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. Redevelopment Commission Meeting <br />Regular Meeting — July 16, 2004 <br />6. NEW BUSINESS <br />A. Tax Abatements <br />(1) continued... <br />Mr. O'Brien gave the staff report on the <br />project. The petitioner recently purchased <br />the City Center Building in downtown South <br />Bend. Upon completion of this project the <br />building name will be will changed to The <br />Chase Building. The rehabilitation includes <br />remodeling of the lobby area of the hotel <br />portion of the building, repairing the <br />swimming pool, making improvements to the <br />office portion of the building and to the <br />parking area and elevators, and repairing and <br />improving the heating, cooling and other <br />services provided to guests and tenants of the <br />building. The cost to rehabilitate the building <br />is estimated to be between $1,200,000 and <br />$1,700,000 <br />It is estimated that this project will help <br />retain fifty full -time jobs and forty part time <br />jobs representing an annual payroll of <br />$1,296,000. A review of the tax abatements <br />previously granted, finds that the petitioner <br />has not received previous tax abatements. <br />However, the building under previous <br />ownership has received one previous 6 -yr. <br />abatement in 1987. <br />The following real property taxes have been <br />paid at the location in the last three years. <br />Year Real Personal <br />2003 $158,255.67 $39,804.56 <br />2002 $171,638.46 $43,961.72 <br />2001 $323,614.26 $27,633.48 <br />L5 <br />