOWN. ALL I WILL SAY IS THAT IS THAT IN THE THEY CAN SPEAK IF THEY WISH TO HAVE BEEN OPEN FORUM HERE, SO THIS WAS MY COLLEAGUES. THIS WAS A NEGOTIATED I DON'T LIKE TO USING THE WORD DEAL. IT WAS A NEGOTIATION AND, UM, SO IT WAS A DEAL. WHAT NUMBER YOU COULD CALL IT A DEAL NEGOTIATION THAT ENDED UP IN A RECOMMENDATION, WHICH IS MEMORIALIZED BY LAWYERS IN THIS TIFF DOCUMENT, AND IT WAS NEGOTIATED WITH THE WOMEN AND MEN THAT WORK AT THE DEVELOPMENT COMPANY, SO WE WANT TO TAKE TAXPAYER DOLLARS. UM AND PUT IT IN AN AREA THAT APPARENTLY THAT MY COLLEAGUE IS SAYING DOES NOT NEEDED LIFE. I RESPECT, COUNCILMAN I WANT ARGUMENT. YES MA'AM. I HEARD WANT TO USE RESPECTFULLY DISAGREE TO HELP A DEVELOPMENT IN AN AREA THAT, HE SAID THAT DOES NOT NEED IT. IT'S HARD FOR ME TO SUPPORT THAT. I WANT YOURSELF THE MAYOR'S OFFICE OR THE DEVELOPER TO GIVE ME SOMETHING A LITTLE BIT MORE EVEN WILLING TO TABLE IT BEFORE I JUST GO AGAINST IT. JUST IF YOU COULD GIVE ME MORE OR IF YOU COULD, UM TAKE IT BACK TO THE DRAWING BOARD AND MADE ME SEE IF THEY WOULD RESPECT BILL HOLLANDER OF THE PREDECESSOR BEFORE. COUNCILMAN OWENS TO SEE IF HE CAN GO BACK TO THE 10% AND REMOVE ANY OPTIONS TO BEG, ESPECIALLY USING A TAXPAYER'S ALICE. THANK YOU, COUNCILOR.

THANK YOU. COUNCIL ON PURPOSE. THANK YOU, MR CHAIR. UM WHY DID YOU GO FROM 10% TO 7? WHY DID I? WHY DIDN'T PERSONALLY BUT IT WAS . NO, I WASN'T. I WASN'T TALKING ABOUT DEVELOPER. YES. IS IT POSSIBLE FOR HIM TO GET UP AND SPEAK? SURE. GROWN MAN. HE CAN SPEAK. COME ON. STEP OVER THERE.

PLEASE CAN YOU IDENTIFY YOURSELF , PLEASE? KEVIN COGAN. CEO AND OWNER OF JEFFERSON DEVELOPMENT GROUP. AND THANK YOU ALL FOR THE FORUM TODAY. UM FIRST OF ALL, I'M BORN AND RAISED IN THE LOCAL KENTUCKY, UM, MY FATHER WAS MILITARY ENDED UP AT FORT KNOX THAT MY MOTHER WENT TO ST GEORGE'S. AND I'M ONE OF NINE CHILDREN. WE GREW UP UNTIL I WAS IN HIGH SCHOOL AND A THREE BEDROOM, ONE BATH HOUSE, SO I UNDERSTOOD. OKAY. I UNDERSTAND WHAT AFFORDABLE HOUSING IS. UM FIRST OF ALL, THANK EVERYONE FOR THEIR WONDERFUL COMMENTS AND INPUT. AND I SCRATCHED MY HEAD.

BECAUSE I'M NOT SO SURE. I UNDERSTAND AFFORDABLE HOUSING AND REMEMBER SEVEN OR EIGHT YEARS AGO. I HAD A MEETING WITH BILL HOLLANDER. SEVERAL MEETINGS WHEN HE WAS JUST STARTING WITH THIS VENTURES TO THE INTEREST. AND FIRST OF ALL, IT WAS SUBSIDIZED HOUSING. UM AND WE STARTED TO ACCOMPLISH A NEW TERMINOLOGY REFERRED TO AS AFFORDABLE. SO ABOUT 10. YEARS AGO, I PURCHASED THE OLD AQUARIUS APARTMENTS ON CHEROKEE ROAD. AND I BELIEVE YOU KNOW, COMMISSIONER OWENS WOULD UNDERSTAND WHERE THAT IS. COUNSELING ON YOUR OWN. AND WE WERE GOING TO TEAR IT DOWN TO BUILD NEW APARTMENTS WITH THE ZONING WASN'T GONNA WORK DENSITY WASN'T GONNA WORK. AND THEN AFTER HAVING A FENCE AROUND IT FOR ABOUT THAT PERIOD TWO OR THREE YEARS, WE CONVERTED IT BACK INTO APARTMENTS. UM AND WHEN I WAS ASKED TO BRING A RENT

[01:05:06]

ROLL, WE TOOK THE RENT ROLL AND LOOKED AT IT AND THERE WERE 43 RESIDENTIAL UNITS IN OUR AVERAGE RENTS WERE ABOUT $950 PER MONTH CAME OUT. THEY WERE SMALLER UNITS 500 TO 600 SQUARE FEET.

AND IT CAME OUT TO WHERE WE LOOKED AT THE RENT ROLE IN THE MAJORITY OF THE INDIVIDUALS WERE STUDENTS. SOME OF THEM HAD CO SIGNERS BECAUSE THEY HAD NO INCOME SOMEWHERE, NURSES AND BUT ALL OF THEM WERE IN THAT RANGE OF $1000 909 $120 PER MONTH. AND TODAY THE PROJECT STILL LOOKS BEAUTIFUL. WE TOOK IT FROM WHERE IT WAS NOT ON THE RIM ROLLS, CONVERTED IT BACK AND ADDED IT TO THE RIM ROLES. I THINK THE DILEMMA HERE IS THAT WHEN WE TALK ABOUT AFFORDABLE HOUSING WE DON'T TRULY GIVE ENOUGH MERIT. TO THE AFFORDABLE HOUSING CANNOT JUST MEAN AFFORDABLE TO ONE INDIVIDUAL OR AN INDIVIDUAL FROM A CERTAIN BACKGROUND OR AREA OR AN INDIVIDUAL THAT MIGHT BE IN THE EAST END BECAUSE WE'RE TRYING TO SEE AFFORDABLE UNITS IN ALL AREAS OF JEFFERSON COUNTY. AND WE KNOW THAT WHEN YOU GO TO MOVE IT NEXT TO SOMEBODY'S HOUSE, SUDDEN, THEREFORE AFFORDABLE HOUSING, BUT NO LONGER OR FOR AFFORDABLE HOUSING. BUT REALLY, THE KEY AND FAIRNESS WE HAVE TO ADDRESS WHAT IS AFFORDABLE FOR THE DEVELOPER. BECAUSE IT'S NOT JUST A ONE SIDED DISCUSSION. SO IF WE LOOK AT AFFORDABLE HOUSING, WE MIGHT TAKE AN OLDER HOTEL THAT HAS YOU KNOW WHERE YOU TAKE TWO UNITS CONVERTED INTO ONE UNIT. AND THEN ALL OF A SUDDEN YOU PUT THAT ON ROPE, BUT MUCH MORE COST AFFORDABLE, OKAY? SO IN THIS PARTICULAR LOCATION, WE'RE BUYING A PIECE OF LAND FROM THE CITY OF LOUISVILLE METROPOLITAN DISTRICT, AND IT WAS ZONED FOR HIGH DENSITY C TWO WAS THE GYM PORTERS. OKAY? MOST OF PEOPLE IN THIS ROOM. REMEMBER JIM PORTERS AND THE LADY SWING ON THE SWING, AND I THINK IT WAS SOMETHING NAMED BEFORE THAT. BUT THAT'S ALMOST $5.5 MILLION FOR TWO ACRES OF LAND. AND THAT'S WHAT THEIR APPRAISAL WAS. AND WHEN WE TALK ABOUT AFFORDABLE HOUSING, WE TALKING TO USUALLY A PIECE OF GREEN FLAT LAND. MAYBE IT'S $100,000 AN ACRE, NOT 2.5 MILLION AN ACRE. WE TALK ABOUT TWO STORIES OR THREE STORIES, STICK BUILT CONSTRUCTION. HANDSOME NUMBER ONE. I KNOW YOU'VE BEEN AROUND APARTMENTS.

AND YOU PROBABLY HAS MORE INPUT ABOUT THE DIFFERENT TYPES OF CONSTRUCTION. BUT ONCE YOU GO INTO DENSITY ABOUT FOUR OR FIVE STORIES, YOU GO INTO A DIFFERENT CLASS OF CONSTRUCTION. IT REQUIRES CONCRETE. OKAY SO THAT THE VERY SIMPLE CONCEPT OF BUILDING WHICH WAS MENTIONED, AND WE'RE VERY PROUD OF DONE IT 200 ACRE OUT DEVELOPMENT. WE PUT $25 MILLION OF INFRASTRUCTURE IN WE'RE UP TO 8 900 UNITS. 3 400,000 SQUARE FEET OF OFFICE BUILDING. IT'S EXACTLY WHAT ONE PARK IS BUT SPREAD OVER THREE MILES OF PAVEMENT. OKAY 200 ACRES. THIS IS TAKING IT ALL TOGETHER AND BRINGING MIXED USE DEVELOPMENT. IN A TIGHTER, DENSE AREA. BUT STRUCTURED PARKING ALONE. IF YOU GO BACK AND LOOK AT WHEN THEY BUILT THE YOUNG CENTER, THOSE PARKING SPACES RAN $45,000 PER SPACE. ON THE M CENTER. CONCRETE. NOW THOSE WERE BELOW GROUND. SO THAT AGAIN, IT WAS MENTIONED. THIS IS NOT THE OMNI. THE ARMY HAD NO AFFORDABLE HOUSING. AND IT WAS $18 MILLION WORTH OF LAND THAT WE'RE BUYING THAT WAS GIVEN TO THE ARMY DEVELOPMENT. THE TART OR PARKING AUTHORITY RIVER CITY CAME IN AND DID THE PARKING PORTION. SO AGAIN, ANOTHER FORM OF FINANCING THERE WAS NOT 100 SPACES WERE GIVING LIFETIME FOR FREE TO ACCOMMODATE A GROCERY COMPONENT.

IN THE HOTEL. SO EVERYTHING IS ENTIRELY DIFFERENT. BUT IF I GO TO A GREENFIELD A PIECE OF FLAT LAND AND BUILD A TWO STORY OR THREE STORY, NO ELEVATOR, NO AIR CONDITIONED HALLWAYS. OKAY NO FIRE SUPPRESSION TYPE THAT ARE REQUIRED IN A HIGH RISE OR MID RISE STRUCTURE. THE COST TO BUILD THAT IS ABOUT 175 TO 225,000 ADORE. VERSUS UNDER THE CONCRETE APPLICATION. IT'S $400,000 A DOOR. SO NOW IF YOU TAKE THE EDIT COSTS OF INFRA INFRASTRUCTURE EDIT COST OF INTEREST RATE. EVERYTHING HAS CHANGED IN THE LAST 4 TO 5 YEARS. EVERYONE READS ON A DAILY BASIS, THE COST OF CONSTRUCTION HAS NEARLY GONE UP 60 TO 80. SO WHETHER IT'S CONCRETE OR WHETHER IT'S DROUGHT WALL. THE OTHER THING WE ARE CONFRONTED WITH WHEN WE TALK ABOUT WE BRAG ABOUT THE CITY LITTLE ONE AGAIN. I'M PROUD. I'VE LIVED IN THE HIGHLANDS THE SAME HOUSE FOR 45 YEARS BLESSED TO BE MARRIED FOR 46 YEARS AND I HAVE GIVEN MY LIFE TO THIS CITY. I HAVE NEVER IS MUCH HAS GOTTEN A SINGLE SAD WALK ALONE. I HAVE NEVER RECEIVED A LOAN FROM THE CITY OR

[01:10:04]

HOUSING CREDITS. THIS IS THIS IS UNIQUE. IT KEEPS ME UP. I SLEEP TWO HOURS A NIGHT. WHEN I GET UP , I'M WORRIED. ONE PARK ONE PART ONE PART. ULYSSES JUNIOR. BRIDGEMAN IS A PARTNER IN THIS DR MUSTAFA. SHE'S IN ASIA IS A PARTNER IN IT. ON A MONTHLY BASIS WE KEEP MEETING IS TO WHAT IS NEXT. IT'S ALSO IMPORTANT TO KNOW THAT THIS VISION THIS DREAM I BOUGHT THE FIRST PIECE OF REAL ESTATE ON THIS PARCEL IN 34 YEARS AGO. IT'S NOW HOUSING THE FONTE'S COFFEE. SO ALL OF THIS HAS BEEN A COMMITMENT OF TIME AND TALENT. TO MAKE THIS COME TOGETHER. AND THAT WHEN IT WAS REFERRED TO AS BILL TALKING ABOUT THE 10% WE HAD GONE THROUGH ALMOST FIVE YEARS OF ZONING APPLICATION ZONING PROCESS TO CREATE ONE PART SOUTH. WE COULDN'T DO ONE PARK NORTH BECAUSE METROPOLITAN SEWER DISTRICT WAS NOT WILLING TO RELEASE THE LAND INTO A PUBLIC SALE YET UNTIL THEY WERE COMPLETED WITH THE STORM BASIN TO THE BACK OF IT. SO ALL OF THAT MEANT WE WENT THROUGH A SECOND ZONING CASE, BUT ON THE FIRST ZONING CASE AT ONE O'CLOCK IN THE MORNING, BILL HOLLANDER WENT TO OUR ATTORNEY AND SAID, HEY, IF YOU ALL DO A TIFF, COULD WE TAKE THE 5% WE GRANTED 5% WITHOUT ANY PRESSURE IS A PART OF THE ZONING AND THAT WAS BASED ON WHEN IT WAS TO BE 350 TO 400 RESIDENTIAL UNITS. AFTERWARDS WILL BE THEN AND DID ONE PART NORTH AGAIN. UNDERSTANDING ONE. JUST ONE PARCEL OF LAND IS OVER $5 MILLION FOR WHETHER JIM PORTER SET WHICH IS THE PURCHASE OF OUR COMPANY FROM THE CITY OF LOUISVILLE, OR METROPOLISES WERE DISTRICT AGAIN ABOUT DENSITY. THERE WAS NO MENTION NO REQUEST OR NO DISCUSSION ABOUT THE 10.

WE'VE TALKED ABOUT THE BLENDED AMOUNT TO WHERE WE'VE GONE FROM 350 TO 400 UNITS OF THE 700 UNITS. SO AGAIN, THE AMOUNT OF THE FROM 35 UNITS AT 10, OKAY? IS NOW WE'RE TALKING ABOUT 49 UNITS. AGAIN MY BELIEF AND I AM PASSIONATE ABOUT THIS THAT EVEN ON THE BY DOWN FROM THE SEVEN TO THE 5% THE MILLION $25,000 WAS REALLY AN ECONOMIC ANALYSIS THAT WE WENT BACK AND FORTH. UM AND WE WERE MUCH LESS THAN THAT. THEY WERE HIRED, BUT IT WAS A MATTER OF WHAT WE FINALLY AGREED TO IS TO PRESENT TO THE COMMITTEE HERE TODAY. IS THAT IF YOU COULD TAKE THAT MILLION DOLLARS AND FIND A PLACE WHERE YOU COULD BUILD AFFORDABLE UNITS THAT COST AFFORDABLE. YOU COULD LEVERAGE THE MILLION DOLLARS PROBABLY A LOT BETTER OFF IN THE SCOPE OF ADDING THE ADDITIONAL WHATEVER THAT IS 15 UNITS FROM 30 UNITS TO 49 UNITS OR 35 UNITS TO 49 UNITS. THIS STUFF IS NOT MAGIC. BUT AGAIN. THERE THERE IS A PASSION THAT WE HAVE PUT INTO THIS PROJECT. THAT IS NOT A MATTER OF TWO DAYS OR TWO WEEKS. UM THE VISION TO BUY THE FIRST CORNER 34 YEARS AGO AND BE COMMITTED TO MAKE SOMETHING DIFFERENT. THAT HAPPENS IN OUR COMMUNITY WHERE THERE IS INFRASTRUCTURE. UM WHEN THEY TALKED ABOUT COMMUNITY WE'VE TALKED ABOUT OUR COMPANY IS A PART OF THIS PROJECT WOULD ENHANCE THE TWO ACRES ON THE CORNER IN THE PLANNING AND ZONING AND HAVING DONE PLANNING AND ZONING FOR 40 YEARS. BOTH OF THE ZONING CASES WON UNANIMOUS APPROVAL OF THE METRO COUNCIL, 26 TO NOTHING. BOTH CASES UNANIMOUS ON THE PLANNING COMMISSION, NOT ONE ABSTENTION, NOT ONE NEGATIVE. IN FACT, THEY WERE GIVEN SPEECHES THAT THIS IS THE RIGHT PROJECT FOR THE RIGHT TIME. PART OF THE QUESTIONS TODAY WAS WELL, WHEN DID HE CONTEMPLATE THE TIFF? AND I HAVE TO REALLY SAY THIS. THIS IS NOT AN EASY WORLD. THIS IS NOT THE EASIEST PROCESS. IT'S A CHALLENGE, BUT I PROMISE YOU, YOU CANNOT PUT ICING ON THE CAKE UNTIL YOU BAKE THE CAKE. YOU CANNOT ASK FOR ZONING UNTIL YOU HAVE THE LAND UNDER YOUR OWNERSHIP OR CONTROL. THAT WAS MASSIVE IN ITSELF. THEN TO GO THROUGH THIS FIVE YEAR PROCESS.

13 NIGHTTIME ZONING HEARINGS 400 PEOPLE 300 PEOPLE AT THE END. THERE WAS PROBABLY 400 PEOPLE FOR IT AND 100 PEOPLE AGAINST THEIR WILL ALWAYS BE SOMEBODY THAT PREFERS THE STATUS QUO. WE UNDERSTAND THAT SO THAT THIS EVOLUTION. THAT HAS TAKEN PLACE. IS THAT SIMPLY THAT ONCE YOU GET THE LAND, THEN YOU GO INTO ZONING. ONCE YOU GRANT THE ZONING, THEN YOU SIT BACK AND SAY, HOW ARE WE GOING TO FINANCE THIS? BUT YOU COULD NOT BE HERE TALKING ABOUT A TIFF. UNLESS WE OWN THE LAND. YOU COULDN'T BE TALKING ABOUT A TIFF UNLESS WE HAD IT ZONED AND PERMITTED. SO IT'S HOPEFUL FROM MY PERSPECTIVE THAT WE ALL UNDERSTAND THIS WAS IN ORDER BY THE PROCESS. BY

[01:15:04]

WHICH AND I PROMISE YOU WHEN I BOUGHT THAT FIRST PIECE OF LAND. YOU COULD BUILD APARTMENT FOR 70,000, A UNIT. I REMEMBER WHEN WE WERE BUILDING THEM WHEN I STARTED AT $45,000 PER UNIT. AND I WOULD ALWAYS THINK. OH, IT'LL NEVER COST 100,000 OK? SO WHEN YOU NOW SEE A RESIDENTIAL STICK CALLED STICK WOULD BUILD CONSTRUCTION. THERE ARE 200 ABOVE 200. I THINK SOME OF THE HOUSING COSTS THEY WERE PROJECTED. SOME OF THE NEW UNITS THAT ARE IN AFFORDABLE HOUSING OR PUSHING ALMOST $300,000 PER UNIT. SO JUST THE STANDARD CONSTRUCTION WHERE YOU HAVE A SURFACE PARKING LOT. YOU KNOW, JUST LIKE A SUBURBAN OFFICE BUILDING. YOU BUILD, YOU KNOW, 10 BOXES, TWO STORIES TALL, YOU KNOW, CENTER STAIRCASE, NO ELEVATORS, NO HEATED HALLWAYS.

THAT THAT IS ABOUT ONE HALF THE COST OF DOING IT WITH DENSITY THAT WE'RE TALKING ABOUT. IT'S A UNIQUE PROJECT. I THINK WE HAVE SOME OTHER QUESTIONS FOR YOU. APOLOGIZE APPRECIATE THAT YOU'VE GIVEN US A LOT OF CONSTRUCTION KNOWLEDGE AND IGNORED THAN I SHOULD HAVE. YOU KNOW YOU'RE PASSIONATE ABOUT IT. AND I SAID, DO YOU KNOW IT, BUT I DON'T WANT TO INTERRUPT YOU, BUT WE DID HAVE JUST A COUPLE MORE QUESTIONS, GRATEFUL FOR BEING INVITED UP. WE HAVE SOME MORE TIME. FINISH MY COMMENT, UM I WASN'T DONE, BUT THANK YOU FOR GIVING US THAT HISTORY ON, UM BUILDING. UM AND I KNOW YOU MENTIONED THAT YOU RECEIVED A UNANIMOUS VOTE. UM BUT I'M THINKING IT WAS PROBABLY UNANIMOUS BASED ON THE FACTS. THAT WAS PRESENTED TO THE COUNCIL PEOPLE AT THE TIME. SO YOU KNOW I'M I'M IN THIS MINDSET OF I LIKE TO SEE IT GO BACK TO 10% AND I LIKE TO SEE AFFORDABLE HOUSING LOOK LIKE AFFORDABLE HOUSING. I'M NOT IMPRESSED WITH 80% OF MY SOME JUST GOING TO BE HONEST WITH YOU AND SHARE THOSE SENTIMENTS WITH YOU. I LIKE TO SEE IT. GO BACK TO 10. AH AND AFFORDABLE HOUSING LOOK LIKE AFFORDABLE HOUSING. THANK YOU.

THANK YOU, COUNCILMAN COUNCILMAN HAWKINS. UM COME QUESTIONS. HOW LONG DID YOU SAY THAT SHE HAD BEEN IN BUSINESS AS A DEVELOPER. 40 YEARS. 40 YEARS. OKAY SO YEAH . ARE YOU A WORD IN 40 YEARS? I'M SURE THAT YOU WERE OF THE PRICES GOING UP AND COMING DOWN IN THE FLUCTUATION OF COLLEGE, RIGHT? OKAY. AND SO WHEN YOU GUYS WERE PLANNING THROUGH THE PROCESS, EACH PROCESS AS A BUSINESS BECAUSE BEING A DEVELOPER IS A BUSINESS. UM DID YOU, UM. DID YOU EVEN THINK ABOUT OKAY? IT MAY COST MORE LUMBER MAY GO UP THINGS LIKE THAT. VERY GOOD QUESTION. UM.

AND WHEN I GO HOME AT NIGHT, MY WIFE ASKED THE SAME QUESTIONS. WHY ARE YOU PUTTING YOURSELF UNDER THE STRESS? BUT I ALSO BELIEVE THAT WHEN YOU HAVE THE LOVE AND THE PASSION OF YOUR CITY BORN AND RAISED HERE COMMITTED TO THE CITY THAT YOU START A PROJECT. AND IT'S VERY EASY TO QUIT. IT'S VERY EASY TO GO BACK AND SAY IT'S ALL ZONE COMMERCIAL WILL JUST BUILD CHIPOTLE'S PANERA BREAD'S TACO BELLS AND A THORNTON OIL. BUT THE BELIEF THAT WE COULD DO MIXED USE DEVELOPMENT. THAT HAS NEVER BEEN ACCOMPLISHED IN OUR CITY THAT IS CURRENTLY MULTIPLE LOCATIONS WITHIN OTHER PEER CITIES WERE STRONGEST, OUR PEER CITIES AND WE CAN ACCOMPLISH THAT. SO WHEN THOSE COST MOVE, NO ONE WOULD EVER PREDICT THE PANDEMIC. OR ZOOM MEETINGS. NO ONE WOULD EVER PREDICT THAT THE COST HAS INCREASED. UM AND TO UNDERSTAND THAT FLUCTUATION, WE SEE IT ALL THE TIME. BUT IN MY CAREER I HAVE NEVER SEEN THE INCREASE. FROM INFLATIONARY.

COSTS FROM LOGISTICS FROM ALL THE PROBLEMS THAT TOOK PLACE THROUGH THE PANDEMIC. WHERE INFLATIONARY COST HAVE BEEN SO EXTREME. OKAY SO WHICH LEADS WHICH LEAD ME INTO MY LAST QUESTION, AND THAT IS AS BUSINESS OWNERS WE TAKE RISK, AND THERE'S A REASON THAT WE TAKE RISKS. WE TAKE RISKS BECAUSE AT THE END OF THAT RISK IS A HUGE PROFIT. SO WHAT I WOULD LIKE TO KNOW IS IF YOU DON'T MIND SHARING THIS WITH US, UM WHAT IS YOUR PROFIT MARGIN ON THIS DEVELOPMENT? WELL, FIRST OF ALL. 100% TRANSPARENT. WHEN YOU RUN THE PERFORMANCE IN THE NUMBERS TODAY, TODAY'S INTEREST STATION DRUGS COSTS, THERE'S NOT A PROFIT IN IT. IF IT IS NOT FOR THE TIFF. IN THE CAPABILITY OF THE TIFF TO SUPPORT THE PROJECT. THE PROJECT DOES NOT PENCIL.

[01:20:02]

PERIOD IT DOES NOT PENCIL ONE THING IN THE CONTEXT. ONE THING THAT IS CORRECT. ONE THING IN CONTEXT IS THAT. AND IT'S CHALLENGING TO HAVE THIS CONVERSATION WHEN WE'RE TALKING ABOUT AFFORDABLE HOUSING. BUT LOUISVILLE FROM THE CITY, PIERCE CITY TO PEER CITY IS ALSO VERY AFFORDABLE COMPARED TO OUR NEIGHBORS. WHEN WE TALK ABOUT MULTI FAMILY RENTS, WE TALK ABOUT RENTS IN THE RANGE OF DOLLARS $60.50 TO $2 PER SQUARE FOOT. NASHVILLE IS FROM 275 TO 375 PER SQUARE FOOT. IT'S THE SAME IN OUR OFFICE MARKET. THAT WE RIGHT NOW ARE TRAINING SIGNIFICANTLY LESS THAN CINCINNATI SIGNIFICANTLY LESS. AND THAT JUST MEANS THAT ARE AFFORDABLE. IS EVEN MORE AFFORDABLE THAN IT IS IN OTHER MARKETS. THAT DOES NOT THAT DOES NOT ANSWER OUR QUESTION ON THE DESIRE, THE NEED AND THE IMPORTANCE TO PROVIDE AFFORDABLE HOUSING GOING FORWARD. BUT AGAIN , I TRULY DO STRESS THAT THE UNIQUENESS OF THIS PROJECT IN THE COST THE WAY THE PROJECT HAS TO BE BUILT UNDER CODE OF CONCRETE CONSTRUCTION IS JUST A DIFFERENT PROJECT. IT'S A DIFFERENT IT'S NOT THE SAME IS 99% OF THE OTHER TYPE OF PROJECTS REGARDLESS OF WHERE THEY'RE LOCATED. AND AGAIN. I HAVE BUILT A LOT OF TWO STORY, THREE STORY AND FOUR STORY WOOD CONSTRUCTION. WE'RE JUST COMPLETING 300 UNITS OUT ON TERROR CROSSING BY FACTORY LANE THAT IS FOUR STORY WOOD CONSTRUCTION. AND IT'S A PARKING LOT OPEN PARKING LOT FULL OF SURFACE PARK AUTOMOBILES, SO IT'S JUST A DIFFERENT VEHICLE, THAT'S ALL. AND THAT'S THE BEST WAY I CAN ANSWER IT. THANK YOU. THANK YOU, COUNCILWOMAN AND JUST TO FOLLOW UP, AND THIS MAY BE THE FINAL QUESTION. MAYBE IT'LL BE MINE TODAY. UM THIS IS JUST ONE WRONG OF THE LADDER. THIS IS THE LOCAL TIFF WHICH YOU NEED IN ORDER TO GET THE STATE TIFF.

CORRECT. YOU SAID SOMETHING. PRETTY SIGNIFICANT THERE WHEN YOU MADE THE STATEMENT THAT WELL, IF WE DON'T GET THE TIFF, WE DON'T MOVE FORWARD. WHICH TIFF? DID YOU MEAN? OR DID YOU MEAN BOTH? BOTH OKAY? I DON'T THINK THAT YOU HAVE TO BE CLEAR HERE. THIS IS THE FIRST WRONG YES. SO IF YOU GET THIS TIP FROM THIS BODY, AND THEN YOU GO TO FRANKFURT IN IN SOMEHOW, YOU KNOW, WE'RE NOT IN FRANKFURT. IT SEEMS LIKE FRANKFURT'S COMING HERE. YEAH. BUT I DO SO THEN THE NEXT PHASE OF THIS WILL BE YOU'LL GO THERE AND WITH THE SUPPORT OF ASSUMING THE MAYOR'S OFFICE IF THIS COUNCIL DECIDES TO BE IN FAVOR, AND WE ALL SAY, YAY, WHAT'S THE TIME FRAME FOR THEM TO MAKE A DECISION? AND IF THEY WOULD SAY, NAY, WHERE DOES THAT LEAVE? THIS PROJECT AND YOU WILL BE THE PANERA AND THE TACO BELL, WHICH YOU SORT OF MENTIONED OR WILL IT BE? YOU KNOW, I DON'T KNOW WHAT THAT POINT CHAIRMAN THE BEST ANSWER THAT I WILL GIVE AND I'LL LET INDIVIDUALS BUT I WILL SUMMARIZE IT. IT'S A LOT LIKE THE PLANNING AND ZONING PROCESS THAT YOU MIGHT GET A RECOMMENDATION FROM THE PLANNING COMMISSION. BUT THEN IT HAS TO GO TO METRO COUNCIL. SO THERE'S TWO DIFFERENT STOPS. ONE STOP IS AS IMPORTANT AS THE SECOND AND YOU REALLY HOPEFULLY FAVORABLE GET BOTH ACCOMPLISHED. ON THIS IS METRO HAS TO BE ESSENTIALLY THE SPONSOR OF THE ORDINANCE THAT WILL GO THEN TO THE STATE OF KENTUCKY. THE PROCESS IS WE'LL GET ON THE DOCKET OF THE ECONOMIC DEVELOPMENT AND I THINK IT'S PARTIALLY THROUGH KIT FOR UM, THERE IS A PROCESS OF MEETINGS, ETCETERA. WE ALREADY MADE OUR PRELIMINARY PROPOSAL OR LET'S SAY INTRODUCTION TO THE STATE ECONOMIC DEVELOPMENT COMMITTEE JUST TO LET THEM KNOW ABOUT THE PROJECT, WHICH WE'VE TRIED TO DO THROUGH THE PROCESS EARLIER ON THIS UM, AND THEN, AFTER THAT, IT'S PROBABLY ABOUT A SIX MONTH PROCESS THAT THE STATE GOES THROUGH BECAUSE THEY HIRE AN INDEPENDENT FINANCIAL CONSULTANT THAT GOES IN AND LOOKS AT ALL THE DATA LOOKS AT ALL THE PROJECTIONS AND THEN THEY COME BACK TO THE STATE. WITH QUESTIONS AND ANSWERS, AND I BELIEVE WE HAVE A RESPONSE PERIOD TO COME BACK AND THEN QUESTION THEIR QUESTIONS OR RESPOND TO THOSE QUESTIONS. BUT THE STATE PROCESS, WHICH IS THE STOPPING POINT IS ACTUALLY AN INDEPENDENT FINANCIAL. USUALLY IT'S A LARGE ACCOUNTING FIRM THAT SPECIALIZES IN THOSE REVIEWS FOR VARIOUS TAX MATTERS, BUT THE STATES INVOLVED IN SO WE ANTICIPATE ABOUT SIX MONTHS. SO IF THIS TIFF IF WE WOULD DO THIS, BUT YOU DON'T GET THE STATE DO DESSERT. IF MONEY THEN COME BACK TO US, OR IS THERE A PROVISION ON THAT OR NON SPEAKING TO SORRY, I DIDN'T MEAN TO OPEN A CAN OF WORMS, BUT I'M GOING TO SPEAK TO THE FOLKS WHO NEGOTIATED THE DEAL BECAUSE IT WON'T BE. I MEAN, I THINK WE'RE ALL HERE TODAY, AND I THINK WE'VE HAD SOME OTHER CONVERSATIONS BACK FROM 2019 WHETHER IT WAS 10% OR WHATEVER. BUT I MEAN, FOLKS HERE THAT ARE LOOKING HERE TO VOTE TODAY. I THINK ALL OF US ARE VOTING ON THE PROJECT YOU DID YOU HAVE

[01:25:03]

DESCRIBED AS BEING YOU KNOW THIS TRANSFORMATIONAL THIS VERY DIFFERENT PROJECT. IF IT'S JUST A LOCAL TIFF, IT'S NOT GOING TO BE JUST A BIG TRANSFORMATIONAL PROJECTS. SO THEN I THINK WE'RE BACK IN MY MIND TO SQUARE ONE, WHICH IS DIFFERENT FROM WHY WE'RE HERE SO I WOULD ASK ECONOMIC DEVELOPMENT. IS THAT SOMETHING THAT WE WILL WANT TO REVISIT BECAUSE IT'S NOT. THAT'S THAT'S NOT EXACTLY WHAT WE'RE ALL HERE TO DO TODAY. SO CAN YOU ALL SPEAK TO THAT? YES SO THIS THIS TIP IS CONTINGENT AND CONTEMPLATES THAT THERE IS A STATE TIP. IF YOU LOOK AT THE ORDINANCE, SECTION FOUR OF OUR TIP ORDINANCE, UM IF THEY IF THEY RECEIVE ARTIST BUT ARE UNSUCCESSFUL AT THE STATE THAN UM ARE ARTIFICE IS NOT AVAILABLE , OR WE'D HAVE TO COME BACK TO METRO COUNCIL TO AMEND THE TIFF AND HAVE A REVISED TIFF PLAN BECAUSE IT'S IN UNLESS THEY'RE GOING TO BUILD THE, UM UNLESS YOU'RE GOING TO BUILD THE PLAN THEY PRESENTED TODAY IN FRONT OF YOU. THEIR THEIR PLAN WOULD, UM, THEY WOULD NEED TO THEY WOULD NEED TO SEEK METRO COUNCIL APPROVAL. SO JUST MAKE SURE I'M CLEAR THAT LOCAL TIFF HAS NO APPLICABILITY WITHOUT THE STATE TIP. AND THEN IF THERE IS, IF YOU DECIDE TO REVISE YOUR PLAN, YOU WILL COME BACK TO THIS BODY TO GET APPROVAL FOR THAT LOCAL TIFF. THAT'S RIGHT. SO 22 THINGS COUNCIL CHAIRMAN, THE GUEST TO BE VERY CLEAR THIS TIFF, THE LOCAL TIFF IS DOES NOT BECOME EFFECTIVE UNTIL THEY GET THE STATE TEST. NUMBER TWO IF THEY IF THEY DO GET THE STATE TIP THAT NEED TO AMEND THEIR PROJECT , THERE'S STILL BEHOLDEN TO THIS DEVELOPMENT PLAN THAT IS ATTACHED TO THE TIP ORDINANCE.

SO IF THEY MAKE ANY AMENDMENTS TO THAT DEVELOPMENT PLAN, THEY WANT TO BUILD A 400 UNIT DEVELOPMENT OR LESS, ETCETERA. THEY WOULD NEED TO COME BACK IN FRONT OF THIS BODY AND SEEK AN AMENDMENT TO THE TIP. OKAY, I APPRECIATE THAT. THANK YOU. I DON'T THINK WE HAVE ANY FURTHER QUESTIONS. I KNOW, BUT I THINK CANCELING HAWKINS, I THINK YOU YOU'VE HAD YOU AND I THINK YOU ANOTHER WEEK. YOU'VE HAD OPPORTUNITY. I THINK YOU'RE GOOD , SO I THINK WE'RE GOING TO GO TO COUNCILMAN BAKER. YES THE LAST MAYBE WORK. THANK YOU. AND THANK YOU FOR APPEARING TODAY.

THANK YOU, UH, ONE. I WANT TO COMMEND YOU ON THE LINE OF QUESTIONING. UM UH, CHAIRMAN MOBILE, BECAUSE THAT GIVES US CONTEXT THAT WE STILL HAVE CHECK BOXES THAT WE CAN STILL HAVE THESE DISCUSSIONS WHEN I WANT TO. THANK YOU ALL HAVE A GREAT DEAL OF RESPECT TO COUNCILOR OWEN AND SO JUST SO WE CAN OPEN UP A GENERAL DISCUSSION AND SO WE'RE NOT IMPEDING ON ANY TIMELINES. I JUST WANT TO CALL THE QUESTION. THIS QUESTION HAS BEEN PROPERLY CALLED SECOND.

OKAY TO CALL IN QUESTION. PLEASE SAY AH, THOSE OPPOSED OKAY, GUYS, HAVE IT. SO WITH THAT, UM MADAM CLERK. CAN YOU URBAN ALWAYS SAID MADAM CLERK. LOOK AT SIGNING MR CLARK, CAN YOU OPEN? UH, LOOK DOWN. WE'VE CALLED THE QUESTION AND SPEND BETTER SODAS. NOW THIS IS ORDINANCE CALLING FOR A ROLL CALL VOTE, MR CLARK, IF YOU COULD OPEN THE VOTING. SCORED. COUNCIL MAXON YES RECORDINGS? YES. THANK YOU, SIR. SIR YOU HAVE SIX YEARS OLD TWO NO VOTES. OKAY SO HAVING SIX YES VOTES AND TWO NOTES, VOTES, MR. CLERK, IF YOU WOULD SEND THIS TO BUSINESS YES, SIR. I APPRECIATE

[Adjournment Note: Agendas are followed at the discretion of the Chair. While an item may be listed, it does not mean all items will be heard and/or acted upon by the Committee.]

IT WITH NO FURTHER BUSINESS BEFORE US THIS MEETING HERE, ROGER. THANK YOU.

* This transcript was compiled from uncorrected Closed Captioning.

Pending Legislation

Dec 05, 2023 Labor and Economic Development Committee

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