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South Bend Redevelopment Commission <br />Regular Meeting - May 21, 1993 <br />6. NEW BUSINESS (Cont.) <br />C. continued... <br />Holladay East Bank Partners proposed to <br />construct a 33,060 square foot office building <br />on the cleared site. They bid $305,000 for <br />the cleared site and required that <br />Redevelopment be responsible for demolition <br />of the building and clean -up of any <br />environmental conditions. They also asked to <br />have until January 1, 1994 to obtain financing <br />for the project, making the proposal <br />contingent upon being able to pre-lease a <br />large portion of the building. They proposed <br />to begin constriction in the spring of 1994 <br />and complete construction ten months later. <br />The total project cost was estimated to be <br />$3,367,000. <br />The Alexander Company, based in Madison, <br />Wisconsin, proposed to renovate the existing <br />building for 39 residential units. Their <br />proposal included the use of low income <br />housing tax credits and historic preservation <br />tax credits. By using low income housing tax <br />credits they would set aside approximately <br />45 % of the units for low or moderate income <br />individuals. The constriction schedule <br />assumed acquiring the building in May, <br />starting construction in June, and completing <br />the project in June 1994. The Alexander <br />Company offered $1,000 for the site and <br />requested a 0% interest, 20 -year, $200,000 <br />loan from the City of South Bend and <br />$225,000 of tax increment financing for site <br />improvements, including excavation, asphalt <br />paving, curb and gutter work, landscaping, <br />etc. The total project cost was estimated at <br />$3,195,000. <br />-46- <br />