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South Bend Redevelopment Commission <br />Regular Meeting - May 22, 1992 <br />6. NEW BUSINESS (Cont.) <br />h. continued... <br />estimated cost of the rehab project is <br />$3,900,000. <br />The project will create one hundred <br />thirty -five (135) new permanent full -time <br />jobs representing an annual payroll of <br />$5,400,000 and will maintain zero (0) <br />existing jobs. <br />The property is properly zoned for the <br />proposed use. The property is located in <br />a Tax Abatement Impact Area, in a <br />Redevelopment Blighted Area, and in a Tax <br />Incremental Financing Allocation Area. <br />The petitioner qualifies for 10 years of <br />real property tax abatement under the Tax <br />Abatement Ordinance. <br />Without abatement the estimated taxes to <br />be paid on the project are $1,838,733. <br />With abatement, the estimated taxes to be <br />paid on the project are $928,560. <br />Therefore the cost of the abatement over <br />the ten year period is approximately <br />$910,173. <br />Mrs. Kolata noted that the Design Review <br />Committee approved the design of the <br />project at its meeting May 21 with the <br />following conditions: 1) that they try to <br />do some landscaping; 2) that they bring a <br />more detailed drawing of the canopy <br />entrance before Design Review; and 3) <br />that signage come before design review. <br />Mr. Fielding, owner of what is commonly <br />called the Opelika Building, indicated <br />that he is ready to begin, pending <br />negotiation of parking issues. Three <br />tenants have committed to leasing the <br />building when the rehab is complete. <br />Ms. Auburn asked if Mr. Fielding had <br />costed out the possibility of retaining <br />the original brick as the exterior. Mr. <br />Fielding responded that the original <br />brick is in such poor condition that the <br />ME <br />