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South Bend Redevelopment Commission <br />Regular Meeting –March 5, 2010 <br /> <br />of tax revenue abated. <br /> <br />Assuming a six-year abatement term is <br />approved at the Confirming Resolution, the <br />total taxes to be abated during that term are <br />estimated at $210,386. Total taxes to be paid <br />during the six-year term are estimated at <br />$218,637. If the term remained at three <br />years, total taxes to be abated are estimated at <br />$123,376. Total taxes to be paid over the <br />three-year term are estimated at $91,136. <br /> <br />The project will not create any new, <br />permanent full-time positions. However, it <br />will retain 23 existing permanent full-time <br />positions, including 7 existing permanent <br />full-time minority employees, with a total <br />annual payroll of $668,820. <br /> <br />Olive Cleveland Partners has one (1) <br />previous tax abatement, a seven year real <br />property abatement granted 2008. The <br />property is properly zoned for the proposed <br />project. The property is located in the <br />Airport Economic Area, which is a Tax <br />Incremental Allocation Area; therefore, the <br />petition for real property tax deduction must <br />first be approved by the South Bend <br />Redevelopment Commission. The project <br />meets the qualifications for tax abatement <br />under the tax abatement ordinance. <br /> <br />Mr. Varner asked if Invacare is relocating <br />from another building in the area? Mr. Greg <br />Pink, representing Olive Cleveland Partners, <br />responded that they are. There is however, a <br />tenant for the building Invacare is leaving <br />behind. <br /> <br />Upon a motion by Mr. Downes, seconded by CRN.2660 <br />OMMISSION APPROVED ESOLUTION O <br />APPROVING AN APPLICATION FOR REAL <br />Mr. Alford and unanimously carried, the <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />Commission approved Resolution No. 2660 <br />14&15V <br />LOCATED AT LOTS ON ORDEN <br /> 21 <br /> <br />