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South Bend Redevelopment Commission <br /> 1 Regular Meeting—May 29, 2014 <br /> C 6. NEW BUSINESS (CONT.) <br /> A. South Bend Central Development Area <br /> 1 (2) continued... <br /> 1 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 /> vF <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 /> A <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 /> aE. Northeast Neighborhood Development Area <br /> There was no business in the Northeast Neighborhood Development Area. <br /> F. Douglas Road Development Area <br /> R <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 /> I 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 /> C <br /> i <br /> 3 <br /> 1 <br /> 4 <br />