Thank you, Mr.

Chair Nick Roberts.

Thank you, Mr.

Chair, Ron Gibson, District Eight.

Thank you, Mr.

Kair.

Chair John Barth, representing District 7.

Thank you, Mr.

Chairman.

Kristen Jones, District 18.

Thank you, Chairman Osley.

Counselor Jared Evans representing District 17.

Thank you, Mr.

Chairman.

Maggie Lewis.

All right, very good.

The first item on our agenda this evening is proposal number 36, which appoints Linda Osborne to the Greater Virginia Avenue Corridor Economic Improvement Board.

Is Ms.

Osborne here?

Please come forward.

If you could tell us a little bit about yourself and your interest in this I'm owner of Arthur's Music Store in Fountain Square.

We've been there 74 years.

I've been there the 74 years.

So I'm about the third largest property owner in the district for the investment corporation.

I was one of the original board members of this particular EID.

I was on there for four and a half years.

According to our rules, we had to step off, which I did.

I continued 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.

Well, no questions.

How about that?

Uh is there anyone in the audience who would like to speak to this particular proposal.

This is going to be a fast meeting, I think.

Thank you, Ms.

Osborne.

Thank you, yes.

I move proposal number thirty-six to the full council with a do pass recommendation.

All right, motion properly moved and uh seconded.

Um all those in favor, please signify.

Aye.

Any opposed.

Well, it looks like um you've got a positive recommendation, and we will see you and address this uh proposal at our next uh full council meeting.

Thank you, Ms.

Osborne, for your willingness to serve.

The next item on our agenda is proposal number sixty-nine, which appoint uh which appoints Courtney Yarbrough to the Board of Business and Neighborhood Services.

Good evening.

Good evening.

Thank you, Mr.

Chair and Committee members.

Um my name is Courtney Yarbrough.

I've worked adjacent to the public sector for most of my career.

Um this opportunity opened, I was really excited to sort of step more formally into a board role.

Um I've worked in public safety in waste and recycling, if you can believe it or not, um and in higher education, and now at the chamber.

So um I'm happy to answer any questions you might have.

Excellent.

Are there questions from members of the committee?

Okay.

Uh is anyone in the audience who would like to speak to this proposal.

I think we recognize this gentleman.

But but we are going to ask him to announce the question.

Good evening, committee members.

My name is Greg Stowers with Andy Chamber, just here to express my support for Courtney.

Um she brings a strategic mindset to not only her work with the chamber, but also as a as a community member and just wanted to be here to uh support her today.

All right, very good.

Well, become well recommended.

Yes.

Um if there's um uh no one else in the audience, I would entertain a motion then.

So that motion is improperly moved and seconded.

All of those in favor, please signify by saying aye.

Aye.

Any opposed.

Excellent.

Shelbrough.

Thank you so much.

This next item on our agenda is proposal number sixty-eight, which designates a portion of New York Street from East Street to College Avenue as the James T.

Kinley Memorial Way.

I would like to add a few minutes to 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 Lockerbie 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 and uh really appreciate them being here this evening too.

Um so good evening.

My name is Meg Bush.

I am 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 Street in the historic Lockerbie Square neighborhood, the James T.

Kinley Memorial Way.

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, and urban environments while acting in leadership roles at several architectural firms.

Some of his most notable civic projects include the Indiana State Capitol Master Plans, Indiana Government Center, and the renovation of the Helbert Circle Theater.

Nationally recognized for his contribution to the field.

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 awards from Indiana's chapter of the AIA.

At the local and national level, Jim was committed to 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's Urban Design Oversight Committee was president of the Indiana German Heritage Society, a board member of the American Red Cross, Greater Indianapolis, a Rotarian in the 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 its transformation into a major metropolitan hub.

From the renovation of his 1872 Victorian Cottage in Lockerby Square to the ongoing preservation of his local parish of St.

Mary's Catholic Church, his commitment to downtown was personal.

He and his wife Marjorie were always a team.

While raising two children, they worked to revitalize Lockerby Square along with the other pioneering neighbors.

In addition to renovating historic homes, Jim also designated neighborhood landmarks such as the Lockerby Glove Condos and the Educational Center at the James Woodcombe James Wickham Riley House Museum.

Jim's commitment to service and civic leadership was unmatched.

And designation of a portion of New York Street, the James T.

Kinley Memorial Way, seems fitting, as it was where Jim and Marjorie lived since the 1970s and where Marjorie still resides, and is often where you would see them both walking together from their home to anywhere in the downtown.

Thank you, Ms.

Bush.

Comments from committee members.

Yes.

Council Brown.

Thank you, Mr.

President.

And thank you, Meg.

I think that was a really great tribute.

I just wanted to briefly speak in favor of this proposal.

I did not have the honor of knowing Jim while he lived, but through knowing Marjorie and Andrew and the family, and just getting to walk around that neighborhood.

It was just super clear what he believed in and I don't know, his impact is still very resonant to this day.

So I think this is an extremely appropriate thing to do.

Yeah, and I'm just very honored to um sponsor this resolution and ask for your support.

Thank you.

Very good.

Any additional comments.

If I may say I had an opportunity to work with Jim on the State Office Building Project many, many years ago.

And he was a remarkable and talented and kind gentleman.

And I think this designation is very worthy.

Is there anyone in the audience who would like to speak to this proposal?

I won't take too long.

Bill Brown, President of the Indianapolis Historic Preservation Commission.

I had the uh honor of working with uh Jim for many years on the commission.

Uh it was certainly sad to see his passing.

Uh we missed him greatly on the commission.

Uh we are continuing to do the the good work that he supported, and I can't think of a nicer way to honor uh honor Jim and his uh his contribution uh to our city.

I happen to be also uh a resident of Lockerby Square, and so I get the benefit of being able to see this uh on a daily basis.

Uh so I do hope you consider uh approving this this evening.

So thank you for considering it.

Thank you.

Thank you.

Jim would be very humbled by this.

He loved Indianapolis.

He loved the Historic Preservation Commission.

He loved Lockerby Square, and he loved our house on New York Street.

He would be very humbled by this.

Thank you.

Thank you, Ms.

Kinley.

If I may, I'd like to um ask for a motion.

So motion is improperly moved and seconded.

Um all those in favor, please say goodbye by saying aye.

Aye.

Any opposed?

Very good.

That motion carries.

And thank you.

Proposal 70 directs the City County Council to accept for the record the annual report submitted by the Woodrook Place Economic Improvement District as required by IC 36-7-22-21.

Hi, I'm Hannah Saunders, the president of the EID for Woodward Place.

Please go ahead.

Um we submitted our annual report in February.

We honestly didn't do too much last year.

We only paid four invoices, so we didn't have any projects happening.

Um so I'm just here to answer any questions you guys might have about what our report consisted of and anything going forward.

And if you have any questions.

Yes, Ms.

Pierce.

What action are we expected uh to take this evening?

You just need to accept the report.

All right.

Very good.

Well, um, is there a I guess I'll make the motion and then just briefly say no questions, but I appreciate the transparency and uh honored to represent you and let me know how I can help.

Thank you.

And then I would so move that we accept the report.

Excellent.

All right.

All those in favor, please signify by saying aye.

Aye.

Any opposed?

Very good.

Ma'am, thank you for that extensive report.

Thanks so much.

Appreciate it.

Yes.

All right.

The next item on our agenda is proposal number 93, which approves uh a payment in lieu of taxes, a pilot as pride as provided in IC 36-3-2-1-2 for an 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 Pleasant Run, consisting of 160 affordable housing units for low-income residents at 2852 East County Line Road in District 24.

Please come forward.

Good evening, Mr.

Chair and Committee members.

Uh, my name is Marissa Kanatzer, and I really appreciate you having me here tonight to discuss the grove at Pleasant Run and our request for a pilot.

Um if we want to go to the next slide.

I'll hit on these few slides very quickly.

Um just a quick overview of TWG.

So we are split up at TWG 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 IHCDA's low-income housing tax credit program.

I'd like to highlight just a few of our new construction affordable housing developments here in the Indy area.

On the left-hand side is Line Lofts, which was a 9% tax credit award for um age-restricted um individuals, and then on the right side is a 4% tax credit development mow on Lofts.

Those completed a few years ago.

Um both of these um developments we just wanted to highlight because they really represent the same quality, durability, and long-term stewardship that we plan to bring to the grove at Pleasant Run.

Um on this next slide, just a few of our most recent 4% tax credit awards here in Indiana.

The Allen, which is located in Muncie, 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 at TWG, but would like to switch to the discussion today, which is the Grove at Pleasant Run.

The Grove will be a 160 unit attainable housing community located along County Line Road.

This will offer high quality service enriched housing in a natural park-like setting.

The site sits just east of the Madison and 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 it an incredibly impactful opportunity to expand affordability in an area that had not previously benefited from this type of investment.

There is 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 four residential buildings with a clubhouse.

The four residential buildings will be consisted of 160 units with a mix of one, two, and three bedroom apartments.

We've really tried to incorporate as much open green space as possible, along with walking trails and retaining the heritage trees along the perimeter.

All 160 units will be affordable to households at 60% of the area median income, which under the current guidelines is up to $69,000 in Marion County, depending on household size.

The mix of one, two, and three bedrooms will allow us to serve a range of households who currently struggle to find quality, attainable 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've 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, and open recreation space, all of which we believe will contribute to long-term resident 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 residence association, my apologies, where residents can connect with each other and property management staff on a regular basis to ensure clear communication is had at all times.

These services will allow the residents to grow, work with property management, and really expand in all aspects of their lives, not just where they live.

Now that we've discussed the proposed development, I'd 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.

We're proposing that this would begin for the 2028 assessment year.

In return, we commit to a main to maintaining affordability at the property for 40 years and delivering ongoing resident services.

As part of the pilot, we will put additional effort into these resident services, reviewing them annually to ensure that we're providing opportunities that benefit our residents to the fullest extent.

The pilot is a critical piece to the puzzle.

As part of our tax credit application to IHCDA, we 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 will amount 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 would in turn lose the committed tax credit award from IHCDA.

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, the Grove at Pleasant Run would be computed at the completed at the end of 2027.

That was all I had prepared for the overview today.

I really appreciate your time and consideration, and I'm happy to answer any questions that you may have.

Very good.

Thank you very much.

The questions from members of the committee president.

Thank you, Mr.

Chairman.

I just want to make sure that I heard you right on the commitment to keeping the property affordable.

Did I hear you say 40 years?

40 years, yes.

All right.

Thank you.

Thank you, Mr.

Chairman.

Chairman Barth.

Thank you, Mr.

Chair.

On some of the um uh benefits of living there, you mentioned job readiness and job coaching.

Can you talk about that?

You must I assume you have a partner who delivers those services.

Can you talk about that?

Yes, absolutely.

So we've been working with um 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 um offer different opportunities for our residents as part of this services program.

Council Gibson.

Thank you, Mr.

Chairman, and uh excited to hear about more affordable housing comment in Indianapolis.

I guess it's about a total of 160 units, I guess.

Um in terms of the overall development costs, uh a little less than 42 million.

Um can you you have a total capital stack?

Yes, I do.

Can you explain the capital stack to us?

Yes, absolutely.

All right, so yes, with a total development cost of 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.

Um 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 are able to claim through IHCDA for doing a tax credit development.

We are reinvesting 58 percent of that, so 3.2 million into the development.

Very good.

Any additional questions?

Council Brown.

Thank you, Mr.

Chairman.

Uh just want to say thank you, Marissa, for continuing to work with me on a separate pilot proposal um and to thank you for I saw a resident association was part of this.

I think that would um upstream help fix some of the problems we've been working through.

So um pleased to see that responsibly.

Thank you.

Thank you.

Please, Council Cahale.

Thank you, Mr.

Chair.

Uh I I apologize that uh Councilor Diloku's the sponsor of this isn't here.

I would just ask him.

But has there been any discussion with the school system?

So one thing that I I'm always sensitive to, particularly when uh, like in this case, there are two and three bedroom units, that the pilot will not contribute to the school system, but it would appear that there are likely to be children using the public schools.

Uh 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?

Um we have not had discussions with the school system on this.

We've been working with um Councillor Dilk and DMD representatives.

Um I've not had direct communication with the school system.

Okay, thank you.

Very good.

Additional questions.

I'd say none.

Is there anyone in the audience that would like to speak to this report?

So please.

Uh I just want to ask a question.

Sorry, um, if you can come forward and give your name.

I just want to ask a question about the Oh, my name is Evan Wareham.

Uh I wanted to ask a question regarding the commitment to 40 years of affordability.

Uh whether or not that like affordability would continue to stay in the 60 percent of the medium average price range or if that would fluctuate and possibly increase while still staying in the realm of affordability.

That would be my question.

All right, very good.

Thank you for the question.

So the way that the affordability period works is for 40 years, we are committing to serve residents at or below the 60 percent AMI level.

The affordability comes in with IHCDA and HUD guidelines, meaning that the affordability or the rent levels that are affordable would be at 30 percent of the residents' income.

So while they will fluctuate year to year as incomes in Marion County grow or you know fluctuate, then the rents would be adjusted accordingly, um, but we would not be changing those restrictions um to the percentages.

Very good.

Are there any additional questions from anyone in the audience?

All right, seeing none.

Is there a motion on the table?

Council Gibson.

So moved second.

All right, the motion is improperly moved and seconded.

All those in favor, please signify by saying aye.

Aye.

Um committee members, is there any additional business?

Um we have a motion to adjourn.

All right, we adjourn.