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COMMITTEE OF THE WHOLE <br /> FEBRUARY 6, 2023 <br /> AUDITORIUM <br /> Present: Councilmembers Baker, Bullock, Kepple, Litten (virtually), Rader, Shachner <br /> Also Present: Tracey Nichols of PMC (virtually),representatives of CASTO and North Pointe <br /> Realty, Mayor George, Planning Director Leininger, Assistant Planning Director Baas, Chief <br /> Assistant Law Director Swallow, Clerk Bach and Council staff <br /> Call to Order: 5:34 p.m. <br /> Approval of the minutes of the January 17, 2023 Committee of the Whole. <br /> Motion by Vice President Kepple, seconded by Councilmember Bullock to approve the minutes <br /> of Approval of the January 17,2023 Committee of the Whole. All members voted in favor. Motion <br /> passed. Minutes approved. <br /> Update from the Planning Department regarding the proposed downtown <br /> development. <br /> Mayor George announced that there have been substantial changes to the downtown <br /> development project since the last update to Council. She remarked that there remains a path <br /> forward to achieve a finished product that meets the original objectives of the development and <br /> invests significantly in affordable housing. <br /> Director Leininger announced that Roundstone Insurance has decided that it will no longer be <br /> part of the project. He discussed Roundstone's reasons for leaving, stating that the company has <br /> selected a site outside the city where there are lower project costs, opportunities for expansion, <br /> and a faster timeline for completion, among other considerations. Removing Roundstone from <br /> the project will necessitate changes to Building A, reduce the need for parking and will prompt <br /> the city to re-engage with the school district about its financial contribution. <br /> Director Leininger provided additional detail regarding the projected changes to the project, <br /> given Roundstone's exit. The project will retain a mix of retail, commercial, and residential uses. <br /> Approximately 80-90 additional residential units will potentially fill the space that was planned <br /> to be occupied by Roundstone. These changes will reduce the project's financial gap and reduce <br /> the burden of parking, previously promised to Roundstone. <br /> Director Leininger emphasized that despite this change, there is a viable path forward for this <br /> project that can meet the city's development objectives. He discussed the new opportunities that <br /> accompany this change. He presented various financial scenarios, concluding that replacing <br /> office space with residential units as planned will produce more annual income tax and reduce <br /> the need for incentives/subsidies from the city. <br /> Vice President Kepple read the following statement into the record: <br /> 1 <br />