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South Bend Redevelopment Caimnission <br />Regular Meoting - September 8, 1989 <br />6. NEW BUSINESS (Cont.) <br />h. coftinued... <br />Ms Robinson explained that the tax <br />abatement petition is for Main Street Raw <br />Prcyperties, the new owners of the <br />Un-istman Building. She read the staff <br />report on the petition. <br />The renovation will include a new facade, <br />heating, ventilating, air <br />coi ditioning and electrical work. Since <br />the owners do not have committed tenants, <br />there is no job information available. <br />Th total project cost is estimated to be <br />$700,000. <br />The property is properly zoned for the <br />prc posed office use. It is located in a <br />abatement impact area and also in a <br />incremental financing allocation <br />ar (a. The petitioner qualifies for ten <br />years of real property tax abatement <br />unler the Office Projects category, based <br />on 1) the location within the Central <br />Business District, 2) agreement to submit <br />si plans and specifications to the <br />ign Review Carmnittee for <br />cox sideration, 3) a ccumitment of at <br />lu st 75% of the net leasable square <br />foc tage of the first floor to retail <br />bLiciness, and 4) the rehabilitation of <br />tho building which has been vacant for at <br />le4st a year. <br />d on a total proj ect cost of <br />1,000, the estimated taxes to be <br />.ed over the ten year period are <br />1,818. The taxes to be paid over that <br />year period are estimated to be <br />,572. <br />Mr. John Martell, one of the owners of <br />the building, explained the <br />relabilitation project. He indicated <br />that the entire exterior will be <br />renovated with the application of a <br />cor. system and awnings. <br />They intend to begin the project within <br />30 to 45 days and complete it by April <br />-10- <br />