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South Bend <br />Regular Mee <br />6. NEW BUS <br />c. Con <br />No. <br />elopment Commission <br />- August 9, 1985 <br />(Cont.) <br />tax <br />3ted for Resolution <br />for real <br />Mr. Hunt explained that the tax abatement <br />resolution involves property located in a Tax <br />Incremental Financing Area and under State law <br />the Redevelopment Commission must approve the <br />app ication prior to going to the Common <br />Co cil for final approval. <br />Ms. Cynthia Ortega, representing the <br />Main-Colfax Partnership, gave a presentation <br />of the project. The project involves the <br />Christman Building located at 201 N. Main <br />Street. An engineering report was prepared <br />fin ling that the building needs some major <br />st ctural repairs, foundation and masonry <br />wor , a new electrical system, plumbing and <br />hea ing work, and air conditioning installed. <br />The partnership intends to spend approximately <br />$1 nillion in repairs to completely renovate <br />and repair the upper level to be suitable for <br />office tenants and the lower level for retail. <br />The partnership expects the project to <br />generate approximately 25 new employees and <br />re in approximately 50 of the full -time <br />emp oyees already present. The preliminary <br />construction schedule is January or February <br />for completion based on available financing. <br />Ms. Hedy Robinson gave the staff report. The <br />petition is within a Redevelopment Area which <br />mee s one of the three criteria required by <br />the Common Council. The project has <br />approximately 35,000 square feet of usable <br />space. The partners involved include Bernard <br />Dielrich, Robert Anderson, Malcolm Tuesley, <br />Michael Albert and Paul Schumacher. <br />Hur t- Kenrick is the architect for the <br />project. The estimated tax abated on <br />imp ovements over a ten year period would be <br />ap ximately $231,889. The estimated taxes on <br />imp ovements to be paid over a ten year period <br />will be $236,571. <br />Upon a motion made by Ms. Auburn, seconded by <br />Mr. Donoho and unanimously carried, the <br />Comnission approved Resolution No. 726 <br />approving an application for real property tax <br />-4- <br />COMMISSION APPROVED RESO- <br />LUTION NO. 746 APPROVING <br />AN APPLICATION FOR REAL <br />PROPERTY TAX DEDUCTION <br />