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1200 COUNTY -CITY BUILDING <br />227 W JEFFERSON BOULEVARD <br />SOUTH BEND, INDIANA 46601 -1830 <br />PHONE 574/235 -9371 <br />FAx 574/235 -9021 <br />TDD 574/ 235 -5567 <br />CITY OF SOUTH BEND STEPHEN J. LUECKE, MAYOR <br />COMMUNITY & ECONOMIC DEVELOPMENT <br />JEFFREY V. GIBNEY <br />EXECUTIVE DIRECTOR <br />TAX ABATEMENT REPORT <br />TO: SOUTH BEND COMON COUNCIL <br />FROM: BOB MATHIA <br />SUBJECT: RESIDENTIAL REAL PROPERTY TAX ABATEMENT PETITION FOR: <br />COLFAX PLACE ASSOCIATES (HOLLADAY CORP.) <br />DATE: July 17, 2007 <br />On July 3, 2007, a petition for residential tax abatement consideration for real property located at 220 West <br />Colfax Avenue was filed with the City Clerk by Colfax Place Associates (Holladay Corp.). Pursuant to <br />Chapter 2, Article 6, Section 2 -77.1 of the Municipal Code of the City of South Bend, this petition was <br />referred to the Department of Community and Economic Development for purposes of investigation and <br />preparation of a report determining whether the area qualifies as a Residentially Distressed Area pursuant to <br />I.C.6 -1.1 -12.1 and whether all zoning requirements have been met. <br />The Department of Community and Economic Development has reviewed the petition, investigated the <br />area, and makes the following report. <br />PROJECT DESCRIPTION <br />Colfax Place Associates intends to convert a 28,059 sq. ft. office building to condominiums. 24,783 sq. ft. <br />will be used for the condominiums (2 "d through the 7`h floors). A maximum of twelve (12) units will be <br />constructed. 3,276 sq. ft. will be used for commercial space. The condos will range in size from 1544 sq. <br />ft. to 3800 sq. ft. They will contain from two to three or more bedrooms, depending on buyer's preference, <br />and two to three bathrooms with a living room and kitchen. On site parking will be provided. The price of <br />the condos will range from $259,000 for a 1544 sq. ft. unit on the second floor to $850,000 for a 3800 sq. ft. <br />unit on the top floor of the building. The total cost of the project is estimated at $4,100,000. Total taxes to <br />be abated for the condos costing $259,000 and $850,000 over the (5) five -year abatement period are <br />estimated at $10,262 each. Total taxes to be paid for the two condos during the (5) five -year abatement <br />period are estimated at $16,072 and $50,495 respectively. <br />COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT FINANCIAL & PROGRAM <br />PAMELA C. MEYER DONALD E. INKS MANAGEMENT <br />574/235 -9660 574/235 -9371 ELIZABETH LEONARD <br />FAX: 574/235 -9697 574/235 -9371 <br />