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South Bend Redevelopment Commission <br />Regular Meeting –March 5, 2010 <br /> <br />6. NEW BUSINESS <br /> <br />B. Tax Abatements <br /> <br />(1) continued… <br /> <br />Invacare Corporation is a leading <br />manufacture and designer in the worldwide <br />home medical equipment market. The <br />company designs, manufactures and <br />distributes an extensive line of health care <br />products for the non-acute care environment, <br />including the home health care, retail and <br />extended care markets. <br /> <br />Olive Cleveland Partners has just begun <br />collecting information on potential suppliers <br />and contractors for the project. For this <br />reason they were unable to answer the <br />questions related to suppliers of construction <br />materials and construction contractors. They <br />intend to submit this information prior to the <br />Common Council meeting to consider their <br />confirming resolution. At that time final <br />points will be awarded and the length of the <br />abatement term will be set. Based on current <br />information, the Olive Cleveland Partners <br />will score sufficient points for a three-year <br />term. The Petitioner has supplied <br />information from a previous project to be <br />used for estimation purposes. If they score <br />all of the points for construction they would <br />have enough for five years. For purposes of <br />consideration of the Declaratory Resolution <br />we are estimating the term at six years to <br />allow for any extra adjustment. Anything <br />less will result in a reduction in the amount <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 /> 23 <br /> <br />