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South Bend Redevelopment Commission <br />Regular Meeting — October 25, 2011 <br />be announced in February 2012. If the tax <br />credits are awarded, construction will begin <br />October 2012, with project completion <br />October 2013 (with 2013 TIF funds). <br />Mr. Varner said it was his calculation that <br />this renovation would cost $200 per square <br />foot with new construction only costing $175 <br />per square foot. Mr. Mariani answered his <br />concern with looking at just the hard cost of <br />construction of $1.9 million, it's about $118 <br />per square foot. Additional costs being soft <br />costs. Mr. Varner stated that that is still $200 <br />per square foot. Mr. Gibney added that the <br />majority of the funding for this project is <br />from the private sector. The city's <br />participation is only 10 %. Mr. Gibney thinks <br />it is the solution needed for this building. <br />Mr. Varner also asked if South Bend <br />Heritage Foundation will pay taxes on the <br />renovated property. Mr. Mariani responded <br />that, since it will be an income producing <br />property, a $10,000 annual tax payment has <br />been built into the pro -forma for the <br />operating cost of the building. <br />Mr. Downes asked if there was enough <br />demand for downtown rental housing to fill <br />the building. Mr. Mariani answered that <br />studies show demand for that caliber of <br />multi - family housing. It's a great location <br />for senior housing for many reasons. <br />Ms. Jones added because it's a low- income <br />senior housing building, it would have been <br />possible to squeeze another unit or two into <br />the building, but with much consideration <br />there's going to be a community center for <br />the residents. <br />Ms. Jones also disclosed that she is a member <br />24 <br />