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South Bend F <br />Rescheduled <br />6. NEW BUS] <br />c. Cont <br />esti <br />Will <br />comp <br />Will <br />job: <br />new <br />totE <br />$7,; <br />ten <br />abat <br />$4,1 <br />estj <br />amol <br />be � <br />4 <br />ment Commission <br />Meeting - April 15, 1988 <br />(Cont.) <br />gates the construction of the units <br />start September 1988, and will be <br />eted by December 1989. The project <br />create five to six new, permanent <br />within the first year representing a <br />.nnual payroll of $100,000. The <br />project cost is estimated to be <br />0,000. The project qualifies for <br />ears of tax abatement. Without <br />ment, taxes are estimated to be <br />,2,830. With abatement, taxes are <br />sated at $2,102,228. The total <br />t of taxes abated are estimated to <br />.,060,602. <br />Ms. Lynn Weber, representing Can- American <br />South Bend Limited Partnership, brought <br />the Commission up to date on the status <br />of the project. They have completed <br />their market research on the area and the <br />repert will be out in final form today. <br />Three lenders are now working on <br />underwriting the project. They will be <br />sent a final financing package with the <br />design development drawings and the <br />market study by next week. The design <br />process is progressing and they have <br />preliminary pricing based on that. The <br />next step is to bring the lenders to <br />South Bend to look at the site and the <br />prof ct. <br />Ms. Neber explained that they are <br />requesting tax abatement because the site <br />specifications dictate a certain quality <br />level and because they have decided to <br />include tucked -under parking which is <br />more costly but will maintain the <br />integrity of the East Bank area. She <br />explained two site plans which are <br />presently being considered. One features <br />townhouse type units. The other site <br />plan features back to back units. The <br />two-unit buildings are more expensive to <br />build but offer more views of the river. <br />The building facing LaSalle Street will <br />have a more urban look to be compacible <br />-6- <br />