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South Bend Redevelopment Commission <br /> Regular Meeting—May 15, 2014 <br /> 6. NEW BUSINESS (CONT.) <br /> E. Northeast Neighborhood Development Area <br /> (1) continued... <br /> we're looking at the cost of sanitary and water. What used to be the middle of a street is <br /> now developable. It's hard to determine the value of those utilities. <br /> Upon a motion by Mr. Downes, seconded by Mr. Inks and unanimously carried,the <br /> Commission approved Resolution No. 3215 approving and authorizing the execution of an <br /> Addendum to the Master Agency Agreement(Five Points Utility Relocation Project) <br /> F. Douglas Road Development Area <br /> There was no business in the Douglas Road Development Area. <br /> G. Ratification of Temporary Use Agreements <br /> Use/Agency Lot Event Dates of Use <br /> Bend It Till It Breaks St Joseph Surface Bend It Till It Breaks May 3, 2014 until 11:00 p.m., <br /> Parking Lot May 3, 2014 <br /> 121 S. St. Joseph <br /> Upon a motion by Mr. Downes, seconded by Mr. Inks and unanimously carried, the Commission <br /> ratified the Temporary Use Agreements approved by staff since the April 24, 2014 meeting. <br /> 7. PROGRESS REPORTS <br /> Tax Abatement: Ms. Hahn reported that the declaratory resolutions for three tax abatements were <br /> approved by the Common Council. Their confirming resolutions will be considered at the May 19 <br /> Common Council meeting. <br /> • Tower at Washington Square(renovation of Chase Tower)will receive a four-year real property <br /> abatement. The cost of renovation will be$3 million. Taxes abated will be$40,091. Taxes to <br /> be paid over the four years will be$1,117,145. The project will create one job and eighteen jobs <br /> retained. <br /> Colfax Hill Partners is a multi-use project with 24 apartment units and commercial space on the <br /> ground floor. The project cost is$2.9 million. It is an eight-year real property abatement. Taxes <br /> to be abated are$299,443. Taxes to be paid over the eight year period are $416,172. No jobs are <br /> projected to be created,but there will be commercial space on the ground floor that could create <br /> opportunities for employment. <br /> 8 <br />