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South Bend Redevelopment Commission <br />Regular Meeting - January 21, 1994 <br />6. NEW BUSINESS (Cont.) <br />e. continued... <br />Progress Drive in the Airport Economic <br />Development Area. (Automatic <br />Technologies, Inc.) <br />Commission approval requested for <br />Resolution No. 1218 =roving an <br />application for real property tax <br />deduction for property located at 317 <br />West Washington Street in the South <br />Bend Central Development Area. <br />(Central High Associates Limited <br />Partnership) <br />Mr. Inks read the staff report on the <br />project. Central High Associates <br />Limited Partnership (The Alexander <br />Company is its general partner) proposes <br />to restore, renovate and convert the <br />historic Central High School into multi- <br />family housing. A total of 102 <br />apartments will be created on the site. <br />Typical project amenities will include <br />modern kitchens with a full range of <br />appliances, mini - blinds, security locked <br />intercom entry system and extensive <br />landscaping. The total projected cost of <br />the project is estimated to be <br />$9,000,000. The estimated market value <br />of the property after completion of the <br />project is $3,500,000 (using the net <br />operating income method). <br />The project will create three (3) new <br />permanent full time jobs, representing an <br />annual payroll of $45,000. The project <br />will also create a series of construction <br />-10- <br />