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Home My WebLink AboutMASONIC TEMPLE FACADE AGREEMENT THE WHEATLEY GROUP ECONOMIC DEVELOPMENT STRATEGY SPECIALISTS September 26,2018 Mr. Les Merkley City of Jeffersonville City Hall 500 Quartermaster Court, Suite 250 Jeffersonville, IN 47130 Dear Mr. Merkley: Thank you for your assistance with the City of Jeffersonville's("City")support of the redevelopment of the Masonic Temple in downtown Jeffersonville. The project will not only save a historic asset but it will also bring initially 30 high paying professional service jobs, and will ramp up to 45 jobs in year 2 of operation. I am writing to summarize Denton Floyd's request and to update City staff and the City Council members of what it being requested of the City Council on Monday,October 1"following the Letter of Intent("LOI") submission and project presentation at the Redevelopment Commission("RDC")meeting on August 29`''. Per the attached LOI dated August 21,2018, Denton Floyd(developer)has requested assistance for the following items: • City to create a 41-space off-site parking lot and adjacent sidewalk improvements The RDC approved these improvements at August 29th meeting • City to grant a 50%per year property tax phase-in incentive through Jeffersonville Common Council in support of its investment RDC made a favorable recommendation to Common Council for approval. Please find the abatement scoresheet attached as well. • Denton Floyd requested a local façade grant, not to exceed$50,000,to support additional exterior improvements RDC approved $20,000 of the$50,000 and due to EDIT/LIT creation of the project asked the Common Council to support request with $30,000 in EDIT/LIT funds. Below is a brief summary of the direct fiscal impacts of this project: • City of Jeffersonville Project Contribution: $517,286 Estimated ERA Savings, Facade Grant, Parking Lot and Pedestrian Access Improvements • Direct Revenue Generated by the Project: $776,019 Estimated Property Tax/TIF Income, ERA Fee Income, Local Income Tax • Total Direct Net Revenue Realized: $258,732 I want to thank you and Mr. Waiz for helping this project materialize; it will have a great impact on the City's downtown redevelopment initiatives. Please let me know if you or any City Council members have any questions related to this request. Sincerely, 0/11'114"Paul M. Wheaty DENTON FLOYD REAL ESTATE GROUP August 21, 2018 Mr. Rob Waiz City of Jeffersonville Economic Development and Redevelopment Dept. 500 Quartermaster Court, Suite 257 Jeffersonville, IN 47130 RE: Letter of Intent—Former Masonic Temple site (509 E. Spring Street) Dear Mr. Waiz: Thank you for meeting with representatives from our team on several occasions over the past several months to discuss the adaptive reuse of the former Masonic Temple site in downtown Jeffersonville into the development headquarters for Denton Floyd Real Estate Group. The City of Jeffersonville is poised for continued growth, and we believe our project will complement the business mix and maintain the community character while also addressing a blighted historic landmark. After months of thorough analysis and planning, we are close to moving forward and commencing construction activities at the site. We believe through additional partnership we can collectively convert a social liability into a community asset. After you have had a chance to review and consider the contents below, we look forward to your feedback and proceeding with the next steps in renovating this vacant property that is sorely in need of redevelopment. This LOl summarizes our requests for support from the City of Jeffersonville for investment, development and employment at the site: Property: The real estate "Premises" is comprised of approximately 23,000 sq. ft. of building space and contiguous parking areas located at 509 E. Spring Street. Denton Floyd has acquired this property from the Jeffersonville UEA. Adjacent Parking Lot: Denton Floyd seeks the City to provide a public parking lot at the vacant lot at the corner of Kentucky Avenue and 6th Street. The City would construct and maintain a 41-space parking lot on the parcel to serve the development at 509 E. Spring Street (Exhibit A). Sidewalk and Crosswalk: Denton Floyd seeks the City to provide a crosswalk and other related sidewalk improvements along either side of Kentucky Avenue as depicted in Exhibit A or at a location deemed appropriate by City staff and engineers. Property Taxes: Denton Floyd seeks support in its application for property tax relief on the proposed $2.5 million investment in real property improvements with the utilization of the real property tax abatement and requests that the City declare the site as an Economic Revitalization Area based DENTON FLOYD REAL ESTATE GROUP on the attached SB-1 forms. The SB-1 forms and the abatement schedule are depicted in Exhibit B and Exhibit C, respectively. Facade Grant: Denton Floyd requests consideration for support from the Jeffersonville Redevelopment Commission in the form of a $50,000 facade improvement grant to be used for eligible exterior improvements at the project site. Denton Floyd will claim this incentive as local match in its application for the Historic Renovation Grant Program through the Office of Community and Rural Affairs. Construction Commencement: Denton Floyd proposes delivering the project development plan submission to the Jeffersonville Plan Commission by the August 28, 2018 deadline for final approval at the September meeting and construction commencing by November 15, 2018. Development: Denton Floyd proposes to renovate the property (approximately 23,000 sq.ft.) into the development headquarters for Denton Floyd, employing an estimated 45 employees at peak employment.The total all in project cost is estimated at$2,500,000. Commitment to Contract Locally: Denton Floyd will solicit bids from local contractors. Thank you for your consideration of this LOI;we are extremely excited about moving forward with this project. 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