2 Minutes 5/15/14 Meeting - Laserfiche WebLink

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South Bend Redevelopment Commission Regular Meeting —May 15, 2014 6. NEW BUSINESS (CONT.) E. Northeast Neighborhood Development Area (1) continued... Upon a motion by Mr. Downes, seconded by Mr. Inks and unanimously carried, the Commission approved Resolution No. 3215 approving and authorizing the execution of an Addendum to the Master Agency Agreement (Five Points Utility Relocation Project) F. Douglas Road Development Area G. Ratification of Temporary Use Agreements Use/Agency Use/Agency Lot Event Dates of Use Bend It Till It Breaks St Joseph Surface Bend It Till It Breaks May 3, 2014 until 11:00 p.m., Parking Lot May 3, 2014 121 S. St. Joseph Upon a motion by Mr. Downes, seconded by Mr. Inks and unanimously carried, the Commission ratified the Temporary Use Agreements approved by staff since the April 24, 2014 meeting. 7. PROGRESS REPORTS Tax Abatement: Ms. Hahn reported that the declaratory resolutions for three tax abatements were approved by the Common Council. Their confirming resolutions will be considered at the May 19 Common Council meeting. Tower at Washington Square (renovation of Chase Tower) will receive a four -year real property abatement. The cost of renovation will be $3 million. Taxes abated will be $40,091: Taxes to be paid over the four years will be $1,117,145. The project will create one job and eighteen job: retained. Colfax Hill Partners is a multi -use project with 24 apartment units and commercial space on the ground floor. The project cost is $2.9 million. It is an eight -year real property abatement. Taxes to be abated are $299,443. Taxes to be paid over the eight year period are $416,172. No jobs are projected to be created, but there will be commercial space on the ground floor that could create opportunities for employment. Robert and Catherine Kossler will receive a five -year residential abatement. They are building a home for $330,000 on St. Peter St. Taxes to be abated are $1,893. Taxes to be paid over the five years will be $19,879.