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South Bend Redevelopment Commission <br />Regular Meeting - March 19, 1993 <br />6. NEW BUSINESS (Cont.) <br />a. continued... <br />Ms. Auburn asked if they would do the <br />project without low income housing tax <br />credits. Mr. Arneson responded that it <br />would be more difficult and they would have <br />to restructure it and see how it looked. <br />After renovation, the building will qualify as <br />a certified historic structure and, thereby, <br />qualify for historic tax credits, which are not <br />as attractive, but might make it feasible. <br />Mrs. Kolata asked Mr. Arneson to describe <br />some of his other projects which used low <br />income tax credits. Mr. Arneson responded <br />that they have just completed about twelve <br />projects and have had another five that have <br />been operating for about three years. The <br />largest one is in Appleton, Wisconsin. It is <br />a series of paper mills on the Fox River,a <br />total of approximately 300,000 square feet. <br />That project was done with 30% - 45% <br />affordable housing, mixed in with the market <br />rate apartments. All amenities are the same <br />as in the market rate apartments. They have <br />had no problems with the project at all. <br />Ms. Auburn asked if she was correct that <br />The Alexander Company's bid price was <br />$1,000. Mr. Arneson responded that it was. <br />Typically, a historic renovation of this type <br />is so expensive that the choice is for the city <br />to demolish the building or subsidize its <br />renovation. In this case, a selling price of <br />$1,000 amounts to a subsidy. <br />In <br />