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South Bend <br />Special Meg <br />elcpment Commission <br />- June 26, 1991 <br />2. NEW BUS S (Cont ) <br />a. conruzueca... <br />Mrs Kolata noted that Monroe Park <br />Associates has negotiated the purchase <br />of the corner lot of the block, which <br />is not owned by the Commission, and <br />int to use that in the <br />Mrs Kolata noted that Monroe Park <br />Associates has indicated that they <br />wouLd need a set -back variance from <br />the Board of Zoning Teals for the <br />se cks on Fellows and Rush Streets. <br />Their bid is unclear regarding how <br />(8 or 16) units would be built in <br />the first phase and what street those <br />units would face. <br />Mr. McCalley noted that he has quite a <br />bit of experience developing tax <br />creiit projects. Based on the <br />criteria the state uses in awarding <br />tax credits, the project should be <br />ass4red of receiving them. <br />Mr. Mccalley clarified the issue of an <br />addLtional 16 units that could be <br />built at a later time. These units <br />are not part of his present proposal, <br />but could be built later if the <br />project is successful and the <br />C ssion agrees to the develognent . <br />Mrs Kolata asked if he would be <br />applying for tax credits for the extra <br />16 units at the same time as he <br />app 'Lies for the 48 units. Mr. <br />Yl-_Calley responded that he would not. <br />An application for mere than 50 units <br />req.iires that the developer provide a <br />de fled market study showing the <br />demmd for that number of low incMie <br />units. He would only apply for tax <br />crelits for those if and when he <br />decided to build them. Until a <br />decision was made to build the 16 <br />additional units, that area would be a <br />larloscaped, park -type area. <br />-3- <br />