Laserfiche WebLink
South Bend <br />Regular Me, <br />elopment Commission <br />- April 27, 1984 <br />6. NEW BUS$NESS (Cont.) <br />g. uon-ipinuea... <br />building and the Bronson Street residential <br />araL, and the building is 50% pre - leased for a <br />ten year period. <br />Ms. Auburn noted that representatives from <br />both parties were present to answer any <br />questions the Comission might have. <br />Mr.�Piasecki asked both parties if what was <br />pre ented by the Commission was accurate. <br />Mr. Batteast from 23 North Partnership stated <br />that their construction schedule was based <br />upon the City and State design review process <br />and construction would begin as soon as those <br />processes would be completed. He also stated <br />that 23 North Partnership does have comnitted <br />firAncing to the project. If Industrial <br />Revenue Bonds are available they will apply, <br />but the project is not dependent upon the <br />Mr. Panzica stated that Panzica Development <br />Corporation would like to keep the incentive <br />of tax abatement open to them to make their <br />rents more competitive unless it is absolutely <br />a condition of purchasing the property. He <br />stated that they do have a ccnmitment from a <br />lo ail bank for financing of the project. Mr. <br />Panzica also stated that their project is <br />designed for the possibility of future <br />exiDinsion. <br />Mr. Slutsky fran 23 North Partnership stated <br />that. tax abatement would be a major factor in <br />their proposal. <br />The Commission discussed the issue of tax <br />abatement and whether they should put a <br />restriction on the availability of abatement. <br />The Commission decided not to restrict the <br />availability of tax abatement but Ms. Auburn <br />stated that should the successful bidder cane <br />back to the Commission with a tax abatement <br />reTtest in the future there is no guarantee <br />that it will be granted. <br />