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Council. The developers are using a well-known union contractor in Higley Construction, which has committed to using its best efforts to hire minority/women owned businesses to complete work on the project. The project agreement requires that construction workers be paid a prevailing wage. Director Leininger displayed the math showing how the TIF comes together over the 30-year period. It would be capped at$5 million. In total, there should be about$19 million in total improvements to the two properties. These improvements are discounted at a 70%rate for county property tax purposes. The TIF should generate $4.9 million in total revenue, with the hope of 100 jobs being created over the 30-year period, resulting in $3 million in income tax revenue. The schools would receive the $9.8 million in tax revenue that they are budgeted to receive from these property improvements throughout that timeframe. $644,000 in annual tax revenue would be generated by the project in year 31, once the TIF expires. Councilmember Kepple inquired what the annual revenue amounts would be upon completion. Director Leininger explained the various amounts each taxing authority would receive the year following the expiration of the TIF. Chairman Shachner sought information on many times the city has provided TIFs in previous years. Director Leininger noted that 3 were provided, with only 2 of them being acted upon in the Rockport and Berea Road areas. He described the other incentives the city has at its disposal, stating that TIFs are generally used for large scale projects like the one under consideration. Chairman Shachner inquired on how much interest the 2 properties generated prior to this discussion. Mr. Budish described the process of how he and his business partner acquired the properties, dating back to 2019. He cited the development team's background in historic preservation and tax credits, and desire to restore the Phantasy building. Councilmember Kepple asked for further information on what using best efforts to hire minority/women owned businesses to complete the work meant. It was noted that the developers would be asked to reach out to those types of businesses to respond to their RFPs and RFQs, and to hire them if they can provide best pricing/service/quality. The developers spoke to how hiring and attracting businesses from the minority/LGBTQ communities is central to their project and organization's mission. They noted that most of the tenants in the buildings will be led by People of Color or Trans community members. They implied that Higley Construction has been a reliable construction manager that has a history of hiring equitably. Ms. Figgie stated that she and Mr. Budish have established the W. 117th Foundation to support initiatives in the project and bring philanthropic dollars to the community. Those dollars will be used to provide rent subsidy to assist with tenant build out to help marginalized communities, so they can live and work in the neighborhood. She spoke to a tenant example in Margie's Closet, a thrift store for the Trans community, that did not have the ability to get credit as a start-up business but was still able to open due to a rent subsidy from the foundation. The idea of the Phantasy project is to create low barrier job opportunities through the development of a maker's space, commercial kitchen, and podcast studio in the building.