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RM 04-15-88
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RM 04-15-88
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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting - April 15, 1988 <br />6. NEW BUSIPESS (Cont.) <br />c. uonLanuea... <br />the ommission approved Resolution No. <br />837 approving an application for real <br />pro rty tax abatement consideration for <br />Can-American South Bend Limited <br />d. ComaLssion approval requested for <br />Reso ution No. 838 approving an <br />application for real property tax <br />abat nt consideration for South Bend <br />Associates Limited Partnership (105 E. <br />Jeff rson). <br />Mrs. Kolata noted that this building will <br />be referred to in the future as the 105 <br />E. Jefferson Building, but is better <br />kno now as the Sherland Building. <br />Ms. Robinson gave the staff report. The <br />peti ioner proposes to rehab the Sherland <br />Building in downtown South Bend. The <br />rehaD will consist of a new first floor <br />exte for facade, extensive mullion and <br />trim work to the upper seven floors, <br />restructuring of the lobby, and <br />reconditioning of all the interior <br />corridors. Upon completion of rehab work <br />the property will continue to be used as <br />an office building. One full or part <br />time job may be created as a result of <br />this project. The total project cost is <br />estimated to be $2,000,000. The project <br />qualifies for ten years of tax abatement. <br />Without abatement, taxes are estimated to <br />be $ ,074,280. With abatement, taxes are <br />estimated to be $542,512. The total <br />amo t to be abated is estimated to be <br />$531,768. <br />Mr. John Barris explained that they were <br />asking for tax abatement because the <br />building is presently leased at only 40% <br />and does not generate enough revenue to <br />keep up with current debt service. They <br />are lanning extensive rehab of the <br />buil ing. They are changing the <br />exte ior, removing the wood trim around <br />COMMISSION APPROVED RESOLUTION <br />NO. 837 APPROVING AN APPLICATION <br />FOR REAL PROPERTY TAX ABATEMENT <br />CONSIDERATION FOR CAN - AMERICAN <br />SOUTH BEND LIMITED PARTNERSHIP <br />
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