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South Bend Redevelopment Commission <br />Regular Meeting —April 19, 2002 <br />6. NEW BUSINESS (CONT.) <br />A. Tax Abatements <br />(1) continued... <br />and renovate the former LaSalle Hotel <br />located on the southwest corner of <br />Michigan and LaSalle Streets. LaSalle <br />Property Management Co. has entered <br />into a contract to purchase the 105,000 <br />sft. building from Charismatic Renewal <br />Services. Charismatic Renewal Services <br />will not be involved in the renovation <br />project and only signed on the tax <br />abatement application due to its current <br />ownership position. <br />The proposed renovations include a new <br />roof, a fire suppression system, <br />renovation of the elevators, and asbestos <br />abatement (removal of asbestos in areas <br />where the public or employees would <br />have contact with asbestos containing <br />materials). The total cost of these <br />renovations has been estimated at <br />$2,050,000. Over the next three years <br />the petitioner is planning additional <br />renovations adding another $3.2 million <br />to the total project cost. The first two <br />floors will be converted into a restaurant <br />with banquet and conference facilities <br />and the balance of the building will be <br />converted into residential units. <br />It is estimated that this project will create <br />twenty new permanent jobs within the <br />first year, representing a new annual <br />payroll of $400,000. <br />L <br />