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South Bend Redevelopment Commission <br />Regular Meeting - March 20, 1998 <br />6. OLD BUSINESS (CONT.) <br />a. continued.... <br />Upon a motion by Mr. Faccenda, seconded COMMISSION ACCEPTED THE PROPOSAL FROM <br />by Mr. Donoho and unanimously carried, THE TROYER GROUP IN THE AMOUNT NOT -TO- <br />the Commission accepted the proposal EXCEED $25,000 FOR A FEASIBILITY STUDY OF <br />PROPERTY IN THE SAMPLE -EWING DEVELOPMENT <br />from The Troyer Group in the amount not- AREA <br />to- exceed $25,000 for a feasibility study of <br />property located in the Sample -Ewing <br />Development Area. <br />6. NEW BUSINESS <br />b. Commission approval requested for <br />Resolution No. 1594 approving an <br />application for real property tax <br />deduction for property located in the <br />Airport Economic Development Area. <br />(Cobra Development, LLC) <br />Mike Beitzinger gave the staff report on <br />this project. <br />Cobra Development, LLC is in the <br />business of acquiring and developing real <br />estate for the purpose of constructing and <br />selling or leasing speculative buildings. <br />This project involves the construction of a <br />15,600 sf building. The building will be <br />of steel construction with a glass front and <br />masonry wainscoting around three sides. <br />Even though the building is being built on <br />a speculative basis and no end user has <br />been identified, Cobra Development, LLC <br />is actively seeking a manufacturing <br />business to utilize the building. The total <br />project cost for the building is expected to <br />exceed $442,000. Per the petition, Cobra <br />Development, LLC estimated that this <br />-8- <br />