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South Bend Redevelopment Commission <br />Regular Meeting —May 29, 2014 <br />6. NEW BUSINESS (CONT.) <br />A. South Bend Central Development Area <br />(2) continued... <br />Mr. Varner asked the exact nature of the business. Mr. Zeeb responded that they will get <br />one of the Riverfront District liquor licenses and have some microbrew tasting and sales of <br />brewing equipment. <br />Upon a motion by Mr. Varner, seconded by Mr. Downes and unanimously carried, the <br />Commission approved the Lease with Michiana Brewer's Supply, LLC for 117 S. Michigan <br />Street. <br />B. Airport Economic Development Area <br />There was no business in the Airport Economic Development Area. <br />C. West Washington- Chapin Development Area <br />There was no business in the West Washington- Chapin Development Area. <br />D. South Side Development Area <br />There was no business in the South Side Development Area, <br />E. Northeast Neighborhood Development Area <br />There was no business in the Northeast Neighborhood Development Area. <br />F. Douglas Road Development Area <br />There was no business in the Douglas Road Development Area. <br />7. PROGRESS REPORTS <br />Tax Abatement: Ms. Hahn reported that at its May 28, 2014 Commission meeting the Common <br />Council approved a declaratory tax abatement resolution for Lincoln Park Development to develop a <br />housing cooperative in the Lincoln Park neighborhood. The cooperative will be owned and <br />managed by the residents. Similar co -ops in this area are Walnut Grove and Southmore Mutual <br />Housing. The co -op will have twenty -four free- standing units of 1, 2, 3, and 4 bedrooms. The total <br />project cost will be approximately $4,689,376. The cost of the abatement was calculated based on a <br />residential schedule to be approximately $140,267 for the entire project. The total taxes to be paid <br />over the five years of a residential abatement will be approximately $183,590. <br />