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1 <br /> f <br /> South Bend Redevelopment Commission <br /> Regular Meeting—May 29, 2014 <br /> 1 C 7. PROGRESS REPORTS <br /> i <br /> 1 Mr. Varner asked about some uncertainty expressed at the Council meeting. Ms. Hahn responded <br /> a that the tax abatement program has never had a housing cooperative before, so there is no precedent <br /> 1 on whether it should be handled as a residential abatement or multi-family/commercial because he <br /> I complex will offer very affordable rents. Residential units up for abatement are typically owner- <br /> ] occupied. They are five-year abatements and the cost is calculated with a special residential <br /> calculator. A commercial abatement could be three to seven years,based on the number of points <br /> scored on the points schedule. After consulting with Council member Gavin Ferlic and the <br /> Council's legal counsel,they suggested processing it as a residential abatement. However, in that <br /> type of tax credit project, the assessment is based on the level of rent divided by a cap rate. So, <br /> we're not sure how to determine the actual cost of the abatement. You would need an attorney that 1.` <br /> specializes in tax credit projects to develop an analysis for the Council if it wants that analysis. <br /> 1 Mr. Varner said he would like staff to arrange for an accurate cost estimate. Ms. Hahn said she <br /> would be happy to arrange for one prior to the Council considering the confirming resolution. <br /> 8. NEXT COMMISSION MEETING <br /> i <br /> The Next Regular Meeting of the Redevelopment Commission is scheduled for 9:30 a.m., June 12, <br /> t g <br /> 2014. <br /> 9. ADJOURNMENT €- <br /> CThere being no further business to come before the Redevelopment Commission, the meeting was <br /> adjourned at 9:40 a.m. <br /> A \ <br /> ott C. Ford, Executive Director Marcia I. Jones, :re-'•ent <br /> t <br /> 1 <br /> I <br /> 1 1 <br /> I /1 <br /> 1 <br /> 1 C <br /> j <br /> € <br /> 4 <br /> 1 <br />