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South Bend Redevelopment Commission <br />Regular Meeting - June 21, 1996 <br />6. NEW BUSINESS <br />a. Commission approval requested for <br />Resolution No. 1437 Approving an <br />Application for Real Property Tax <br />Deduction for property located at <br />211 -213 South Michigan Street in <br />the South Bend Central <br />Development Area. (Robertson <br />Building) <br />Mr. Beitzinger noted that <br />Robertson's, LLC., proposes to <br />rehabilitate and convert the vacant <br />Robertson's Department Store into a <br />mixed use facility with 80 affordable <br />apartments, 12 market rate <br />apartments, and approximately 8,000 <br />square feet of retail/commercial <br />space on the first floor. The total <br />hard dollar cost of the project is <br />estimated at $6,000,000. In support <br />of the tax abatement request, <br />Robertson's, LLC. , has noted that <br />this project exceeds the required <br />minimum rehabilitation dollar amount <br />by more than ten times, and notes <br />that 85 % of the apartments will be <br />leased to low or moderate income <br />tenants, far exceeding the 20% <br />minimum requirement, and will also <br />result in generating new taxes <br />(because the building is currently <br />government owned) of more than <br />$11, 000 per year even with the <br />abatement. Per the petition, it is <br />estimated that this project will create <br />two (2) new permanent full-time jobs <br />within the first year, representing an <br />-3- <br />