Thank you, MR. CHAIRMAN Roberts District 4. Thank MARCH Aaron Gibson District 8, thank Scare chaired John Barth representing District 7. CHAIRMAN Kristin Jones District 18. Thank you. CHAIRMAN Knowsley Council Jared Evans representing District 17. Thank you, MR. CHAIRMAN Maggie Lewis and for Good. The first item on our agenda, this evening's proposal number. 36, she points Linda Osborne to the Greater Virginia Avenue Corridor, Economic Improvement board. Is one year. Please come forward. You could tell us a little bit about yourself and your interest in owner of Arthur's Music store in Fountain Square with in their 74 years. I've been there's a 74 years. I own several contiguous properties in that particular area. About this 3rd largest property owner in
the District for the the Investment Corporation. I was one of the original board members. Of this particular id I was on there for 4 and a half years. According to rules, we had to step off which I did. I continue to go to most of the meetings after that. And I was starting to see that there was a lack of participation among actual business landowners. So I felt the need to step back on. Thank you very much. Questions of misses going from members of the committee. Questions about that. And in the audience who would like to speak to this particular puzzle. This is going to meeting thank you, Missus. thank you. Yes, I move. Has a number. 36 to the full council what they do pass recommendation right? Most of the property moved and seconded. All those in favor.
Please signify. Any opposed. It looks like you've got a positive recommendation and we will see you and address proposal at a Knicks to council meeting. Thank you. It's ongoing freeling's to serve. The next item on agenda. Suppose a number 69, which a point at which point Courtney Yarborough to the board of Business and Neighborhood Services. Good Evening. Good evening. Thank you. MISTER Chair and committee members. My name is Courtney Yarbro. I've worked adjacent to the public sector for most of my career. One this opportunity opened. Was really excited to sort of step more formally into aboard girl. I've worked in public safety and waste and recycling. If you can believe it or not, and in higher education and now at the chamber. So I'm happy to answer any questions you might have. The questions from
members of the committee. Anyone in the audience who would like to speak to this proposal? Recognize gentleman, but but we're going ask him to good evening committee members names Greg's towers with the Indy Chamber just here to express my support for She brings a strategic mindset to not only are work with the chamber, but also as a say, committee member and just want to beers to a supporter today. All right. Very Come well recommended. It's going pull us if there no one else in the audience, I would entertain a motion that motions and probably moved and seconded. Of those in favor. Please signify by saying Aye. Any opposed. Schober want. Thank you so much. This next item on agenda is proposal. Number 68. Designates a portion of New
York Street from the street to College Avenue as the James t Kenley Memorial Way. I would like to add a few minutes of the meeting tonight. So just give me a few minutes here. But before I begin, I do want to thank some folks here from the lack of the square neighborhood. I took on this effort for this request this evening. And it was made possible through a lot of volunteer effort from neighborhood folks and some commitment from them. And I really appreciate their help and thank them really appreciate them being here this evening, too. So good evening. My name is Meg Bush. I'm the administrator of the Indianapolis Historic Preservation Commission. I am
here before you this evening to make a very special request to dedicate a portion of New York in the historic Lockerbie Square neighborhood. The James t Kenley Memorial Jim practiced architecture for more than 50 years and was still working as a consultant when he passed. Throughout the years. He worked to bring new life to historic structures. College campuses in urban environments while acting in leadership roles at several architectural firms, some of his most notable civic projects include the Indiana State Capital Master plans, Indiana government center and the renovation of the Helpers Circle theater. Nationally recognized for his contribution to the field. He had a passion for preservation
architecture and has elevated to the American Institute of Architects College of Fellows in 2004, Jim was awarded the Sagamore of the Wabash for his pioneering work in preservation. As an acclaimed architect, Civic leader, advocate for the architectural profession. He received many words from Indiana's chapter of the area. At the local and national level. Jim was committed service and civic leadership for 25 years. 12 as PRESIDENT. He served on the Indianapolis Historic Preservation Commission. He was on boards and committees of several organizations, including Indiana landmarks, the City of Indianapolis is Urban Design Oversight Committee was PRESIDENT Of the Indiana German Heritage Society, a board member of the
American Red Cross Greater Indianapolis, Terry a downtown Indianapolis Rotary Club and a graduate of the Stanley k Lacey Executive Leadership Series. Jim was integral to downtown Indy's redevelopment. The emergence of its historic neighborhoods and transformation into a major metropolitan hub from the renovation of his 18, 72 Victorian cottage in Lockerbie Square to the ongoing preservation of his local parish of Saint Mary's Catholic Church. His commitment to downtown was personal. He and his wife, Marjorie, were always a team raising 2 children. They work to revitalize Lockerbie Square, along with the other pioneering neighbors. In addition to renovating
historic homes. Jim also designated neighborhood landmarks, such as the Lockerbie Club, Condos and the Educational Center at the James Comey. James Whitcomb Riley House museum. Jim's commitment to service and civic leadership was unmatched and designation of a portion of New York Street. The chance to Kenley Memorial Way seems fitting as it was where Jim and merger lives since the 1970's Marjorie still resides in is often where you would see them both walking together from their home to anywhere in the downtown. We respectfully request your approval to designate New York Street between College Avenue ne street. The James t Kenley Memorial Way. And thank you for your consideration. Thank you. Comments from committee members. Company, it was PRESIDENT. Thank you. Make of those really great tribute. Just one that briefly speak in
favor of this proposal. I did not have the honor of knowing jam what he lived, but knowing my tree and the family and just going to walk around that neighborhood. It was just super what he believed in. And I was in fact, it's still very resident to this day. So I think this is an extremely appropriate thing to do. Yeah, just very honored sponsor this resolution. Ask for support. Thank you. Any additional comments. If I MAY I had an opportunity to work with Jim. State Office building project many, many years ago. He was a remarkable and talented and kind gentleman. And I think this designation is. Is there anyone in the audience who would like to speak to this
proposal? I won't take too long. Bill Brown, PRESIDENT Of Indianapolis, Historic Preservation Commission. I had the honor of working with the gym for many years on the commission. He was certainly sad to see his passing. We missed him greatly on the commission. We are continuing to the good work that he supported. And I can't think of a nicer way to honor and urge him and his his contribution to our city. I happen to be also I'm resident of Lockerbie Square. And so I get the benefit of being able to see this on a daily basis. So I do hope you consider approving this this evening. So thank you for considering. Thank Thank you. Gm would be very humbled by this. He loved Indianapolis. He loved the historic Preservation
Commission. He loved Lockerbie Square and he loved her house on New York Street. He would be very humbled by this. Thank you. Thank you. MISS Committee. I mean, like ask for Motion. And motions and probably moved and seconded all those in favor. Please signify by saying any opposed. Motion carries. Proposal 70. Directs the City County Council to except for the record, a new report submitted by the would replace economic improvement district as required by I c 36 7 dash, 2, 2 dash, 2, 1, Hi, I'm Hannah Saunders. The PRESIDENT Of the the id privileges place. We submitted our annual report in FEBRUARY. We honestly didn't do too much last year really paid for
invoices. We didn't have many projects happening. Is here to answer any questions you guys might have about. Report consisted of and anything going forward. And if you have any questions. The questions from members of the committee. Appears. Action we expect intend to take this evening. You just need to accept the report. Didn't good. Is there it wrong make? The motion briefly say no questions, but I appreciate the transparency and represent you let me know I can help. Thank you. And then I would submit that we accept the report. Moe's is a move in second that I was in favor. Please signify by saying aye any opposed. Very Thank you for that extensive report. Thanks so Appreciate it. Yes, all right. The next item on our agenda proposal.
Number 93. Which approves payment in lieu of taxes, pilot as part provided in icu. 36 3 dash, 2 dash, 1, 2, For Affordable Housing Project financed in part with low-income housing tax credits pursuant to section 42 of the Internal Revenue Code of 1986. As amended known as The Grove at present. Consisting of 160 affordable housing units for low-income residents at 28 52 East County Line Road District. 24. Please come forward. Good evening. MISTER Chair and committee members. My name is Marissa can at Cern. I really appreciate you having me here tonight to discuss the Grove at Pleasant run and our request for a pilot. If we go to next slide, I'll hit on these fuse for slides. Very quickly. Just a quick overview of Tw g. So we are split up at 2 wga between
market rate housing and affordable housing. I work on our efforts for affordable housing here in Indiana, all of which is made possible through it da's low-income housing tax credit program. Like to highlight just a few of our new construction, affordable housing developments here in the in the area on the left-hand side is Line Lofts, which was a 9% tax credit award for age restricted individuals. And then on the right side is a 4% tax credit Non laughs. Those completed a few years ago. Both of these developments we just wanted to highlight because they really represent the same quality durability in long-term stewardship that we plan to bring to the growth
pleasant run. On this next slide. Just a few of our most recent 4% tax credit awards here in Indiana. The Allen, which is located and Muncy and then Flats on 14th, which is located in Columbus. Both of these are currently under construction. Both are high-quality energy efficiency, energy efficient communities for working families, earning up to 60% of the area. Median income. So just wanted to provide a little bit of high level of what I've been working on the past few years here, Tw g would like to switch to the discussion today, which is the Grove, it pleasant run. The girls will be a 160 unit obtainable housing community located along County Line Road. This will offer high
quality service to enrich housing and a natural park-like setting. The site sits just east of the Madison County Line Road intersection near an Indigo stop close to major employers and surrounded by strong community resources. Additionally, this will be the first tax credit development in the Census tract apart from an assisted living community, which we believe makes incredibly impactful opportunity to expand affordability in an area that had not previously benefited from this type of investment. There's a few photos on screen of what the site currently looks like today. It's an undeveloped site with Pleasant Run Creek running along the
West and then mature trees, lining the perimeter of the site. On the next slide is a high-level overview of our current site plan and what the site will be transformed into there will be for residential buildings with the clubhouse residential buildings will be consisted of 160 units with a mix of 1, 2, 3 bedroom apartments. We've really tried to incorporate as much open green spaces possible along with walking trails, entertaining the heritage trees along the perimeter. All 160 units will be affordable to households. 60 1% of the area median income, which under the current guidelines is up to $69,000 in Marion County, depending on household
sizes. The mix of 1, 2, 3, bedrooms will allow us to serve a range of households currently struggle to find quality obtainable housing in the area. At the Grove, we aim to create an apartment community that residents are proud to call home. As part of that effort, we sought to include many amenities and services to support this to support the residents quality of life. The community will offer indoor and outdoor amenities such as a clubhouse fitness center workspace a playground, ample bike storage grills, open recreation space, all of which we believe will contribute to long-term residents, stability and community building. The other key component of the Grove is our resident services program. We will provide monthly and quarterly services, including things like fitness programs,
financial literacy courses, home buying career, coaching ged connections and a resident services residents association. My apologies residents can connect with each other and property management staff on a regular basis to ensure clear communication has had at all times. The services will allow the residents to grow work with property management and really expanded all aspects of their lives, not just where they live. Now that we've discussed, the proposed development like to walk through our pilot request. We're seeking a pilot starting at $72,000 in year. One increasing at 3% annually for a 15 year term proposing that this would begin for the assessment here. In return, we commit to a mate to maintaining affordability at the property for 40 years and
delivering ongoing resident services as part of the pilot will put additional effort into these residents. Service is reviewing them annually to ensure that we're providing opportunities that benefit our residents to the fullest extent. The pilot is a critical piece. So the puzzle as part of our tax credit application sites, cda. Must have a 10% local contribution which we are seeking through the savings from the pilot over the 15 years for the pilot, the savings that we out from our calculations is about 4.2 million dollars, which is just above the 10% of the current estimated total development costs. Without this pilot, the development would no longer be financially feasible. At the Affordable rents and what in turn lose the committed tax credit award
might cda. If our pilot is approved. We have just a very high level timeline on the screen. We would close on our financing next month and start construction in MAY. Based on the current construction schedule to grow pleasant run would be computed completed at the end of 2027. That was all I had prepared for the overview today. Really appreciate your time and consideration and I'm happy to answer any questions that you MAY have. Thank you very much. The questions from members of the committee. Thank you, MISTER CHAIRMAN. I just want to make sure that I heard you right on the commitment to keeping the property affordable. It did. I hear you say 40 years? 40 years? Yes, right. Thank you. Thank you, MR. CHAIRMAN. Thank you, MR. On some of the living there, you mentioned job readiness and You can you talk about
that U.S. I assume you have a partner deliver services. Can you talk about that? Yes, absolutely. So we've been working with Southeast community services to learn more about everything that they provide, which we think all would be really applicable to our residents. So we've been continuing conversations working with them, having them plan to offer different opportunities for our residents as part of the services program. Council gets in. Thank you, MR. CHAIRMAN excited to hear about more affordable housing coming to an app like is this about a total 160 units to guess in terms of overall development costs a little less than 42 Million. Can do it? You have a total capital stack. Yes, they explain the campus activists. Yes, absolutely. All right. So yes, with a
total development cost just under 42 Million. There's a few layers to that. So the first and the biggest one is the tax credit equity that we have on the development, which is about 17 Million. We also have a general partner contribution, a permanent loan of just over. 21 million and then deferred developer fee. So the developer fee that we're able to claim through cda for doing a tax credit development. We are reinvesting. 58% of that. So 3.2 million into the development. Good questions. MR. Had just want to say thank sir, for continue to work with me on a separate proposal and to thank you PRESIDENT Association was part of that. I think that would upstream help fix some of the problems we've been working through. So
police that response the best they can. Thank you. Thank you, MISTER I I apologize. Council no kuz. The sponsor of this isn't here. I just ask him. But has there been any discussion with the school system? So one thing that. I'm always sensitive to, particularly when look in this case, there are 2, 3 bedroom units that the pilot will not contribute to the school system, but it would appear that they're likely to be children using the public schools have you had any discussions with the school system and what impact that might be or have you heard from them? Are they in favor of this? We have not had discussions with the school system on this. We've been working counselor and dmv representatives. So I've not had direct communication with
the school system. Questions. It soon. One of the audience that would like to speak to please. I just want to if you can come forward and give your name. I just want to ask a question about the. My name is Evan, where him I want to ask the question regarding the commitment to 40 years of affordability, whether or not that like affordability would continue to stay in the 60% of the medium average price Ranger. If that would fluctuate and possibly increase while still staying in the realm of affordability. That would be my question. Pretty good. Thank you for the questions. So the way that the affordability period works is for 40 years, we are committing to serve residents
at or below the 60%. Am I level the affordability comes in with and hud guidelines, meaning that the affordability or the rent levels that are affordable would be a 30% of the residents and come so while they will fluctuate year to year as incomes in Marion County Grow or, you know, fluctuate, then the rents. Would it be adjusted accordingly? But we would not be changing those restrictions to the percentages. Pretty good. Additional questions from anyone in the audience. none. A much needed Council the motions and probably moved and seconded. I was in favor. Please signify by saying any opposed. But that motion carries. Thank you Thank you
very much. Committee members. Is there any additional business? Seeing? None. They have a motion to adjourn. Thank you so much.