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02-08-10 Council Agenda & Packet
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02-08-10 Council Agenda & Packet
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Community Economic Development. <br />1200 County -City Building, 2.27 West Jefferson, South Bend, Indiana 46601 -1830 _ Phone 5741235 -9371 Fax 5I4/75� yu�I <br />To, <br />From: <br />Subject. <br />Date, <br />Timothy A. Rouse, Chairperson, Community and Economic and <br />Development Committee <br />Bob Mathia <br />Addendum to Staff Report for Patterson Logistics <br />Property Tax Abatement Petition <br />February 2, 2010 <br />This addendunh is being submitted to the staff report, dated January <br />It: FE B 3 2010 <br />CITY 'd ERK, SO, BEND, 'N. <br />or he rea property <br />tax abatement petition submitted by Patterson Logistics Services, Incorporated. That petition was <br />also submitted on January 27, 2010. Based on faitlher discussion with the petitioner and review of <br />the petition, it was determined that the petitioner, Patterson Logistics Services, n-my qualify for up to <br />an eight year real property tax abatement. A firm determination on the number years cannot be made <br />at this time because the co>hipany is still in the early stages of collecting inform-iation on potential <br />construction suppliers and contractors. The delay is due to the project's size. They intend to sub>nit <br />this infon-nation prior to the Con-ii-non Council meeting to consider their confining resolution. At <br />that time final points will be awarded and the length of the abatement term set. Based on current <br />information, the minimlahn term the company will qualify for is five years. <br />It should also be noted that staff revised the computer progranhlspread sheet used to estimate taxes <br />abated and taxes paid to account for an existing real property tax abatement that the petitioner <br />intends to assume. In preparing the new estimates staff located an error in the revised program and <br />corrected it. <br />Based on the above, the revised tax abatement projections are as follows: Total taxes to be abated <br />during a five -year abatement period are estimated at 5631,439. This includes $189,500 for the <br />proposed improvements and $441,939 for the tax abatement on the existing building. Total <br />additional taxes to be 12a1 0 as a result of the project during the five -year abatement period are <br />estimated at $931;271. This includes $182,916 for the improvements and $748,' )55 for the existing <br />building. Total taxes to be abated during an eight -year abatement period are estimated at $705,185. <br />This includes $260,871 for the proposed improvements and 8444,314 for the tax abatement oil the <br />existing building. Total additional taxes to be paid as a result of the project during the eight -year <br />abatement period are estimated at $1,795,150. This includes x334,994 for the improvements and <br />S1,460,156 for the existing building. <br />Mcnho.To.Increase.Terlhh.2.doc What We Do Today Makes A DfffereveQ ! <br />
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