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South Bend <br />Regular Me( <br />6. NEW BU; <br />b. Coi <br />elopment Commission <br />- January 10, 1986 <br />(Cont.) <br />Upon a motion made by Mr. Piasecki, seconded <br />by Ms. Auburn and unanimously carried, the <br />Conimission approved Resolution No. 762 <br />designating the Studebaker Corridor <br />Development Area, declaring the Studebaker <br />Co ridor Development Area to be blighted, <br />approving a development plan and conditions <br />under which relocation payments will be made, <br />and establishing an allocation area for <br />puiposes of tax incremental financing. <br />Mr. Hunt thanked the secretaries, Cheryl <br />Phipps, Ruth Tate and Denise Sullivan, for the <br />gocd work and overtime done in preparing the <br />St dcbaker Corridor Development Plan for the <br />Co ssion's consideration. <br />c. Ccamission approval requested for Resolution <br />No. 763 approving an application for real <br />prcperty tax deduction. <br />ThE application for real property tax <br />deduction is from East Race Properties for a <br />pr ject located at 322 -330 East Colfax. Ms. <br />He y Robinson gave the staff report on the <br />pr ject. All information requested on the <br />petition was supplied. The property is <br />pr perly zoned for the proposed use. East <br />Race Properties will rehabilitate the north <br />building located at 322 -330 East Colfax <br />Avenue, and develop the building into 20 <br />luxury condominiums with enclosed parking and <br />retail/commercial space. The project is <br />intended to take advantage of and to augment <br />the City's East Race Development Area efforts <br />an to enhance the overall desirability of the <br />East Race area. The estimated project cost <br />$1,500,000. The petitioner estimates the <br />after rehab value of the property will be <br />$1,700,000. Estimated taxes to be abated over <br />the ten year period is $347,835. Estimated <br />taxes to be paid over the ten year period is <br />$354,865. The project will create 35 new, <br />permanent, full time jobs representing a new <br />annual payroll of $350,000. <br />Chair recognized Mr. John Boyer, the <br />icant for East Race Properties. Mr. Boyer <br />COMMISSION APPROVED <br />RESOLUTION NO. 762 DESIGNATING <br />THE STUDS AKER CORRIDOR <br />DEVELOPMENT AREA, DECLARING <br />THE STUDEBAKER CORRIDOR <br />AREA TO BE BLIGHTED, APPROVING <br />A DEVELOPMENT PLAN AND <br />CONDITIONS UNDER WHICH <br />RELOCATION PAYMENTS WILL <br />BE MADE, AND ESTABLISHING <br />AN ALLOCATION AREA FOR <br />PURPOSES OF TAX INCREMENTAL <br />FINANCING <br />