RM 11-20-92 - Laserfiche WebLink

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South Bend Redevelopment Commission egular Meeting - November 20, 1992 6. NEW BUSINESS (Cont.) a. continued... low income people, but would receive more tax credits. He noted that the definition of "low income" is within the range of many average income people and should provide a good income mix. Mrs. Kolata asked what the construction schedule is for the project. Mr. McCalley responded that he expects to break ground in two to four weeks. The staff recommended approving the application for ten years of abatement. Upon a motion by Mr. Piasecki, seconded by Mr. Donoho and unanimously carried, the Commission approved Resolution No. 1112 approving an application for ten years of real property tax deduction for property located at 502 S. Fellows /423 E. South and authorized signing of the application as owner of the property. d. Commission approval requested for Declaration of Extended Low - Income Housing Commitment for Low Income Housing Tax Credits (1349 E. Dubail). Ms. Richmond noted that Daniel Kois has a Rental Rehab Loan on the property at 1349 E. Dubail. The Commission, therefore, has a mortgage interest in the property. Mr. Kois has applied for Low Income Housing Tax Credits for the property which puts covenants on the property. As Mortgagee, the Commission needs to consent to the covenants. Mrs. Kolata noted that the document states that the annual credit and the total ten -year credit are both not -to- exceed $2,697.00. The ten -year credit is actually not -to- exceed $26,970. -8- COMMISSION APPROVED RESOLUTION NO. 1112 APPROVING AN APPLICATION FOR TEN YEARS OF REAL PROPERTY TAX DEDUCTION FOR PROPERTY LOCATED AT 502 S. FELLOWS /423 E. SOUTH AND AUTHORIZED SIGNING OF THE APPLICATION AS OWNER OF THE PROPERTY