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South Bend edevelopment Comiiission <br />Rescheduled IRegular Meeting - April 20, 1990 <br />6. NEW BUSINESS (Cont.) <br />c. conuinuea... <br />Kolata asked that this item be <br />Ms. Auburn asked if there was any <br />objection to this item being tabled. <br />r1heze was no objection and item 6.c. was <br />tabled. <br />Mrs. Kolata noted that Karl Schramm, <br />developer of the condominium project to <br />be huilt on this property was not able to <br />be present at this meeting. <br />Ms. Robinson read the staff report <br />regarding the abatement. The petitioner, <br />Karl and Patricia Schramm, propose to <br />construct fourteen two bedroom <br />condominiums for a total project cost of <br />$55q,000. <br />The property is properly zoned for the <br />proposed use. The property is located in <br />an area designated by the South Bend <br />Coimon Council as a Tax Abatement Impact <br />Ar . It is also located in a Tax <br />Incymmt Financing Allocation Area. The <br />project qualifies for three years of real <br />property tax abatement under the tax <br />abatement ordinance as a multi - family <br />dwe lina. <br />It is not known how many jobs will be <br />created, but they estimate that the <br />project will employ over 100 construction <br />workers over a six month period. <br />It i 3 estimated that taxes at this <br />1 ion, after improvements are made, <br />woul I be $88,485. With abatement taxes <br />are timated to be $29,790. Therefore, <br />the umunt to be abated is estimated to <br />be $08,695. <br />-4- <br />