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c� <br />South Bend Redevelopment Commission <br />Regular Meeting - June 26, 1992 <br />6. NEW BUSINESS (Cont.) <br />f. continued... <br />Mr. Luecke noted that West Washington <br />Homes will be ready to break ground in a <br />couple of months. Since this is low <br />income housing, tax abatement is needed <br />to make the pro forma work. They will be <br />requesting a ten year abatement. <br />Although the City's guidelines require <br />that a project have $4 million of hard <br />costs to qualify for ten years of <br />abatement and West Washington Homes will <br />only have $3.4 million of hard costs, <br />they will ask for an exception based on <br />the fact that it will be rented 1001 to <br />low income persons as opposed to the <br />guidelines requirement of 20* rented to <br />low and moderate income persons. <br />Upon a motion by Mr. Faccenda, seconded <br />by Mr. Piasecki and unanimously carried, <br />the Commission authorized filing a Real <br />Property Tax Abatement Petition on behalf <br />of West Washington Homes Partnership LP. <br />7. PROGRESS REPORTS <br />Mrs. Kolata reported that the Redevelopment <br />Authority refinanced the St. Joseph /Wayne <br />Street Garage on June 23. The savings, after <br />issuance costs, is approximately $244,000. <br />The present value savings is approximately <br />$117,000. Prudential Securities was the low <br />bidder with a very competitive bid. <br />Mrs. Kolata noted that the refinancing of the <br />1985/1986 TIF bonds will take place in a <br />couple of weeks. <br />8. NEXT COMMISSION MEETING <br />The Next Meeting of the Redevelopment <br />Commission is scheduled for July 10, 1992 at <br />10:00 a.m. <br />COMMISSION AUTHORIZED FILING A <br />REAL PROPERTY TAX ABATEMENT <br />PETITION ON BEHALF OF WEST <br />WASHINGTON HOMES PARTNERSHIP LP <br />PROGRESS REPORTS <br />NEXT COMMISSION MEETING <br />