All right. Good morning everybody. Welcome to the economic development commission meeting. It is April 17th, 2025. I'd like to call the meeting order. And I would like to welcome first time a business, our new commissioner, Kara Webb. Kara, welcome. Welcome. Welcome. Yeah, everybody knows Kira here. Yeah. The most part, commissioner, Cara Webb. Cara, welcome. Morning. Welcome. Yeah, everybody knows Cara here. Yeah, most part. Yeah, Cara. It's a pleasure that you're here. First order of business looks like we have election of officers for 2025. Our current slate is as follows, Steve Snyder, President, Vice President, which is unfilled at this time and Secretary as Dave Zimmerman. We do need to fill that slate. I would accept a nomination for Vice President if there is one on the floor. I nominate Jody Hamilton. Is there a second? Second. Motion in a second. Miss Hamilton, do you accept this project? Yes. All right, very good. All in favor with the slate as Steve Snyder President, Jody Hamilton, Vice President, Secretary Dave Zimmerman. All in favor, seen above a saying aye. Aye. Aye. The pose same sign. Whew, that was a nail-biter. All right, moving on. BD minutes from September 26th, 2024. Everybody should have a copy of those. Take a minute to digest. What we did a year ago ago and I'll entertain a motion for approval. So I move we approve the minutes. Second motion and a second by Dave and Dave any discussion. Hearing none all in favor seen by saying aye. Hi. Hi. Hi. Oh, same sign. Very good. Meeting minutes. No one right Meeting minutes have passed all right on to Public hearing for EDC resolution number 20 25-01 First you're gonna need to close the regular meeting and open up the public hearing're going to do that all right Can I get a motion to close the regular meeting? So move Second all in favor seem both saying aye aye Oh same sign now Do I need to make a motion for the public hearing or we're at the public key hearing portion? Yeah, now you need to open up the most of the open up the public hearing can I entertain a motion to open so moved? Thank you the move in any discussion? All in favor? See them saying aye. Aye. Oh, same sign. Public carrying is adjourned or in motion. Okay. Sorry. So we have EDC resolution number 20, 2025-01. And this is for a exciting project here in Lafayette. It's with John Tebel, the developer here, and he's's gonna come up here and tell you a little bit more about it. But it's for 36 town homes that owner occupied town homes that would be on the former pub side, if you remember, where that is, down fourth in Union Street. So again, they'd all be owner occupied in the Centennial neighborhood. It's about $11 million dollar project. But many projects like these, there are certain aspects that make them challenging to do, and there's some infrastructure that challenges and barriers with this particular project that John is seeking help with through tax increment financing TIFF and then amount of $250,000, which would be basically what we call a forgivable loan over a three year period. So with that, I'm gonna bring John up here and he can play more about the project and we'll go from there. Good morning. Thank you. Thank you, sir. Thank you. John, how you doing? All right, no see. Thank you so much. Dennis, I had a quick question before John gets started. You said it was forgivable. What was the amount again over three years? 250,000 over, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I mean, I. So I, for those of you who may not be familiar, I developed Centennial Town Homes at Fist Street, fifth and brown. And that kind of wrapped around the block as well. This is a little bit bigger, so we're going to be about twice the size of Centennial Town Homes. I'd say that overall feel in terms of what we're trying to accomplish is similar. Just maybe a little bit more of an updated elevation, but in terms of the dollars, the quality, very similar. So when you get into a project like this, you know, we're, I don't want to say low density because obviously we've got a lot on the site, but we're not going up and the neighborhood really didn't want us to go up and what I'm fighting against or dealing with is you've got pretty high land prices. So the infrastructure help is of great assistance. We'll be doing some underground water retention, storage chambers. We've got to relocate dooglines at a cost of about 80 to 90,000. Some gas line issues. So I've got the land costs, which is, you know, a hurdle to begin with, and I'll be doing a lot of site improvements. But these are some extras that, you know, they're like, okay, this is really kind of making the project tough. And so I reached out to the city to talk about, is there something the city could do? I think we're going to, as an $11 million project, we're going to help with the tax base. And so hopefully that, that'll help in funding this. So if you have any specific questions, I'm all for it. I do about the specifically about the water retention. Do you have to install an underground chamber system? Yes. The hold run off forward. Okay. And now it's elevation issues that is causing this problem or? You know, I want to say it's part for the course with about every city project, you know, just because they don't want to create new the water. You know, I want to say it's part for the course with about every city project. Yeah. Just because they don't want to create new water surpluses or new, even though the site was all asphalt. Right. They look to developers to try and tackle some of the surpluses water issues that almost all neighborhoods have. And this helps. And so I get that. It's interesting and I don't know if it's, there's a river plain issue, but the proposed complex across the street, I don't think has any water retention issues, but I think there was a distance river issue. And these have to be very, very deep, is that correct? Or, yeah, I mean, they don't have to be super deep. In this case, we've used chambers that are like a plastic or fiberglass materials, but these are gonna be concrete, almost like culverts, box culverts. And it's a slow release, so they go into the chamber, but the boxes are probably gonna be four feet high by eight feet wide. Sure. And they'll be concrete chambers chambers so you can drive right over them so they I'm sure they'll have a footer to cover obviously stone cover but they don't have to be super deep. I'll just have the other option that could do would be just on side detention like so like in the green field of size that's what you typically. Sure, sure you I don't have the real estate if they had you don't have the real estate here I would take away from the houses and so on okay well that was that was my main question I'm very excited about the project personally so great thank you look forward to it we are too and and it's been everything we've done has been sold before we finished it. So I hope for the same thing here. And I think it'll be a nice link in terms of downtown and produce kind of straddle between both avenues and perfect spot. That's perfect spot. I know my own mentioned corridor place and how that's going. Yeah. So corridor place is on South Forest Street going towards Miller School. What used to be the rail corridor. We've pulled five permits. We've got four houses under roof and our price range there is in the 350,000 range. And I hope we'll have the West Side done in 2025 and we'll go on the East Side in 2026. So again, it's been well received and probably again, same quality style development. Yeah, very good, very good. Is there any other questions for John? Before we conclude our public meeting. I would like to add that you do provide a high quality of infill housing for our community and I have noticed that throughout the years and I personally wanna say thank you. Oh, for doing. For doing that. A lot of the projects you build are top rate, and I'm a construction guy from my previous life, so I recognize those types of quality, so I just want to say thank you and publicly say that. Hey, thank you. I appreciate it. One of the goals we've tried to do in talking with Dennis is to try to provide a product that's not out of the realm. I mean, I love to say first time home buyers and that's almost a difficult challenge at this point in time. But to have a product that people can get in that's not so far up and still have a quality. So that's one of our goals. And I think it doesn't go in notice. Yeah, it doesn't go and notice. So I appreciate that. Thank you. Any other questions for for John before we close public meeting? Can I get a motion to close the public meeting? I'll go right there. Motion at seconds. All in favor, see them by saying aye. Post same sign. Thank you. Motion to open the business, the EDC meeting that we closed. Motion. Second. Motion to the second. All in favor, see them both saying aye. Aye. Very good. We are a reconvened. On the new business, the EDC resolution number 2025-01. What is the commission's pleasure? All right, so, hello. Good afternoon, my name is Gariboyle, Staff Attorney of the City of Lafayette. The resolution before you accomplishes two things. So to approve the project report and it approves the loan agreement between the City of Lafayette and Centennial Edge LLC. So some things that have already been covered, but just the high level of re-over the loan agreement. The city of Lafayette plans to issue a forgivable loan of up to $250,000. The Centennial Edge LLC to cover part of the infrastructure cost for this project. The loan is structured to be dispersed in three installments based on project milestones, including site acquisition, partial project completion, and a receipt of occupancy certificate. This loan will be funded through unplaged incremental property tax revenues from the area's allocation area, the tip area. And the loan is interest free and will mature by July 3rd,th 2020 and we'll be forgiven if the bar meets all conditions outlined in the loan agreement. Excellent. Thank you. Any comments or questions for the councilor? We're clear. Appreciate the explanation. All right. What is the council's commission's pleasure? That's me asking someone to make a motion. I make a motion, I'll be right back. Okay. Motion in a $50,000. $50,000. Well, an agreement. Thank you. Thank you. Motion in a second. The approved EDC resolution number 2025-01. Any discussion? any public comment. Thank you, Dennis. Yes. Dennis, do you have any public comment? Dennis. public comment. Hello, I'm sorry. Public comment. It's any public comment. Thank you, Dennis. Yes. There's Dennis. Do you have any public comment, Dennis? All right. Moving on to adjournment. Can I get a motion? I move. Motion is second. All in favor, see the motion. I. Oh, same sign. Media is adjourned. Thank you.