RM 07-08-88 - Laserfiche WebLink

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South Bend Redevelopment Commission Regular Me ting - July 8, 1988 6. NEW BUSINESS (Cont.) a. uontlnuea... the art machine, used to cut Upc,i a motion by Mr. Piasecki, seconded by Ar. Combs and unanimously carried, the Comnission adopted Resolution No. 850 approving an application for personal pro rty tax abatement consideration for Sch fer Gear Works, Inc. b. g2tission action on proposals received for Parcel E2 -15 in the South Bend Area. Mrs. Kolata noted that two proposals have been received for this parcel, the former Crescent Electric site in the East Bank area. Mrs. Kolata described the two proposals and stated that a rep esentative from each proposer was present to answer questions the Comnission might have. Kayak Run Condominiums, a partnership of Carl Benedix, W. A. Elliott, and Vernon Heins, bid $150,000 for the land to be paid in $30,000 annual payments or $6,250 per condominium sold. The have not submitted a performance guarantee and have asked that that be waived because of the cost of removing some steel, wood, and concrete foundation from a portion of the site and have estimated that cost at $25 000. The project would consist of 24 two story condominiums, to be constructed in three phases of eight units each. Each unit would cost approximately $79,000 to $105,000. Materials would be brick and drivet. Total project cost is estimated at $2,500,000. Construction of the first eight units would start within 60 90 days of Commission approval with co letion of the first eight units 180 - 210 days from the start of construction. The have a buyer for one unit and three or four prospects for others. -4- COMMISSION ADOPTED RESOLUTION NO. 850 APPROVING AN APPLICATION FOR PERSONAL PROPERTY TAX ABATEMENT CONSIDERATION FOR SCHAFER GEAR WORKS, INC.