Good evening on calling to order the committee on finance regular meeting.

I am Province Councilwoman Joanne Ryan.

This is Tuesday, December sixteenth, twenty twenty-five.

It is five thirty-three PM.

And finally read the role.

Chairman Ryan.

Present.

Vice Chairman Taylor is absent.

Present.

Councilwoman Reeves is absent.

Councillor Sanchez.

President.

We have three present and two absent.

We have a cloud.

Thank you very much.

Let the record represent we are represented by Yvonne.

This evening.

Thank you very much.

And the administration has sent um Chief Mancine as well to testify on the fiscal notes on these matters.

Okay.

Um I'd like to take a motion to take an item out of the order.

I'd like to on waiver rating and combine items one and three in here 20 America Street and one fifty-seven Banal Street on that first.

Okay, Madam Clerk.

So actually Chief, can we swear you went as well?

Please raise your right hands.

Okay.

Is that okay with you?

Okay.

So let's start with data street.

So before you start, the clerks have on brought to my attention that we have substitutes for all three matters that are before us.

And why don't we on tape um what is presented before you and I can see that uh the committee has uh red line versions on let's take those as let's call them substitute one, two and three motion made by council and side of the sanchez all in favor I think those eyes have it as the priorities who have the items have all been substituted.

And for the benefit of the um the council um finance team, I just want to point out that uh these have been hanging around a bit on there were drafting uh errors uh related to time.

Um we had an update the fiscal notes on and uh we went through that process.

The law department has reviewed them and provided what is before you today on yes, some housekeeping items uh renewed in jurisdiction of the I-95 commission on 2024 and 2025 on not significant uh matters with the fiscal notes that can change, and that's why I asked whether it's gonna see me to come and testify on that on so with that said any questions committee members.

We go okay.

Let's start on Dano Street.

Um tell us what it is, what the proposed, what the plan is, um, and share with other details you'd like about the project.

Yes, thank you, uh chair.

Uh so that's 157 Game of Street colloquial locally uh in our office we refer to as game of three, uh, because it's a part of four different parcels right next to each other on Gaining Street.

Um, the first two have already been approved for their TSAs.

This is the 30 in line, and we have the fourth one uh plan to be applied for uh most likely sometime next year.

This is a 35 unit residential uh construction, new construction.

It's going to have to five studios, 10 two-bedroom units, and 20 one bedroom units.

Can you speak slowly with these 35 residential units?

Is that what you said?

Okay, residential and commercial, no commercial, no commercial.

You speak very fast.

Okay, give us the rundown of the units, please.

Uh yes, so I'm writing it down of the 35 units, five will be studio units.

Um, 10 will be two bedroom units, and 20 will be one bedroom units.

Okay, and the studios will be approximately 510 square feet.

The one bedroom units will range from 664 square feet to 680 square feet, and the two bedroom units will be 875 square feet.

Okay.

All right.

This is a project that uh we anticipate would involve 25 jobs for the construction of the building.

Um, as of now, there's nothing planned for any permanent jobs associated with the building afterwards.

It would take approximately 10 to 11 months for uh construction to finalize.

Okay.

Has construction begun?

Uh yes.

And how far along are you?

Um that I am not sure of.

I've just been informed that that has begun.

Okay.

What else?

This is a this would be a category two TSA application, therefore, it would be subject to the apprenticeship requirement, the um minority business enterprise and women business enterprise requirements as well.

Um and it would be a development that would in the in the long run, obviously greatly increase the tax revenue on you know this lot.

This lot is currently taxed um to bring in about 13,000 per year.

And when the TSA runs at the end of 10 years, it would be somewhere around 124,000 is what it would be bringing in for the city.

Okay, all right.

Any affordable as of now, I do not believe so.

They would be rented out at uh market.

Okay, do you have any estimates on market rate costs?

I do not uh, but if you would like, I can provide that.

I we can try and highlight information and provide that to this committee.

So there's a form that we used to use on that kind of is a quick uh sheet.

Was that given to I asked Gina to provide that to the CSA presentation?

Yeah, yes, yes, yes.

I'll provide that.

That's uh well display of the divulging most of this information.

Okay, you would have that to give us tonight, or is it not complete?

Uh it is not complete.

Okay, all right.

I'm gonna want that uh for uh prior to the public hearing to distribute to the committee members because that summarizes the whole project, and there's a number of things that we ask on that that you'd like to know on and I have uh park and rec contribution 29,000 dollars to 4,000 monitoring fee on now.

Obviously, apprentice and requirement and NBC WDE applies to this.

And you say you started construction.

So have you complied with the apprentice requirement and the MBA and then WBE requirement to date and know that?

I do not know that.

Okay.

So we're gonna want to know that.

All right.

On committee members, any questions on this one?

I know what decided to do.

Okay.

Um, I followed the question.

Sure, you can I think I know the answer to this because you've come before us before or his project has, but it was vacant land before this had a conversion or it wasn't taxed already, it was vacant land.

I believe, like in the past it was raised to become vacant law, a vacant lot.

So it's a new bill from a vacant law.

Okay.

Chief, can you please uh share with us you've reviewed the fiscal note that it's been prepared accurately and appropriately and reflects the content of this VSA?

Working with the city assessors office, they um called upon the call as the fiscal uh impact statement is part of the documents that were submitted and posted as part of the speech.

I can do that with you.

This is a category two, which means it falls below uh 10 million total costs of stabilization.

It is expected to save the applicant 371,262 over the 10-year life of the stabilization.

Graduated in over the period of 10 years.

The first two years remain as it is today, baseband, and then they will increase gradually over the remaining eight years.

They are subject to future tax assessments.

It's always a condition of the TSA.

So while we take it for this evening, we can be free this evening for the numbers that we welcome over the most recent rebound.

It's important to know that chairman's in the committee that the proximal recognition fee is based on a seven percent in total savings to the applicant based on that 371,262 savings.

That seven percent would yield to the city 25,988,037 and park and rec fees paid annually.

With the first two years paid at a fixed price of 1,032 basics because there's no savings theoretically each year thereafter, and by the annual calculation, you will yield and should yield minimally 25,988.

If the value should change over time during the period of the remaining eight years of the 10-day life, it will be included in that calculation.

In addition to that, Section 3.14 calls for a month payment regulate monitoring fee, deal within 30 days of the documents being written by the assessor at point zero zero one of the total cost of in this instance at 4,250,000.

That 0.001 calculation is $4,250 annually during the life of the rectum because of span between the provision in each of the documents, including the three that before you this I just asked you to loosenate the total amount of the park and rent contribution.

Madam Chair, the 7% of the savings to the applicant of 371,262 would generate a rec fee of 25,980,37.

Okay, wonderful.

All right.

No, exactly.

No.

Okay.

Um I'm good with 157.

Let's go right to the next act, which is funding America Street.

Please.

I think that's there.

Um, this similarly is also a vacant lot developed.

It is a uh it is a paved lot, but that's not actively being used.

Uh, this is going to be a 23 unit reward residential bills.

Um, it will be 10 studio units uh ranging from 304 to 340 square feet and 13 one bedroom units, ranging from approximately 450 to 468 skill feet.

Uh similarly, as of right now, uh these will be market rate, which we can try and obtain information on that uh for the future.

Um this would it's unconfirmed in terms of how many uh construction jobs would be needed for this project.

Um best estimate right now was uh provide was uh at least 14 um based on the kind of a bare minimum map appellation by the uh developer.

Um this one is also slated as a category two application, and therefore it would also be subject to the apprenticeship and the WPE requirements.

Um would most likely take, and I'd have to confirm this with the developer um how long it would take to construct this one, uh just because the timeline that was given in the application that was originally submitted back in October 2024.

Um is not obviously not affected.

Uh we stayed today.

And this one would be again would be you know wholly residential, it'd be a four-floor uh development.

Um approximately 20800 square feet per floor for the residential units.

Do these have parking?

Does this have parking and then we'll go back to the other one?

So uh 20 America does not have any parking provided.

It is on a R4 lot less than 10,000 square feet.

Uh there's an exemption in the zoning code that park does not need to be provided.

Um Gano does uh Geno also is technically exempt from providing parking, but there is um parking provided on you could refer to as a ground floor.

Um, and then the the development is above the parking.

Uh I apologize we do not have the exact numbers of parking for Gano, but I know it's not a one-to-one.

Um, but like I said, you know, that's gain of three because it's three or four, and the parking is gonna go along all four of the lots, you know, under all four of the buildings.

Okay.

Anything else that you'd like to share on that?

Um not at this time.

And if anyone has any questions and one of the many members, any questions?

Yes, please.

Um the developers, uh 20 America LLC.

Oh, that's it for that one.

Yeah.

Um, and then um, I know you don't know the timeline for when it'll be completed, but do you have any sense of like when they would start construction if it's for approved?

Um I'd have to get confirmation from the from the developer.

Uh obviously not anytime soon, like if it would be approved as soon as possible, given that we're not in the build season right now.

So I would I would say safe to say at least like the spring would be the soonest, but um that's all I can say.

Okay.

Council and Sancho, you okay?

Okay.

Um Chief, could you share the uh testimony on the fiscal note?

Sorry, about the chairman of the committee once again project cost of uh $3,537,200.

This would generate savings to the average of 361,820 and 71 cents over the life of the 10 years.

The first two years are base years, they will remain stable as they are today.

They will then graduate savings are the remaining eight years.

That's to the section 3.1 approximate recreation fees based on a seven percent of the total savings, it would generate total oxen recontribution over the 10-year life of the TSA.

25,327 in accordance to the provision of section 3.1.

Each of the first two base years, the remaining in this case 23,327 will be paid over the remaining ages, subject to any annual or triannual tax evaluation that may change the tax value, hence the tax change will be incorporated.

That's standard language.

That's the section 3.14, the monitoring feed space on 0.001 of the total project cost in this instance of 3,537,300.

A 0.001 monitoring fee would be $3,537 annually for each of the 10 years.

Okay.

All right.

Um any other questions in the fiscal notes on these semanas?

Okay, please.

All right, so um I don't have any further questions, and I thank you very much for presenting this evening.

What we're gonna do is set this up for a uh public hearing, but we've got a four-minute schedules, and since we time is such that we can't, it's not you're not gonna be um digging.

However, you've got your contracts and all those other things that you're probably gonna want to line up.

Anyway, um, I'm thinking the end of January-ish.

But we'll the clerks will reach out and we'll find a mutually convenient time.

There's another TSA that's kind of almost ready.

And I'd like to get that one in here and set up a public hearing for all four that we're currently working on.

So if you could be patient with us on a timeline, we'd greatly appreciate it.

Um is that okay, uh, Madam Clerk?

I can do that, right?

So we're gonna vote to schedule public hearings on these two matters on and we'll set a date at a later yes.

Yes, perfect.

Okay.

So is that okay?

May I have that motion?

Motion made by Councilwoman Android, seconded by councilman Sanchez.

All in favor, aye.

Opposed, eyes have it.

Motion efforts on the matter passes and will be set up for public hearing and a date to be determined.

And I'm going to ask that when you come to the public hearing, they provide on full comprehensive presentation on all details that you know we're looking for.

And I'd like we uh to complete the uh TSA review document that the clerk should have provided, must have provided to you.

Yes.

Um, and I'd like you to get that to the clerk sooner rather than later before the hearing just to give the um council uh finance committee members an opportunity to review and digest it um as well as to formulate some questions for further discussion.

All right, so that's that.

I thank you very much.

Thank you.

Okay, so the next item is on 386 Atlas Avenue on and invited the clerk's invited Hewitt Street to make a presentation on this.

They are not here.

Um so I'm going to ask if you could be so kind.

Um, Chief, could you please review a fiscal notice to have?

I know, Madam Chairman.

I can tell you the additions of the fiscal activity, but is a five million dollar project based on 4.8 million dollars of hard costs and uh additional soft cost of 200 value.

It's considered to be new construction for sparing that you say that for building.

And while this will be the purview of the developer or the representative sharing that in summary because it was required to us to prepare the fiscal.

Um some of the details are it's a one commercial unit on the first floor and 21 residential units above 10 percent of the commercial space with 27 from general Bible spaces and preliminary construction as well.

This is developed from information that the assessor's office has compiled during the application obviously their work is centered around the tax valuations and then any savings for the application.

So if I may, Madam Chair, continuing that process, the total savings for the applicant would be 526, 761 dollars and 74 cents under section 3.1 of the of the ordinance for the parks and recreation fund that would generate a total payment to the proxy fund of 36,873 and 34 cents.

Once again, the two base years because they are not tax stabilized uh or not changed, will generate fixed payment of 1,000 in each of those years.

The remainder 34,8734 will be paid gradually and graduated over the remaining years and that's once again subject to the evaluation finish and valuation change for period.

Likewise on section 3.14, the monitoring fee based on 0.001 of the total construction cost of $5 million.

That would generate a monitoring fee, it's $5,000 annually for each of the 10 years in the CSA.

Okay.

Questions.

I don't have any questions either.

I thank you very much, Chief.

So it's a four-story first floor commercial, 21 residential units on three upper floors, Apples Avenue.

I spoke with the council president on this one.

Um let's just set a um public hearing if that's okay.

Thank you very much, everyone.

That was a uh a quick evening.

I I appreciate everyone's work.

Um, a lot of work has gone into these TSAs, although I think we've got a new system that's pretty efficient.

Um I am going to find out who the contact is.

I'd like to work with the clerk's office directly.

I might have a conversation with them.

So please have them contact me.

I want to make sure they get the form um that we want to see at the public hearing.

Um I'm disappointed that they weren't here today.

Um, but I just think we had a notice issue.

Uh, but that's okay.

We'll get we'll get beyond that.

All right.

Um, thank you all.

Motion to adjourn made by a councilwoman.

Excuse me, councilwoman and councilman sanchez, all in favor.

Aye, aye, any opposed, ayes have it.

Thank you very much.

Thank you.

Thank you, please.