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<br /> <br />Land Clearance for Redevelopment Authority (LCRA) Minutes <br /> <br />August 13, 2015 <br /> <br />The August 13, 2015 meeting of the Land Clearance for Redevelopment Authority was held in <br />th <br />the 4 Floor Conference room at City Hall, 6801 Delmar, University City. The meeting was <br />called to order at 6:32p.m. <br />Voting Members PresentVoting Member Absent <br /> <br />Dan Wofsey (Chairperson) Robert Frazier <br />Eric Vanderhoef <br />Sultan Ali Muhammad <br />Dan Rayhawk <br /> <br />Non-Voting Council Liaison Absent <br /> <br />Mayor Shelley Welsch <br /> <br />Staff Present <br /> <br />Andrea Riganti, Director of Community Development <br />Jodie Lloyd, Manager of Economic Development <br /> <br />Guests Present <br /> <br />Carl Lang, Attorney, Rosenblum Goldenhersh <br />Jake Medve, Property Owner, Mansions on the Plaza <br />John Porta, Covington Construction <br /> <br />Approval of Minutes <br />Minutes for June 25, 2015 meeting were approved unanimously. <br /> <br />Consideration of a Redevelopment Agreement and Tax Abatement Request for 8300 <br />Delmar Boulevard, Phase II, Mansions on the Plaza II, LLC, Jake Medve, President. <br /> <br />Mr. Wofsey and Mr. Vanderhoef summarized the terms of the redevelopment agreement for <br />Phase II of the Mansions on the Plan project. The LCRA members agree that the five year tax <br />abatement and the terms and conditions in the agreement are fair and just for Mr. Medve in <br />today’s market. Mr. Wofsey stated that the terms in this redevelopment agreement help <br />incentivize Mr. Medve to complete a project that wouldn’t be done otherwise, which is the intent <br />of tax abatement. At the same time the terms protect the City and public by requiring the <br />Payments in Lieu of Taxes. <br /> <br />Mr. Lang inquired about the LCRA’s decision on the appraised value set forth in Section B ii. of <br />the agreement. Mr. Lang asked the board to consider changing the appraised value in 2018 to <br />$18 million, not $25.5 million. $18 million is the hard cost of construction for the project. In <br />addition, Phase II will include fewer units than was set forth in the original redevelopment <br />agreement, therefore it will be valued for less. Mr. Lang also requested that the LCRA extend <br />the tax abatement to 10 years, not five years. Mr. Lang also stated that Mr. Medve is very <br />concerned about Section 16. Termination. Mr. Lang would like to revise the language to allow <br />for a transfer for estate planning purposes and for an “out” clause in the case of foreclosure. <br />Mr. Medve stated that he has no interest in selling the property, at this time but needs a clause <br />to allow for a transfer of the property to relatives. <br /> <br />1 <br /> <br /> <br />