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South Bend Redevelopment Commission <br />Regular Meeting - May 21, 1993 <br />6. NEW BUSINESS (Cont.) <br />C. continued... <br />Both bidders indicated that they would request <br />tax abatement for the projects. <br />Mrs. Kolata noted that we have talked <br />extensively with both bidders since receiving <br />the bids. The Alexander Company did not <br />get the low income housing tax credits for the <br />project this round, but have sent us a revised <br />proposal indicating they will reduce the <br />affordable housing set -aside from 45 % to <br />20%. That would still make them qualified <br />for ten years of tax abatement. They have <br />also reduced the amount of loan they would <br />need to $175,000 and have reduced the <br />amount of tax increment financing they need <br />to $150,000. If their bid is accepted they will <br />begin immediately applying for historic <br />preservation tax credits and expect to begin <br />construction by September 1993. <br />Mrs. Kolata noted that the staff had a difficult <br />time deciding between the two projects. Both <br />are excellent proposals. However, based on <br />1) the residential use, 2) an investigation of <br />the company's ability to perform and the <br />quality of completed projects, and 3) their <br />property management, the staff recommends <br />accepting the proposal from The Alexander <br />Company. The staff feels that there is a need <br />for office development in the area and would <br />like to encourage the Holladay Corporation to <br />move their proposal to another location in the <br />downtown area. <br />Mr. Piasecki expressed concern that the <br />renovated building would still look like a <br />-47- <br />