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South Bend Pedevelcpment Commission <br />Regular Meoting - December 9, 1988 <br />6. NEW U.INFSS (Cont.) <br />b. Continued... <br />C. <br />in the downtown, it has been approved by <br />the Design Review Committee, the building <br />has been vacant for more than one year, <br />and 75% of the first floor will be used <br />for retail. <br />Ms. Auburn asked whether the abatement <br />would be cut back to six years if the <br />final project does not include 75% retail <br />space on the first floor. Mrs. Kolata <br />responded that Mr. Freidli.ne has <br />subnitted a letter indicating that he <br />wouLd request only six years of abatement <br />if he was not able to provide 75% of <br />first floor retail space. <br />Upon a motion by Ms. Auburn, seconded by COMMISSION ADOPTED RESOLUTION NO. <br />Mr. Piasecki and unanimously carried, the 864 APPROVING AN APPLSCATION FOR <br />CormrLission adopted Resolution No. 864 REAL PROPERTY TAX DEDUCTION FOR <br />approving an application for real PROPERTY LOCATED AT 113 E. WAYNE <br />pro tax deduction for property ST. <br />loc4ted at 113 E. Wayne St. <br />Mrs Kolata explained that the <br />Subordination Agreement is for a <br />Hdrwstead property previously awarded to <br />Geozge and Eva Hunt. She noted, again, <br />that. George Hunt is an employee of the <br />Department of Economic Development, but <br />his work does not include any aspect of <br />the Homesteading program. <br />TheY had previously been approved for a <br />Section 312 Loan, but the contractor has <br />since been removed from the Bureau of <br />Housing's contractor list. The contract <br />with the next lowest bidder required an <br />additional $2,750 loan. Teachers Credit <br />Uniori has approved the loan conditional <br />upon the subordination of the Section 312 <br />-11- <br />