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Ln <br />South Bend Redevelopment Commission <br />Regular Meeting - December 16, 1994 <br />6. NEW BUSINESS (Cont.) <br />C. Commission approval requested for <br />Resolution No. 1303 approving an <br />application for real property tax <br />deduction for property bounded by <br />Fellows Street, Wenger Street, Rush <br />Street and Pennsylvania Street in the <br />Sample -Ewing Development Area. <br />(Heritage Homes Southeast LP) <br />Mr. Beitzinger read the staff report on <br />the project. Heritage Homes Southeast <br />Limited Partnership was created solely <br />for this development. The General <br />Partner is Heritage Homes Southeast <br />Corporation, a wholly owned subsidiary <br />of South Bend Heritage Foundation. <br />Heritage Homes Southeast LP intends to <br />construct and manage 54 units of two or <br />three bedroom apartments in 27 duplexes <br />on approximately 5.3 acres of land <br />bounded by Fellows, Wenger, Rush and <br />Pennsylvania streets. All of the <br />apartments will be made available to low <br />and moderate income families. <br />The total hard -dollar costs of new <br />construction are $3,800,000. The <br />estimated market value of the property <br />upon completion of the project is <br />$850,000 (using the income method of <br />valuation) . <br />It is estimated that this project will create <br />two new permanent part-time jobs within <br />the first year, representing an annual <br />payroll of $30,000. In addition, the <br />project is expected to create as many as <br />seventy construction jobs to build the <br />homes. <br />-12- <br />