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South Bend Redevelopment Cam ission <br />Regular Meet' - February 22, 1991 <br />6. <br />b. continued... <br />The jest will renovate seven houses at <br />the corrier of Colfax and Laporte.. Two of <br />the 3tnictures are fire damaged and have <br />been vacant for 15 years. One other <br />structure is also vacant. When ccanplete, <br />the roject will provide 15 apartments <br />for Low to moderate income tenants. The <br />project contributes to the rejuvenation <br />of tie West Washington - Chapin Development <br />Area. There is no employment benefit <br />f this project other than the <br />cons tion jobs <br />The total project cost is estimated at <br />$677,500. The property is properly zoned <br />for the proposed use; it is not located <br />in a tax abatement impact area; and, it <br />is located in a tax incremental <br />all ation area. <br />The project qualifies for ten years of <br />real property tax abatement. Based on an <br />assessed value of $119,000, the taxes to <br />be a3ated are estimated to be $37,650 and <br />the s to be paid are estimated to be <br />$38,410. <br />Mr. Gibney noted that eight different <br />funding sources are being utilized for <br />this project, irrluding two tax credit <br />incentives, the Historic Preservation Tax <br />Credit Program and the Law Income Tax <br />Cred 't Program. These two tax credit <br />p -am have drawn the interest of the <br />Nati nal Equity Fund, part of the Local <br />Init' tive Support Corporation from <br />Chic tgo, as a limited partner. <br />Souti Bend Heritage intends to use <br />His ric Preservation standards for the <br />of the houses. They will look like <br />the other hones in the Registered <br />Hist 3ric District. <br />Mr. Pitney stated that the units would be <br />rent I controlled and the tax abatement <br />-5 <br />