I just did one thing for you.

Good afternoon.

Today is Monday, March twenty third, two thousand twenty-six.

This committee of finance diversity, equity, and inclusion is called to order.

Madam Clerk, please call the role.

Here.

Uh that'll be number 104 2026 uh if we may present uh the project and the two uh requests uh at the same time.

Sure, let me read it into the record.

Uh in addition to 98 2026, it will be ordinance number 104-2026 as amended by Council Members David Davis, Santana, and Griffin by departmental request and emergency ordinance approving the addition of property located at 1200 West 58th Street to the Northeast Ohio Advanced Energy District, accepting and approving a petition and plan from a property owner in the district proposing a special energy improvement project, declaring it necessary to conduct the special energy improvement project, providing for the assessment of the cost of such special energy improvement project, authorizing the director of development to enter into an energy project cooperative agreement and a special assessment agreement to implement the project and declaring an emergency.

Please proceed.

Thank you, Mr.

Chairman.

So discussing the Westinghouse redevelopment here.

So we'll talk about the developer first.

So TW58 Cleveland LLC is the holding and development entity form for this project.

The developers are based out of Cleveland.

This project is led by Mr.

Fishback next to me, as well as his partner, Mr.

Liam Fishback and Mr.

Jim Rosnov, who's also a local Clevelander.

Mr.

Rosnoff has experience in real estate transactions through his role with uh RTA and Mr.

Fishback's company has a whole host of development experience performing as GC on projects such as the True by Hilton in Midtown, as well as projects like Timberman Lofts and Worthington Yards.

So the property.

This comes with standard benefits like MBE and FBE participation, but also some really uh exciting kind of unique things to the project, including uh four speed tables being constructed near the project site, uh the installation of public bicycle racks, uh funding for improvements to the nearby uh Herman Park Trail, as well as uh streetscaping all along the uh frontage of this uh project site.

Regarding the request for uh special assessment financing, uh the PACE property assessed clean energy financing uh component to this project will be funded by the Port of Cleveland uh for up to 15 million dollars on financing over 28 years.

Um this will cover some clean energy improvements as part of the project.

Uh this pace has been approved by the special energy improvement district uh to move it forward to this uh legislation.

Uh and regarding the uh tax increment financing request, uh this would be a 100% non-school TIF for 30 years.

Uh the uh benefit to the development over the course of the term would be approximately 11 million dollars, uh 369-417.

Uh and the estimated net increase in tax revenue to uh the city and the uh city schools via payments in lieu of taxes is estimated to be 23.3 million dollars uh over the course of this term.

Uh so with that, happy to uh turn this to the project team or to answer any questions.

Thank you.

Um on behalf of the development team, TW58.

Cleveland.

Um I just want to thank all of you involved in the city's help and the county and all the public entities that have so far stepped up to help us put this whole thing together.

It's been uh couple uh quite a few years that we've been working on it, and we're very anxious to get the project started.

Okay, so just a couple of things.

Uh do you have the I take it you've been working closely with both the council members, uh Davis and also Santana?

Okay.

So I'll pivot to uh councilwoman Santana.

Thank you, Council President.

So this was vetted um and approved by DPS committee.

There was tons of questions that were answered.

But um, I do want to through the chair, if you could talk about the facade, you know how you guys were trying to keep it um historical.

If you could kind of share with the council members what you're planning to do that with that facade.

We're still working on the final design of the what's gonna happen on the south side of the I want to say the existing tower.

There will be a new uh five-story tower that's gonna be built on top of the parking garage behind what was shown as representing the existing facade.

Our structural engineers um so far have concluded that that existing facade is not stable and gonna be able to be saved, but we're looking to replicate or pay homage to the blessing house design with the new design of that phase one B facility.

And we just don't have that yet together.

Got it.

And then my last question is can you talk about the rents that are going to be affordable?

I'm the chair to the councilwoman.

Uh the rents at the 120% AMI are going to be somewhere between 1300 and 1500 per month by the time the project's completed when you look at what's considered workforce at 120% AMI for the MSA.

And that's for one bedroom, correct?

One bedrooms and studios, yes.

Okay, thank you.

Okay.

And uh the councilman Brian Casey.

Thank you, Mr.