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South Bend Redevelopment Commission <br />Regular Meeting - September 17, 1993 <br />6. NEW BUSINESS (Cont.) <br />d. Commission approval requested for <br />Resolution No. 1194 approving an application <br />for real property tax deduction for property <br />located at 322 E. Colfax in the South Bend <br />Central Development Area. (Stephenson Mill, <br />Inc.) <br />Mr. Beitzinger noted that the South Bend <br />Redevelopment Commission filed for tax <br />abatement on behalf of RKE, Inc., for the <br />Stephenson Mill apartment building. Mr. <br />Beitzinger gave the staff report on the <br />project. RKE, Inc. is in the business of <br />developing, constructing and managing multi- <br />family housing. Their project involves the <br />restoration, renovation and conversion of the <br />historic Stephenson Mill Building (aka: <br />Opelika Building) into multi - family <br />residential housing. After completion, the <br />building will be listed on the National <br />Register of Historic Places as a certified <br />historic structure. A total of 39 one or two <br />bedroom apartments will be created on the <br />site. <br />Typical project amenities will include modern <br />kitchens with a full range of appliances, <br />washer /dyer hookups, a rooftop deck, river <br />view, mini - blinds, security locked intercom <br />entry system, and extensive site landscaping. <br />The total projected cost of the project is <br />estimated to be in excess of $2,400,000. The <br />estimated market value of the property after <br />completion of the project is $1,800,000 <br />(using the net operating income method). <br />The project will create two (2) new <br />permanent full-time jobs, representing an <br />-11- <br />