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South Bead Redevelopment Commission <br />Regular Meeting —August 3, 2007 <br />6. NEW BUSINESS (CONY.) <br />A. Tax Abatements <br />(1) continued... <br />Mr. Schalliol gave the staff report on the <br />project. Colfax Place Associates .intends to <br />convert a 28,059 sft office building to <br />condominjuni.s. 24,783 sft will be used for <br />condominiums nd through t" floors)'. <br />ma imunn of twelve units will be <br />constructed. 3,276 sft wi.11. be retal ed for <br />commercial use. The condos will range in <br />size from 1,544 sft to 3,800 sft and will <br />contain two or more bedrooms (buyer's <br />preference), two to three bat .rooms, fiving <br />room and kitchen. on site parking will be <br />provided. The condos will range from <br />$259,000 for a 1,544 sft unit on the 2nd floor <br />to $850,000 for a 3,800 sft unit on the top <br />floor. Total project cost is estimated to be <br />$,1 00,000. <br />Mr. Sch lliol noted that the total taxes to be <br />abated over five rears is estimated at S 10, 2 62 <br />for any size unit. For the largest unit, the <br />taxes estimated to be paid is 50,495. The <br />smallest unit will pay approximately $16,072 <br />in taxes over the five gears. <br />The property is properly zoned for the <br />proposed use. However, the Building <br />Commissioner noted that two building <br />pen -nits have been issued to prepare <br />showrooms. The showrooms will eventually <br />be demolished for the construction of condos. <br />The abatement will not include the value of <br />that construction. <br />The property is within the South Bend <br />Central Development opment Area.; therefore, <br />6 <br />