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04-05-07 Redevelopment Commission Minutes
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04-05-07 Redevelopment Commission Minutes
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1/16/2008 10:17:20 AM
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4/5/2007
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04-05-07 Redevelopment Commission Agenda
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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting -April 5, 2007 <br />6. NEW BUSINESS <br />A. Tax Abatements <br />continue ... <br />Mr. Mathia noted that Odyssian <br />Technology's application for real and <br />personal property tax abatement was <br />approved by the Commission and Common <br />Council in early 2007. Subsequently, <br />Odyssian secured contractors and <br />subcontractors with employment practices <br />that increase the points on the Public Benefit <br />Points Summary affecting the length of <br />abatement Odyssian qualifies for. Odyssian <br />Technology, now meets the requirements for <br />a six year commercial real estate tax <br />abatement and wishes to extend the <br />abatement to six years instead of the three <br />years originally approved. <br />Mr. Inks noted that these types of <br />modifications to tax abatements are likely to <br />occur frequently in the future. During <br />completion of the Public Benefit Points <br />Summary, some of the information must be <br />estimated. The Council has asked that the <br />estimates be made conservatively. When the <br />actual information is known, there is the <br />potential for the applicant to qualify for <br />additional years of abatement and they will <br />usually want to adjust the benefit statement <br />to qualify for those additional years. That is <br />what is happening here. <br />Mr. Mathia noted that the amount of taxes to <br />be abated during the six year abatement is <br />estimated at $24,144 while the total taxes to <br />be paid during the abatement are estimated at <br />$17,010. <br />12 <br />
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