The board engaged in a discussion about the project, emphasizing its importance in providing both affordable and market-rate housing. The integration of these two housing types was highlighted as a unique aspect of the development. The project is set to transform a parking area along the riverfront, promoting greater access and aesthetic improvements to the corridor. It represents a substantial investment, with the developer committing $140 million to the downtown site.

A key component of the project is its reliance on TIF, a mechanism where tax payments are deferred and returned to the developer over time, contingent on the project’s performance. This project requires a 25-year TIF commitment, a duration not uncommon for developments in Rochester, according to historical precedents like Wells Fargo and Hotel Indigo. The board grappled with the financial implications and commitment length, with some members expressing concerns over the city’s return on investment, particularly given the current market conditions and construction costs.

The board also addressed the structure of the affordable housing mix, which will average 50% AMI, though individual units may vary. This flexibility is designed to optimize financing and development viability.