No. 1115 approving an application for real property tax deduction (Monroe Park Apartments, L.P., 502 S. Fellows St./423 E. South St.)

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The project will create twenty five (25) construction jobs to build the apartments. The project will also create two (2) permanent full time jobs and two (2) part time jobs in the first year representing an annual payroll $55,000. Other Items The property is properly zoned for the proposed use. A copy of the report from the Building Commissioner is attached. 2. The property is located in an area presently designated as an Economic Development Target Area and a Tax Abatement Impact Area. 3. The property is located in a Tax Incremental Financing Allocation Area. The Redevelopment Commission considered this abatement petition at its regularly scheduled meeting on Friday, November 20, 1992. A copy of their resolution is attached. 4. The petitioner qualifies for 6 years of real property tax abatement under section 2 -77 (Multi- Family Real Property Tax Abatement) of the Tax Abatement Ordinance (No. 8065 -90). However, the petitioner is requesting a 10 year abatement. According to the tax abatement guidelines, multi - family housing projects qualify for ten years of abatement if hard costs are greater than $4,000,000 and at least 20% of the units are available for occupancy by low or moderate income families. The petitioner feels that the project should be considered for a 10 year abatement because; first 100% of the units will be rented to low income families, secondly the $3,200,000 in hard dollar costs is 80% of the $4,000,000 guideline and far exceeds the $1,000,000 guideline set for a 6 year abatement, and thirdly the project is an integral part of the neighborhood's efforts for revitalization. For additional information, please refer to the attached letter dated November 4, 1992 from Tom McCalley. 5. Because the project does not quite meet the investment standard for the requested ten year abatement, it must be considered as a special case by the South Bend Common Council under section 2 -84 of the Tax Abatement Ordinance (Council's Authority to Enlarge Real Property Tax Abatement General Standards).