Resolution 16-12

This resolution confirms Resolution 16-11 and designates five parcels owned by H.M. Mac Development, LLC and known as 405 S. Walnut Street; 114, 118, and 120 E. Smith Avenue, and 404 S. Washington Street as an Economic Revitalization Area (ERA). This designation was recommended by the Economic Development Commission and will enable the proposed mixed use redevelopment project, which includes newly constructed retail/commercial and residential units, to be eligible for tax abatement. The resolution also approves a three -year period of abatement for real property improvements and sets its deduction schedule, in exchange for the inclusion of 15 bedrooms of Workforce Housing. Note: This resolution was amended by the Council at its Regular Session on August 31, 2016 with adoption of Am 01 and Am 02. Am 01: - indicated that the resolution was modified and confirmed; - reflected the legislative history; - set a maximum differential between market and workforce housing rent of 85%; - approved a 10-year alternate schedule of abatement with a 10% abatement in year 10; and - established that 15 bedrooms (equal to 10% of the bedrooms in the project) will be available for workforce housing for a period of 99 years. Am 02 was amended on the floor of the Council and revised on Whereas Clause inserted by Am 01 and added two more Whereas clauses, which together: - made the Workforce Housing units available to residents who "work at least thirty five hours per week and (2) whose total household income is less than 80% of the Area Median Income for the household size or where every wage earner in the household earns less than or equal to the Bloomington Living Wage;" and - assured that the rent for a one bedroom Workforce Housing until shall not exceed Six Hundred Forty One Dollars per month ($641) and the rent for a two bedroom Workforce.