RM 07-14-89 - Laserfiche WebLink

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South Bend Redevelopment Commission Regular M ting - July 14, 1989 6. NEW BUSINESS (Cant.) C�71 06 1110 A 41 DQ0 l�� The Petitioner proposes to construct thxteen to fifteen condominiums of 1,000 to 1,500 square feet each. The units will be constructed and sold over the next twelve to eighteen months. Construction will begin in July and will be completed in December 1990. The p jest will create 6 new permanent full tine jobs within the first year re resenting an annual payroll OF $62,000 ani will maintain three full time and two part time jobs with an existing payroll of $70,000. The total project cost is estimated at $1,300,000. Th property is properly zoned for the p use. It is located in an area degignated a Tax Abatement Impact Area by th B South Bend Common Council. It is al 3o located in a Tax Incremental F' mming Allocation Area. The project quilifies for three years of tax abitement. Without abatement the es imated property taxes on the imProvements are estimated to be $209,145. With abatement, the estimated pinTerty taxes would be $70,412. Thexefore, the cost of the abatement wotL1d be approximately $138,733. Mr Bill Elliott, representing East Ridge Pa-tnership, a limited partnership cti-rently being formed to develop that prTerty, commented on the project. He inLicated that the partnership hoped to use the tax abatement as an inducement to potential buyers of the condominiums. Mr Elliott also noted that the project was initially conceived as a 20 -23 unit proj est. At the time of the writing of the tax abatement report, it was a 13 -15 un-t project. It will, in fact be an 11 t project. The reason for the change in the number of units is that market eys have shown that the consumer p fern more green space and up -sized -13-