Economic Development Commission

MINUTES ECONOMIC DEVELOPMENT COMMISSION February 25, 2021 PUBLIC HEARING had been meeting with stakeholders in the area and 4:30pm understand there are some concerns. Ms. Townsend Via Zoom Conferencing pledged that the property would be well managed and informed Commission members background PUBLIC MEETING checks and due diligence is completed before Immediately following Public Hearing people are placed in facilities. There is also an Via Zoom Conferencing inspection process and property managers on staff. Brief discussion followed. MEMBERS PRESENT Lance Stephenson, President Mr. DeLaBastide, Herald Bulletin, asked when the Ben Gale, Vice President project would begin and be completed. Mr. Scott Roger Reed, Secretary/Treasurer stated it would run around 11-12 months. Mr. Mary Jamerson, Member DeLaBastide asked if the properties to the west could be demolished and additional housing placed STAFF PRESENT there. Ms. Townsend stated a short, mid and long- Greg Winkler, ED Director term housing plan is being completed with Karen Soetenga, ED Staff Lincolnshire being a short-term goal due to the need Paul Podlejski, City Attorney of one bedroom housing. Mr. Sulc, AHA Board President, stated as AHA continues to look at a OTHERS PRESENT housing plan they will be working with other partners Kim Townsend, Anderson Housing Authority with opportunities for further development. Brief Roman Morrison, Meticulous discussion followed. Steve Scott, Garrison Frazier Development Thomas Pitman, Barnes and Thornburg Ms. Cochran, resident, asked about the effect on Doug Whitham, City Controller parking in the area with the added tenants and Darren Grile, Anderson Light and Power voiced concern regarding the concentration of high- Ken DeLaBastide, Herald Bulletin density housing and asked if there was a plan to do infill housing for first time homeowners. Ms. Stephanie Cochran, Resident Townsend stated AHA was speaking with BWI about Paula Dalton, Resident parking issues and reminded everyone the Lincolnshire project was not bringing new high OPEN PUBLIC HEARING density housing to the area but restoring an existing EDC03-21 Resolution of the Anderson Economic property. Mr. Sulc stated the project would be Development Commission Approving and reducing the density as it has been a 40 unit building Authorizing Certain Actions and Proceedings with and will now be 28. Mr. Sulc stated he agrees there Respect Certain Proposed Economic Development is a need for mixed-use housing, including in fill Revenue Bonds (Lincolnshire Apartments, housing and ATA is open to discussing the need with Anderson Housing Authority) other partners including the City’s Community Mr. Winkler briefed members on a proposed project Development Department. Brief discussion followed. of the Anderson Housing Authority for the acquisition and renovation of the former Lincolnshire Ms. Dalton, resident, stated numbers she found for Apartments, 330 W. 12th Street. Mr. Winkler fair market pricing of one bedroom and studio introduced Ms. Townsend, Anderson Housing apartments would not allow for a recouping of the Authority Executive Director. investment for a period of sixteen years and asked if it was a wise use of public funds. Mr. Scott stated Ms. Townsend introduced members of her team and the numbers used do not align with their Performa Mr. Scott from Garrison Frazier Development who and part of the reason for the request for assistance gave a brief overview of the project. Mr. Scott stated is to offset some of the cost so the amount carried total project cost is projected at 2.4M - $480,000 for annually will match up with the income generated. the purchase of the building and the remaining for Mr. Scott stated when they go to get a loan for the the development of the property. Ms. Scott stated construction they will not be able to get the loan they are asking for assistance through a $770,000 unless the bank sees assurances it can perform over bond because Lincolnshire is an obsolete building an extended amount of time. and the cost of rehabilitation is prohibitive without the assistance. Ms. Townsend informed members Mr. DeLaBastide asked will the financing be through Anderson is experiencing a significant shortfall in a private lender. Mr. Scott answered yes. one bedroom housing. Ms. Townsend stated she Mr. Stephenson asked if the $770,000 was coming from TIF. Mr. Winkler stated it would be a TIF bond placed with a local bank at low interest and would be paid off within a short period. Brief discussion followed. Mr. Winkler stated the project will be paying taxes through an LLC. PUBLIC HEARING CLOSED OPEN REGULAR MEETING ROLL CALL AND DECLARATION OF QUORUM MINUTES Mr. Gale made a motion to approve the February 11, 2021 minutes as presented. Ms. Jamerson seconded. Motion passed unanimously; 4 yes, 0 no. NEW BUSINESS Finding of Facts and Report – Lincolnshire Apartments EDC03-21 Resolution of the Anderson Economic Development Commission Approving and Authorizing Certain Actions and Proceedings with Respect Certain Proposed Economic Development Revenue Bonds (Lincolnshire Apartments, Anderson Housing Authority) Mr. Winkler stated the members were given the report and finding of facts and asked if there were any questions. Ms. Jamerson stated she found all documents thorough and concise. Ms. Jamerson moved to approve Resolution EDC03- 21 regarding proposed economic development bonds for the Anderson Housing Authority. Mr. Gale seconded. Motion passed unanimously; 4 yes, 0 no. Mr. Winkler stated the next step is the City Council. ADJOURNMENT Mr. Reed made a motion to adjourn and Mr. Gale seconded. Meeting adjourned at 5:01 p.m. Page 2