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Sout h Bend l edevelopnient Coiiimissioll <br />Rescheduled e ular Mecti n ....May 8, 2007 <br />6. NEW BUSINESS ONT. <br />B. Tax Abatements <br />(1) continued... <br />will also maintain 1 s 1r , p nnanent <br />f 11 -tinic jobs representing an annual payroll <br />of $2,986,470. <br />The Hinman `on pay y has received no <br />p re v i o l_ I s '1 h ,-i e III I I t_ rl-' he property is <br />properly zoned for the proposed. <br />it proveni.ents. The property is located in the <br />South Bend Ceiitrcal Development Area, <br />which is a]-'ax Increnie nt Allocation Area; <br />therefore, the pennon tOr real property tax <br />deduction. must -first be approved. by the <br />South Bend Redevelopment Commission. <br />Mr. Pccz o wsl:i Doted that the pulling of <br />building permits prior to the abatcnient bein <br />approved indicates that the project would be <br />completed whether or not abatement is <br />anted. All of the public benefit points that <br />come to shape our policy one cyrantin <br />abatements mean nothI11 as we've seen in <br />the TJ Maxx/AJ W ri ah t IISSUC. 1.f the pro�iccts <br />don't live up to promises., we just renegotiate <br />as they don't happen. The project will <br />happen whether or not the City grants <br />abatement. Mr. Pee ko vsl i stated that the <br />Commission needs to staft weaning <br />developers frorn expecting these types of <br />sweeteners to happen on a .regUlar basis. <br />Mr. Hill noted that Baker & Daniels has <br />signed a fifteen year lease. The lease d.id <br />request that the building owner file an <br />abatement petition. .faker & Daniels' <br />investment in both construction and <br />equipment will be just under $4M. Mr. Hill <br />7 <br />