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South Bend edevelcpwmt Commission <br />Regular Meelting - May 12, 1989 <br />5. OLD BUSIINESS (Cont.) <br />1W <br />b. continued... <br />a. <br />enhauer responded that the Bureau of <br />king files a Certificate of Waiver <br />L year for 10% of the loan if the <br />awer is in compliance. No payments <br />made if the borrower remains in <br />a motion by Mr. Piasecki, seconded <br />by 4r. Combs and unanimously carried, the <br />Camnission approved the proposal and loan <br />in mmection with the Rental Rehab <br />in accordance with the <br />recbnmiendation from the Bureau of <br />. Kolata noted that the Redevelopment <br />mission is the petitioner for this <br />tement on behalf of Niles/Washington <br />ociates. At the time the petition was <br />ed, the Commission was still the <br />perty owner. Since then the title has <br />n transferred to Niles/Washington <br />ited Partnership <br />Kolata read the staff report. The <br />partnership proposes to construct a <br />36,000 sft, three story office building. <br />The project will create fifteen new <br />permanent full time jobs within the first <br />year with an annual payroll of $622,125 <br />and will maintain one hundred twenty <br />existing permanent jobs with an annual <br />payroll of $4,977,000. Total project <br />cost is estimated to be $3,000,000. <br />The property is properly zoned for the <br />�^ <br />prcoosed use. It is not located in an <br />ar presently designated as a Tax <br />t Impact Area, although the <br />BEE <br />••' 1 • --'• 0 I -'•-•+' <br />AND LOAN IN CONNECTION WITH TH1 <br />RENTAL REHAB PROGRAM IN <br />ACCORDANCE WITH THI <br />PYjCCMMENDATION FROM THE BUREAU OF <br />• H(XJSING <br />