It's Good evening. I went out called to order the Metropolitan and Economic Development Committee to order for Monday MARCH 10. I will begin introduction start my colleagues on the first row. Thank you very much. MADAM Chair, Paul on a district. 22 Perry Township. Thank you. MADAM Leader, Brian Mowery District. 25, thank you. MADAM Chair, Tuck Roberts District 4. Thank you. MADAM Chair, Kristin Jones District 18. Thank you. MADAM Chair, Brie and Illini District. 2. Thank you. MADAM Chair John Barth representing council district 7. Good evening. Thank you. MADAM Chair Councilor Jared Evans representing District 17 on the West not only utterly where Robinson represent district one. Thank you. Maggie Lewis, District 5 that we have one item on our agenda this evening. Usually we don't
meet for one item, but this is a pretty big project that's coming before our cities. So was important that we go ahead and have this committee hearing for proposal members. 76 Rosa number, 76 authorize the issuance of the city of Indianapolis, Indiana taxable economic development, lease rental revenue City Hall reuse project and execution of a lease who's making the presentation Thank Lewis and members of the committee. My name is Meg of the dissent on the director for the Department of Metropolitan Development. I'm here to introduce the project. So in OCTOBER of 2022, gmt issued a request for proposals for redevelopment of the surface
parking lot. Next old City Hall. The request came as a part of Mayor Joe Hogsett downtown resiliency strategy which is aimed at enhancing downtown as a livable, vibrant area. The city was looking for proposals focused on adding density commercial activity in street level engagement through that process. Twg was selected as the development partner, their vision included building a new tower on the parking lot. That would connect Old City Hall and bring it back into productive use. In 2023 City Council and nbc approved a developer back tip on for the Tower project since that time. And you'll hear from twg today. They have further design and have progress. The project forward today we are before you requesting financing for Old City Hall. We have the full developer team and financing
team available for any questions. But I will turn it over to Chase Smith with twg to give an overview of the proposal. Thank you. Thank you. Members of Council. My name is Jay Smith. I'm the vice PRESIDENT Of market development at twg Development. I'm joined here by our ceo and founder Tony Noble. And we're here to present this small-scale easy project at the corner of Alabama, New York streets. So as a director mentioned. Actually, let me walk back actually, the graphic that you see here right now is reflective of basically us working all of 2024 to get a solid design and cost and capital stack and approval through ihp see Historic Preservation Commission. So as I talked today, you one thing I want to transmit to the members of the committee here
is how far we've come and how should this structure get approved on the financing? We stand ready to break ground this project and late JULY and attention about 3 years and JULY 2028. Next slide. Please. So just to reorient everybody This is a 29 story. Mixed use tower connected to a rehabilitated old city hall on the rooftop will be an amenity deck with a resident pool lounge clubhouse fitness room. Under that 23 condos as you move down, followed by 186 apartments, 5% of which will be a 30%. Am I the our commitment on the tip that this council previously approved in late 2023? And need those apartments 156 hotel rooms branded by 21 see which will circle back to in a
moment. Finally on the ground floor next to both the residential and hotel lobbies 2500 square feet of retail space. At the corner of New York and Alabama streets also in the Tower, 208 parking spaces about 4 levels of parking there for the various uses. And as I just mentioned, we stand ready complete design of this project. Start construction in late summer, JULY. This year and fish about 3 years next slide. Please. Apologize. I know this is small, but I think you all have slides. I think this is an important slide it shows you kind where we've been and where we would like to go in the very near future or alternatively put, you know how far we've come on answering a lot of the question marks and unknowns on this project. So we were, as director mentioned, awarded this project and the rfp
process which took, believe over a year from memory, serves correctly awarded in AUGUST of 2023. We immediately applied for and received a tax increment financing bond to this body believe the last session of 2023 DECEMBER. Throughout 2024, we spent a lot of time and money and effort on designing this project on assembling a capital stack on finding qualified contractors. Construction managers architectural consultants that could design and price and make us feel confident enough that it was a feasible project. We started schematic design, which is the first major phase of architectural engineering. A project like this that took us a few months
and the bolt of of the the meat of your building is really designed in that phase. And that's when you can really answer a whole lot of questions on what is this big thing going to cost? We started that in JANUARY finished in the 2nd quarter. At that same time we iron here locally in the construction manager capacity as well as power construction at a Chicago. They built some of the tallest towers in Chicago, including one Chicago, which is 77 stories. I want to say Chicago again, I promise with kind of all that in hand. And again, the schematic design phase finished Myron, a German power having taken this to the construction street, right? Having bit out, we felt confident enough with all that are left hand and are right. And we had finally negotiated a hotel management agreement
with 21 c it took us 6 months is a big, long document. We've now sign them up with a 20 year commitment. So as to five-year extensions, so they're here for the long term, just like we are. At that point with all that in hand, we felt finally comfortable enough to apply to ihp. See, we needed to have a level of design sufficient to allow the commissioners to. Adequately comment on that project. But also we don't want to. Carry it all the way through to construction drawings and have to restart and reinvest 2 million dollars from the drawing board. We applied pc in AUGUST and over the next 90 days, one hearing in AUGUST, one in SEPTEMBER. And finally at the OCTOBER 4th hearing, we got approved for a certificate of
appropriateness. The entire project, both parcels and we're not going to the next slide yet. But when we do both the old City hall as well as the parking lot. And furthermore, the interior plus the next year Old City Hall are all under the jurisdiction of pc here. 22 places right. Pc has jurisdiction over the interior. The other being union station. So we're very, very proud. Having achieved approval through that body. And then in the 4th quarter, we just started discussing with the md the ways to close the kind of additional financial gap that presented itself. And I'll circle back to that here in a moment. Twg is is here to tell you tonight
that should this deal move forward as anticipated and on the on the timetable that currently is we will finish our design. Finish our contracts with our general contractors. Price it raise the capital, which was what we're doing every day. Can all speak to that more one moment submit for permits and again, start construction of this in late summer college ally, mission about 3 years. As I mentioned, the bottom here, we have invested about 2 million dollars throughout 2024. In architecture, engineering, soils, testing environmental, all the things that are necessary to. Flush out prior to starting a project like this next slide. Please. Just as I mentioned again, the Orange Line depicts the site on the right or the northside's where the tower will sit, of course, on the left side is the old City
hall. There will be a connector. Everybody remembers guests pull up old City hall, walk up the steps to check in your hotel. You turn right and you would go into the tower in your actual hotel room. Next slide have some better slides depicting that. But before i get there, 21 see just to remind everyone. 21 see was started by Laura Lee Brown and Steve Wilson. Law really is the heiress to the Brown-Forman whiskey and alcohol spirits just repeat distribution company. She's a big. Enthusiasts as well as her husband, Steve. Anyone's on Instagram. Steve Red glasses. He's it's big. Our Ali Post about they collectively started. 21 see a
about a decade ago. They have since sold out and it's more and it's more isn't turned on by Accor acc or which is the 4th largest hotel company in the world area ihg and Hilton. So they don't manage somewhere between 75800,000 units worldwide. So very proud of of what that brand 21 see brings to the table in terms of their and their experience, their global network and reach as well as of course, access to Stephen. Laura Lee's private art collection, which is one of the largest in the world when this is complete, we will be one of 9. There's a currently one of 9.21 See hotels in the entire world, mostly in the Midwest, slash South and we're confident that this will be a cultural
destination. The first 2 floors of the art museum and the old City hall will be open to the public. So again, the story in our mind, you know, I'm up here telling it repeatedly really kind of tells itself in terms of what this is going do for the city for for North Alabama. And again, for the citizens of Indianapolis. Next slide. Please. Just a depiction of the ground floor here. As I mentioned, Old City Hall on the left. Visitors are patrons of the hotel or the five-star restaurant or the bar on the first floor of Old City Hall will pull up to all city hall. You'll walk right up in there. As you turn left will be that 5 star branded 21 see manage hotel. As you walk to the right. You'll check into your hotel if you keep walking through the connector and
again, I apologize. It's small. But you look straight into the tower. Where will be the hospitality elevator? You see there along Alabama. The spots marked gallery. That is all the conventions slash corporate meetings, blitz, pay slashed the millions of events that 21 see rents that space out. 40 driver of their revenue. All that's marked gallery because there is art interspersed throughout the entire building. As you move to the right of that plan bottom, right? There's that retail along New York in Alabama. And as you would move West are left up to the top right? New York is the entrance where all the residents, the actual people that own a condo or rent an
apartment from us would enter so completely separate amenities, completely separate elevators, which of course, is important for both our residents as well as patrons of the hotel. Next slide. Please. Just a site profile depicting largely the same thing on the left old City hall. So the basement of Old City Hall is a lot of space down there. Think many of you are able to come visit that in the last year, the basement of the old City Hall will be a lot of back office functions related. The hotel think employee locker rooms laundrie manager's office. The next 2 floors or the floor, one and 2 above grade level City Hall will be that public art museum restaurant again, are everywhere. So it's considered all a gallery. The top 2 floors will be private office space that we're looking to lease right now talking to
potential tenants on the right. You can see the one story connector that will be the only exterior real change. Old City Hall, of course, the all the windows will come back that are currently blocked up. But we will an entryway or a door entrance and exit. We're actually told City Hall again, as I mentioned, you can walk in turn to the right. Into the tower. You can see on the tower their first floor gallery, retail, 4 floors constituting that turn a spate a space parking garage. The yellow hotel rooms, the dark green apartments, the light green condos, that top floor amenity deck. And then the very, very top floor rooftop, mechanical units next slide. Please. These are renderings
of the approved design. The Ihp see on OCTOBER 4th of last year. So you can see on the top right there. They mention Old City Hall the only real difference on the next year will be U.S. Bringing back all that natural light via new or redone windows that are currently blocked up on the left here in this lifted directly from the hpc packet that was approved. This design is set and it cannot change again without going back to hpc. I can assure you we do not want to do that. And so an enduring theme of my presentation tonight is what we've been doing, what questions that we've been answering, what risks if we've been mitigating? And I think our design has solidified that has allowed our cost to solidify our team has solidified. Even as financial markets are. Construction markets gotten harder next
slide. Please. I know nobody in the audience can see this one. I hope the counselors can on the left side is our project. Sources. And so starting from the top there. We have the tif again was approved by this body in 2023, thank you. I skip the next one and come right back to it. Redevelopment tax credits. And Ali, I really endowment initiative funds are 2 sources of state funding, the of the state of Indiana that we've been granted v a an application process and at year long endeavor with them as well. Very, very grateful and appreciative of those 2 awards that is really allowed us to again start plugging the gaps in the capital stack along the way. Historic tax credits. We have a part to ready to be submitted to stay sort preservation office as
well as MPs. We've. Received. Those been awarded and done deals with historic tax credits before so very confident. Our ability 2 effectuate. That part of the capital stack. As you move down, you can see the equity will be sourced by tvg Nearly 80 million dollars. That is a an amount of money via both the equity and the debt that we're familiar and comfortable sourcing from the private equity markets, private equity or debt. I can tell you, Tony, and I are having discussions every single day. We're taking packages out with the institutional players that would come to the table with amounts of capital like that. And completing this structure is a big part of being able to actually sign people like that up by this structure. I mean,
this deal that we're talking about today, next slide here. So I had that one ahead of that slides on down off a little bit. But nonetheless, since 2022, I think this slide is my attempt that showing it in a clear way. What has changed and how we try to roll with the punches here since 2022. Construction costs are up anywhere between 25 to 50%. Depending on what you're looking at, different parts of the country, different construction scopes. But nonetheless, I think everybody's aware they are. There's no doubt about it. Has anybody who's tried to buy or sell or finance anything in the last 5 years? Interest
rates are also way up. Each of those has or interest rates, different financial market conditions haven't ability on what amount of debt that we can go get. And box on the left here. That is how we originally submitted this project via their original rfp process. Conceptual design, conceptual cost estimates and what I would call a fairly typical capital stack. There, which is a 70% to cost construction loan with the balance filled by a and private equity. As you move to the right here, you see the new project cost of 248 Million. That again is reflective of lot of the things I just mentioned that are affecting us all. I think what's notable on this, even in this box, as you can see, that private equity
commitment. Has went up substantially. The state commitment has then introduced a k went up substantially. And nonetheless, we're still at a point where in that red box we would not be able to go to the private debt markets and borrow 114 million dollars that prevailing interest rates a day and a half percent. It makes the project not financially feasible at a debt service coverage ratio, as you can see at the bottom, too much of our. Our cash flow is going towards debt. And so as you move to the right there, the green box that does work and what that's reflective of is replacing a chunk of that 114 million dollars in private
sector debt with a loan, the same Indianapolis again, the structure we're talking about here today at a slightly below prevailing market interest rate. And so that. Without getting too in the weeds on financial metrics does put us at a point with a 1.2 debt service coverage ratio puts us at a point where we will be able to go find an 80 million dollar equity investor. We will be able to go borrow the balance through the private sector market. That market even at prevailing interest rates. And so on this slide, things definitely changed. We have. Tried securing and been successful in securing additional funding along the way. Obviously, I'm up here tonight because there is a gap and talking with the md the concept of this structure came about and this does make the project work next slide,
please. And that's all I got. I know there's a couple others here that MAY speaker can answer questions. Details on the bond or any other financial metrics that I didn't hit. Thank you. Thank you so much for your presentation. MR. Hoops. Would you like I'm sorry. I know there's no come on. I know there's several other speakers that are part of the presentation. So if you all like to come up one by one out of the great sir. Thank you, Chair, for calling me you'll save up visit Indy some parking fees. I'm a letter ceo of Visit India been with visit India now for 14 years. Icu counselors, I can count on one hand. The number of times I've come to a testify specifically for hotel project. Lot of the existing hoteliers don't like you like it when you do that
here you do that judiciously. only 2 kinds of projects that we publicly supported. Visit India in the hotel site. One project is anything that's gonna kind of raise the tide for the entire community. Those are very rare. The last 2 of those have been the jw Marriott and the Signet by Hilton. So those are kind of once in a decade, once in every 50 year type projects, their large, they end up bringing in business that all the other hotels in the community benefit from the second kind a project with that. End up supporting projects that support very specific market needs where Indianapolis is currently under represented and or we have customer asking for things we don't have. The 21 see hotel brand is a really strong brand. It's relatively new. But in a very quick time, it has accelerated into being perceived as a global luxury brand. A core. The developer
mention now owns that Brandon Decor has brands like Fairmont and Raffles. If you know those brands around the world into these are it's a pretty impressive portfolio. They have as a whole. And 21 see in particular is because it's a boutique property boutique luxury property. We just cut the ribbon on the intercontinental. It's along that kind of line except art centric is that would be really nice addition. We're often hearing from our customers that while we have enough, we're getting to enough now with the signal project, convention rooms. We don't have high tier 4 star devised are boutique luxury rooms and that's what the doctors for the medical
conventions with the corporate groups, et cetera, are looking for the number of rooms in this project is a relatively small amount of the overall project. But the really important to that overall portfolio getting some additional luxury inventory in Indianapolis and being able to go after elevated convention groups. The second piece of it, that is a unique to this project is its proximity to Mass Ave right now we have the bottle works. Hotel on the 800 block. The very end of Mass Ave. This would be on there. The 300 block of Mass Ave. That is a place where leisure travel is always strong, but does very little inventory in that area. So you bookending hotel rooms on both ends of Mass ave, I think is really valuable. And then the 3rd piece is this art museum component up. Being able to take up a property which I
haven't been to the old City hall since doing some shreds a couple years ago when we were doing the no means city projects. If any of you are involved in what a spectacular building that is just essentially Ling fallow right now and hard to find a better project than what the developers are proposing for this project with the 21 c hotel concept turning that into a two-storey museum. I have no doubt that will be an extremely popular event area to be rented out by convention You know, we had the the National Truck Equipment Association and it would be very likely to have some of the major exhibitors as an example last week using that for receptions for major exhibitors, things like that. And so I think having a kind of a triple benefit to this project, having the fact that it fills this luxury air
market that we don't have enough of right now. We're still probably 1000 room short of where we need to be in that particular sector, having the fact that it's really close to Mass Ave and having the fact that it's doubles as a great art museum and event center is really a benefit to Indianapolis. Anything. MADAM Chair, members of the committee, my name is Joe Class and the executive director and general counsel. Impulse buying bank. Here to talk about some of the particulars for the financing for the project. So proposal for small to introduce a financing team. We have crow, our municipal advisor think reaching her bond council and the Bank Bank of America will be underwriter for this transaction. So proposal, 76 authorizes the issuance of a economic development, rental revenue bonds in the amount not to exceed 66 million dollars and also approves the
lease of Old City Hall. So this project for work, the city will issue to 66 million dollars in lease rental revenue pines. The city through the circle Area. Community Development Corporation. And those proceeds to the developer for the redevelopment of Old City Hall. The loan include a project fund of up to 50 million dollars, which will be held and dispersed by the include 3 years of capitalized interest, the purchase of a charity to fund a debt service reserve as well of as well as cost of issuance for the first 3 years debt service will be paid through a cap bond funded capitalized. Interest payments had been years 4 through 10 does the will be paid entirely by the developer after those 10 years, the developer will pay off the full amount of the outstanding bonds. So the developer long payments will
be backed by corporate guarantee from twg that the ceo of twg will also guarantee an amount equal to annual debt service. And there will be additional debt service reserve. Ultimately the pledge of the taxes will be a special special benefits tax of the redevelopment district. So again, next part Mount is of 66 million dollars project funded amount not to exceed 50 million dollars. There will be a 25 year term for the bond. But under the terms of the deal, the bonds will be paid off after 10 And we have a maximum interest rate of 8%. Although we anticipate something in the range of 5 to 6%. So our timeline, we were approved by the mdc on MARCH 5th and also by the edc this morning. Course, we here at
medic this Good for the cac Board for approval of police and the loan agreement March 19th. We'll go back to nbc for public hearing on APRIL. 12th and then back here on APRIL, 7th for approval by the full Council. We anticipate by make approval at our MAY board meeting. So that happy to answer any questions. Thank you so much for your presentation. Are there any others that are? Part of your team as far as the presentation, their speakers? No, I believe that's it. So thank you so much. So opening up for counselors to ask questions. And as they prepare their questions, MADAM, direct, if you don't mind coming forward. Shared earlier last week that this project has been tied some way somehow with council ation of the master lease in funding. So
can you speak to that? Yes, thank you. So masks are leasing is funded through an entirely separate funding source for the city. So that would be opioid settlement dollars is what funds the master leasing program, which is all also a high priority for the Mt. This structure is different and that is a loan. The developer will be paying back. So there's actually no city revenues that are going towards paying back this loan. It would be entirely paid by the developer and this revenue the revenue used to pay back. The bond would not exist. But for the project that is before you all today. If you a question counselor counselor Thank you. MADAM Chair, I'm not sure that you're too, there's a couple questions. One is my right. And then a previous version. I saw all of
this decked had the lone at 45 5 in this new version is that 50 Million? You are correct. Counselor. I think at the final it's why keep seeing not to exceed on. But the bond par as well as the project fund. And so I did have 45.5 in there and in consultation with the city, decided to show that not to exceed amount. I think where those numbers ultimately settle be based on the city's financial consultants, as well as the bond. Thanks so. And then I'm not understanding and maybe director Vuckovich is just came from your I'm not. I'm confused on the capitalized interest. I think it's 9.3, 5 over 3 years. So is that the city paid that back or is that part of the loan repayment that that contractor? Right to the first 3 years of payments the bonds
will be capitalized, interest payments will be fined, funded their bond proceeds and part of the loan that will be repaid by the developer. So the city will not be on the hook ultimately for those payments. So the entirety of that will be paid back by the developer. That's correct. Eventually, yes, but in the near term, this way maintain no, it will be funded by the proceeds of the bond. So will not be paying anything out of pocket will issue the bonds will be used to find the that Project Fund capitalized interest, the debt service reserve and cost of issuance. So everything that we're getting the developer, we funded by the bonds and those will be paid back 10 the loan will be paid back after 10
years for the entirety the bond proceeds. We've had back to the line after 10 years. Ok? Thank And then my last question is I wrote the language that created Art for neighborhoods program. I've been in touch with the Arts Council today and I think what you presented just to make sure I understand is that you're not intending to. User required investment in any public are near the site you're planning to and to donate. We're not donate. But contribute the entire amount to the Arts Council for the Arts for Neighborhood Grant Fund. Is that correct? Or am I misunderstanding? You are correct council that would add there's essentially 2 are components to this project. One percent of the tif, which believe is always envisioned as to an art installation that this the Ark donation and our commitment related to this pond. One percent of the van
we envision as a donation So you are correct. So I'm sorry, I'm not tracking their 2 components in the earlier component is not going to contribution to the so that was one percent of the to bonds to one per cent crash amendments. My understanding is on the tip that's expected to be an art installation. And have you envision what that would look like at this point? Not at this point. Last couple of projects that we've done. I think when we kicked off that process, but always in consultation with the Arts Council, right? I mean, it takes to submit kind of post the rfp, the call for artists to allow the artist sufficient time to apply to select can be in a selection committee. It's a long, drawn-out affair. Absolutely. Determining where
the best place for that. Our installation is it always, you know, can kinda make itself easier when the projects actually under construction and the artist can come come out and see, you MAY be a mural there or something on that street corner. So we is typically see it starting midstream to construction. Thanks to the support of my colleagues on the selection board for the Arts for Neighborhood Project. And I would suggest that you. Pay attention to what Elanco is doing. I think what they're doing is changes the game entirely the type of expectation that the selection committee is having there Thinking and insulation true, very, very carefully that represent something meaningful and important to the city in
the location of being so prominent and being such a opportunity to really use are not only as a component of the vendors will be running the hotel. But the overall commitment to public art in Indianapolis. I think this is opportunity. We do want slip our fingers. And that something very significant. Cancer evidence. Thank you, leader. Just a couple comments and questions. One I just want to say I'm absolutely excited about this project. We have an opportunity to say what I consider historic site for city over the many decades last 2 decades, we've seen some of those historic buildings go to the wayside for other developments and this is exciting to see a development that's
encompassing that as a part of the project and keeping So we all know there's going to be large expenses with that my question would be pertaining to the current site. What? And this is more for the public to hear because this gets lost in transition. How much tax revenue is the current site bringing into the city of Indianapolis. Knew that answer, but I want them to hear that because it's it's a public building and it's been used in public ways for I think, since the entire creation. So it's never contributed to the tax rolls with this project. What is the anticipated tax revenue being generated before and after test? So I have to credit crow for these numbers, but it does corrupt come directly from their report. I'm glad you
asked counselor the total taxes. One stabilizing, fully assess. We one point 8, 7, 2 Million. For between the entire project per year. 1.9 million per year in total taxes generated by these but his project. Okay. That's good. Know. I think that gets lost in transition quite a bit that this project while expensive, the numbers large how are coming to fund it can can look scary to some folks who aren't used to it. But 1.9 million dollars in new tax revenue coming to fruition for the city of Indianapolis for that. The other point I want to to sort of drive home was that the loan, if you will. And this is more for I see. We've got a deputy mayor back there. I'm excited about exits a new tool we're using that we
have in normal years. And I've talked often about how we have to look at new tools for development and for parts of the city, if you will, specifically the townships. So I'm excited to see that we're using different tools and methods. Just for one. I'm excited for twg. You guys have continued to invest. It invests in the city. You're one of the few developers that continuously comes before us with new projects. And that's the energy we need to keep growing. So very excited. Oh, my colleagues will support the project. Thank you. Additional comments from counselors. As cancer Gibson. Thank you. MADAM When I saw the renderings of this probably like I was like, wow, it's beautiful. Really changes the whole landscape of downtown. And certainly as to the convention business as well as the arts. And I'm very excited to support I just have a
couple questions for I just might be more towards a bond. Thank more and more importantly, but the long the 50 million dollar loan from the revenue bonds, it is part of I held and dispersed by the city. So that's can you explain that And the reason why I'm asking the guess that means that ub gauging how well things are moving along with the project, is that is that what that means? Sure. So the we're not just going to be handing over a check for $59. We're going hold funds and construction account. Those will will get invoices and those will be approved by by dmv staff. So will be tv monitor closely. Let's create that. Thank you for next question. And maybe more to
director is I soon since been given 50 me now along that we will hold this construction project accountable for Diversity and Union employees. I like take that us, right director, because I dropped my slides. So as part of our tifft commitment on this project, we did commit approved inclusion plan with the Office of Office of Minority and Women's Business Development to 27%. Totally x Beatles. Ation on this project. I wish I had my slides. I showed earlier today. Twg has a long history of meeting those goals with the rise Meridian committed to 27%. That's on the South side by Zoe's. We hit 28 with the Stella at 18th. The Meridian will be finished in a couple months about iu Health. We're twenty-six 0.5 in the last couple months of construction. And there's a few that
honestly predate means they off the top my head, but I've started saying am not really joking. I wish there was a leaderboard posted developers meeting the commitments because I think would be at the top. Therefore, when this project cost Rose, we amended our inclusion plan bbd to just cover that higher costs and therefore, on 249 million dollars. We have a 27% xp commitment was bullied. About 60 million dollars. I'm very excited subdue her project. Can I can't wait to see it MADAM Chair look forward to indoors. And today, my last comment, their accounts, I apologize we do anticipate a healthy union labor presence on this project as well. Thank Additional comments. Questions
from counselors. Is there anyone audience that wishes to speak to propose a number? 76? MADAM Clerk, if you can read your statement. Why share one 0nd thank you. MADAM Good Evening. Council was that was matter seconds. A statement, mystery. Us. Thank you, MADAM Chair. Before we open the Florida public comments, we would like to remind committee members and the public of a few ground rules so everyone can have a fair chance to speak and be heard. It is important that we each observe the following rules first. Each speaker will be limited to 2 minutes. Second, any public comments most reasonably relate to the agenda item under consideration. 3rd speakers who stray from the item under consideration or become Dooley. Repetitious MAY be asked to move on to their next
point or conclude their comments. Finally attendees who caused disruptions that prevent the committee from proceeding through tonight's agenda in a recently effective manner will be removed. Please remember types of threatening speech or enticement of violence are not protected by the First Amendment at all. We will deal with those issues if they come up. But we do not think they And now, MADAM Chair, if a committee member asked for consent to adopt these rules, we can proceed to public comment. Thank you. Consent. Thank you. I have talked up my comments in order to comply with those. Thank you. We all agree on and my name t k co-founder of Allies for Humanity. We Stand before you today to address the proposed 66 million dollar loan to twg development for the old City Hall project
NOVEMBER 2023, we stood here and expects concerns about the displacement of our neighbors experiencing homelessness to the fencing. Off of that. Up to North Alabama street site location previously serving as a safe served distribution point. Unfortunately, the site remains vacant today offering no community benefit much like Old City Hall, occupied unoccupied since 2007. Twg development. Now 6 additional funding citing rising costs. This requests highlights a troubling and recurring pattern elected officials have repeatedly faced difficult second financial decisions about twg projects after initial approval often feeling pressured by subsequent large financial requests necessary for project continuation, for instance, twg saw substantial
6.4 million tax abatement for their project near Lucas Oil Stadium. After initial approvals. Additional examples. Of this pattern have been detailed in handouts that we can provide you. These patterns impose unforeseen burdens on taxpayers and diverse central resources for more critical community needs. Senator Fatique with recently emphasized in a mid session town hall meeting that I attended last week. Quote, your budget is a reflection of your values. Do not corner us into this argument that we can't afford health care, education and basic services. When we have a 2.7 billion dollar surplus close quote, and we recognize that the surplus he's referring to is at the state level. That being said, We echo this peril. Full insight tonight. Your budget
is a reflection of your values. The city's current budget clearly prioritizes public safety, infrastructure and count on U.S. 10 ix, important areas indeed, but fall short in meaningful address, meaning in meaningfully addressing fundamental human needs, such a sustainable housing and essential services allocating 66 million dollars toward a luxury hotel and art museum. We already have a beautiful art museum does not reflect values of empathy, community care or genuine investment in long-term housing solutions. Instead, it reinforces a cycle of cleaning up the streets primarily for visitors and conventions effectively treating people as problems to conceal rather than community members to compassion. We
support. Biden served 2 minutes. Thank you. And with please. Yeah, we giving them Carte. Thank you so much. Additional comments from anyone in the audience regarding proposal number, 76. Additional comments from counselors. Councilor Thank chair, but I appreciate comments just in the broadest possible I will say do support this project that. Old City Hall think it far too long for far too many mayors trying to figure out what to do. I think this is a good product. And sir, right way to go. I wish you weren't facing this particular situation. I do think there's a reasonable and thoughtful point to be made that we spend a huge amount of time downtown. There's a lot of economic development opportunities and other parts of the city for me in particular, I'm concerned about broad I appreciate mayor. Should staff and others
have committed to meet with mean leaders in broad ripple soon to start thinking about how we can work to address they can store fronts in particular one long-standing thank in largely vacant strip along there, this private well, and happened. I do think we need to open the aperture and look more strongly and more forcefully and with much more disciplined in other parts of the city thanks. Additional comments from counselors. Council and Thank you. I just want to say I second everything Chairman Bart just said, but I also think too, for the public's viewing of This is not the 1990's into thousands any longer. Used to be one of those city council's I first came on. That was pretty most anti developer, if you will, because it you're getting frustrated. Seeing. City tools go to work for them and some
of our communities. But having worked for development, community or development developer for a few years. I got one foot in and learned the processes with which this happens is extremely difficult and we're not appropriating any tax dollars. So I want that to be very clear for anyone watching tv. This is just a matter of us giving a tool to help a developer, complete a project which is going to add tax revenue to the base to be used for other services that otherwise would not happen without the tool. So that has to be clear. We have to separate the 2 as I said, I concur with what CHAIRMAN Barta said because it's frustrating when we see our parts of town not getting the funding, if you will, and projects, but and that's why
I'm exceptional with this because we're using a new tool that I hope in the future can be utilized and ways to support development in our townships. Thank Chance the rapper's favorite Additional comments from counselors. Entertain a motion capture. Gibson thank you, MADAM Chair. I move the recent proposal. Number 76, which authorizes use the city of Indianapolis, Indiana, taxable economic development, lease rental revenue City Hall reuse project an execution of a lease to the full Council final adoption.