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South Bend Redevelopment Commission <br />Regular Me ting - August 24, 1984 <br />6. NEW BUSINESS (Cont.) <br />d. Continued... <br />Jefferson by 35,600 square feet. The total <br />estimated cost of the project is $4.2 million. <br />ThE project will initially create 50 new, <br />peimanent jobs, representing an annual payroll <br />of $1 million. In the long run the project <br />will create approximately 180 new, permanent <br />jo s- <br />Mr.1 Hunt explained that the project falls <br />wi in a Tax Incremental Financing Allocation <br />Upon a motion made by Mr. Donaldson, seconded <br />by Mr. Piasecki and unanimously carried, <br />Resolution No. 715 related to an application <br />for real property tax deduction in the <br />Do town Urban Renewal Area was approved for <br />Cro e- Chizek & Company. <br />e. Comnission approval requested fora proposal <br />fron Nicholas C. Jannotta & Associates, Ltd. <br />reliting to a housing market analysis in the <br />Eas Bank Development Area. <br />Mrs Kolata explained that she spoke to three <br />finns relating to a housing market analysis in <br />the East Bank and received proposals from two <br />of them. The staff recommendation is that the <br />Comnission accept the proposal from Nicholas <br />C. Jannotta & Associates. The proposal calls <br />for an analysis of the immediate short -range <br />market for downtown area housing in South <br />Bend, the development potential of the sites <br />available in the East Bank area for <br />multi-family housing, an estimate of rents <br />and/or sales prices that could be achieved in <br />the proposed housing, some findings on the <br />opt market distribution of apartments by <br />type and size, estimates on the rate of <br />absorption of such housing, initial leasing <br />and/or sales programs, and developer's pro <br />forma financial statements concerning the <br />typical intitial housing project in the area. <br />The will also be looking at recommendations <br />of ways which the market potential may be <br />achieved in terms of maximizing the impact of <br />housing in that area. The study would begin <br />wit2iin ten days and would be complete about <br />-5- <br />RESOLUTION NO. 715 RELATED <br />TO AN APPLICATION FOR REAL <br />PROPERTY TAX DEDUCTION IN <br />THE DOWNTOWN URBAN RENEWAL <br />AREA WAS APPROVED FOR <br />CROWE- CHIZEK & COMPANY <br />