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South Bend Redevelopment Commission <br />Regular Meeting -May 16, 1997 <br />6. NEW BUSINESS (Cont.) <br />b. continued.... <br />success of the project. The total cost for the <br />development is estimated at over $1.8 <br />million. Since this is a multi - family housing <br />project, there will be no new permanent job <br />creation, although a series of construction <br />related jobs will be created during the <br />construction process. <br />A review of the tax abatements previously <br />granted finds that C.D.T., L.L.0 has not <br />been granted any previous tax abatement <br />consideration. The building commissioner <br />has reviewed the petition and finds the <br />majority of the property to be properly <br />zoned for the proposed use, however, a <br />small portion to the south side of the <br />property is zoned D -Light Industrial and F <br />Height and Area. This portion will need to <br />be rezoned to B- Residential. A review of <br />the tax abatement designation maps finds <br />that the property is not located in the Tax <br />Abatement Impact Area, however, the <br />property is located in the Economic <br />Development Target Area (a requirement for <br />multi - family housing tax abatement). <br />A review of the South Bend Redevelopment <br />areas finds that the property is located in the <br />South Bend Central Development Area, <br />which is a Tax Incremental Allocation Area, <br />therefore, the petition first requires the <br />approval of the South Bend Redevelopment <br />Commission. A review of the Tax <br />Abatement Ordinance finds that C.D.T., <br />L.L.C. meets the qualifications for a three <br />(3) year real property tax abatement. <br />AFWNI <br />H:\ HOME\ CPHIPPS \WPDATA \COMMSN\051697.MIN -10- <br />