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South Bend 1edevelopment Commission <br />Regular Mee ing - July 11, 1980 <br />6. NEW BUSINESS <br />c. Mr.lEllison continues..... <br />Thelle are some photographs of the <br />project if the Commissioners are not <br />aware of its location. <br />Mr. Robinson: Mr. Ellison, about how <br />many people are residing in this project <br />Mr. Ellison: We didn't check the percent <br />of occupancy but I would gather it is at <br />least 500 occupied, and that is a very <br />conservative figure. <br />Mr. Cira: When would they have the <br />project completed? <br />Mr. Ellison: The nature of Section 8 <br />projects is that if they have the <br />financing worked out, they can start <br />construction by this fall and they <br />shodId have the project completed <br />in approximately eighteen months. <br />The actual cost of the rehabilitation <br />is about $2z million and the cost of <br />the construction of the new units is <br />approximately one half million to <br />one million dollars and about $200,000 <br />to $300,000 in site improvements. <br />Mr. Cira: The landlord will have one <br />set amount that he can charge people? <br />Mr. Ellison: That is correct. He is <br />pe fitted a certain escalation per year <br />and that is typically negotiated. <br />Mr. Robinson made a motion to approve the <br />staff report recommending tax abatement <br />for an area commonly referred to as <br />Beacon Heights, and that the tax abate- <br />ment report be referred to the Common <br />CoLrcil, seconded by Mr. Cira, and the <br />motion was unanimously carried. <br />d. Tax abatement request relative to an area <br />co my referred to as the Southwest corner <br />of ashingtori 4 Grant Streets. <br />19 <br />COMISSION APPROVAL GRANTED <br />FOR STAFF REPORT RECOMMENDING <br />TAX ABATEMENT TO AN AREA <br />COMMONLY REFERRED TO AS <br />BEACON HEIGHTS <br />