Special Board of Aldermen 08-23-2021 Page 2
Thank you Mr. Chair. Again, Tim Cummings, Director of Economic Development. The legislation before
you R-21-158 is a piece of legislation that had come about due to the most recent sale of what has been
traditionally known as the “Renaissance Project”. This is the Phase II which was about $1 million to the
city. Of that $1 million, we are seeking to put $750,000 into an account that will be used for recreational
purposes. We don’t have a project in hand as of right now. We are looking to set aside that money so it’s
clearly identifiable so both the residents in and around that area of the city and other (audio lost). Thank
you. I’m not sure if you heard my explanation. | was just about wrapping up. Should | start over?
Chairman Dowd
We heard most of it. Just the end part.
Tim Cummings, Economic Development Director
The $750,000 would be set aside for a recreational project that we don’t identified as of yet. This was an
original tenant or promise that we made as | understand it when we first endeavored to redevelop that land
which was a decision made | would say about 10 or 15 years ago and we're just trying to fulfill the original
obligation. That is the genesis behind that piece of legislation.
Chairman Dowd
Okay. Are there any questions from any of the aldermen on this legislation?
Alderman Tencza
Director Cummings can you tell us was this — or remind us — was this a requirement of the sale or is this
something that was just the city decided that it would do to supplement the fields that weren’t able to be
developed over at that project?
Tim Cummings, Economic Development Director
It became a requirement. | would not suggest it was in the original legislation for the master development
agreement. We've amended that document quite a few times. One of the last times we amended it, we
amended it so that our recreational field — something for like soccer or something like that wouldn’t
necessarily need to be placed on site but within the area so it could be used. So it’s just staying true to that
original amendment.
Alderwoman Lu
Thank you. This $1 million was from the sale of did you say the Sanders Street?
Tim Cummings, Economic Development Director
| did not say Sanders Street. What! said was Renaissance.
Alderwoman Lu
Oh, the last parcel. | just wondered because did the developer pay extra for that to include $770,000
toward the recreational facilities? | came on the Board after a lot of this had happened. But looking back
on it, | noted that that was at some point the intention. In the end, did they pay above market value for that
parcel or is that $1 million fair market value and we as the city is putting $750,000 toward the recreation
fields? Which of those two is it?
