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South Bend Redevelopment Commission <br />Regular Meeting - May 16, 1997 <br />6. NEW BUSINESS (Cont.) <br />b. continued.... <br />Ms. Auburn stated that she would not <br />support a tax abatement for units that could <br />possible be rented out. She would support a <br />tax abatement for owner occupied units but <br />not for rental units. <br />Jeff Gibney asked if C.D.T. plans to build <br />the first five units and sell them before they <br />begin constructing the other units. He also <br />asked if C.D.T. had approached any local <br />lenders. Mr. Thorsburg stated that C.D.T. <br />approached five local lenders but was <br />unable to get financing from any of them. <br />He believes that the local lenders felt that <br />C.D.T. should have a couple units already <br />sold. He explained that this is a new type of <br />project to the City of South Bend. He <br />stated that they have done extensive <br />research on the proposed project and they <br />believe highly in the project. Jeff Gibney <br />stated that this is a good project and model <br />for South Bend. <br />Ms. Auburn asked if the Commission could <br />move on the proposed project with an <br />amendment that the tax abatement is only <br />for owner occupied units. <br />Mr. Hunt stated that the Commission has <br />concerns that the project may be converted <br />at some point in to rental units. Ms. Bruneel <br />noted that the tax abatement applies to the <br />parcel of land and she wasn't sure if the <br />Commission could condition the tax <br />abatement upon each unit qualifying as <br />owner occupied units. Mr. Thorsburg noted <br />H:\HOME\CPHIPPS\WPDATA\COMMSN\051697.MIN -14- <br />