08/13/07 Community and Economic Development Committee Minutes

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Community and Economic Development Committee August 13, 2007 Page 4 Nanette Tepe made the formal presentation. She noted that the Colfax Place Apartments project would create new residential and commercial uses in the central business district in downtown South Bend. They will be investing $4,100,000 into the project. In response to a question from Council Member Kelly, Ms. Tepe noted that they have had 4 of 12 units addressed in pre-sales. She noted that they units begin at 1,500 square feet. They range in price from $259,000 to $850,000 for the penthouse, with a buyer being on board far the penthouse, Council Member Pfeifer encouraged the petitioner to have mixed socio-economic groups in their development, noting that this would be consistent with the new urbanism concept. Ms. Tepe added that the 2nd floor would be ADA accessible, and that they are aggressively marketing this project both in-town and out-of-town. In response to a question from Council Member Puzzello, Mr. Schalliol stated that this is a complete re-use of the building which qualifies for tax abatement. In response to a question from Council Member Kelly and a concern about the viability of the project, it was noted by the Petitioner that the project has been on the market for almost a year. In response to a question from Council Member Kirsits, Ms. Tepe noted that the entire building will be sprinkled. Council Member Puzzello made a motion, seconded by Council Member Dieter that Bill No. 07-95 be recommended favorably to Council. The motion passed. Bill No. 07-96: 5-Year Personal Property Tax Abatement for 2522 Tucker Drive: Bill No. 07-97. 5-Year Personal Property Tax Abatement for 1400 W. Riverside ©r.; Bill No, 07-98: 5-Year Personal Property Tax Abatement for 1217 & 1215 S. Walnut: Council Member Dieter called far a report on the three E8) 5-year personas property tax abatement requests requested by Steel Warehouse Company LLC for their properties located at 2922 Tucker Drive, 1400 W. Riverside Drive, and 1217 & 1215 S. Walnut.