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South Bend Redevelopment Commission <br /> Regular Meeting—October 25, 2011 <br /> 6. NEW BUSINESS <br /> F. West Washington-Chapin Development Area <br /> (4) continued... <br /> contingent on SBHF being granted the Low <br /> Income and Historic Tax Credits through the <br /> Indiana Housing & Community <br /> Development Authority and the Indiana <br /> Division of Historic Preservation, which will <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 /> 27 <br />