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| | 1. | | Pledge of Allegiance
Minutes note: The meeting was called to order at 1:30 p.m. The Pledge of Allegiance was said. | | | |
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| | 3. | | Minutes
Minutes note: After the Pledge of Allegiance and Roll Call, the Chair asked for a motion to adopt the January 16, 2025 Meeting Minutes. Hearing no other corrections or objections, the minutes were adopted by consensus.
Mr. Misky reported that for today’s public hearing regarding approval of a Project Plan Amendment, the required Class I notice was published in the Daily Reporter on February 13th.
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| | 4. | | Resolution approving Amendment No. 2 to the Project Plan for Tax Incremental Financing District No. 78 (Northwestern Mutual Life Insurance Company), in the
4th Aldermanic District.
Minutes note: Dan Casanova of the Economic Development Team provided context with a summary of the original TID approval in 2013 ($54M Monetary Obligation to NM and $18M for Gateway) and Amendment No. 1 in 2016 ($6M for boudary expansion and increase in funds). The base value was $49M and the current value of the district is $358M. This resolution for Amendment No. 2 would provide $16.5M for the Michigan Street/Lincoln Memorial Drive intersection to create better pedestrian connections. The $96.3M TID would be paid off in Year 23 of the TID or 2035.
Commissioner Charlier asked about the confusing interchange south of Michigan Street. City Engineer Kevin Muhs stated this is not an ideal design but there is a possibility this can be reconsidered with the future of Interstate-794. Commissioner Galvan asked if there are funds from this amendment to construct a bridge over the intersection to which Mr. Muhs stated not at this time. Commissioner Jones asked if the City would be bonding this amendment. Mr. Casanova shared that 70% of the increment is returned to developer and 30% goes to the City. The City will be issuing bonds and repaying the debt service with the City’s portion of the increment.
Resident Cade asked about the bike infrastructure for Van Buren in the Chat Space. Mr. Muhs responded the bike infratructure will be upgraded to include concrete protection for the bike lane on Van Buren.
Commissioner Smith moved for adoption of the resolution and it carried by a vote of 7 ayes and 0 nays. Adopted resolution is No. 11026.
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| 0 | 5. | Resolution | Resolution approving Amendment No. 2 to the Project Plan for Tax Incremental Financing District No. 78 (Northwestern Mutual Life Insurance Company), in the 4th Aldermanic District. | | | |
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| | 7. | | Adjournment
Minutes note: The meeting was adjourned at 1:46 p.m. | | | |
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