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South Bend Redevelopment Commission <br />Regular Meeting — April 15, 2005 <br />6. NEW BUSINESS (CONT.) <br />B. Tax Abatements <br />(1) continued... <br />abatement in 1985. <br />The building commissioner has reviewed the <br />petition and finds the property to be properly <br />zoned for the proposed project. A review of <br />the South Bend Redevelopment designation <br />areas finds that the property is located in the <br />Airport Economic Development Area, which <br />is a Tax Increment Allocation Area; <br />therefore, the abatement must first be <br />approved by the South Bend Redevelopment <br />Commission. The petitioner meets the <br />qualifications for a nine (9) year real property <br />tax abatement under the tax abatement <br />4W ordinance. <br />Based on a total project cost of $7,000,000 <br />the cost of a nine year tax abatement is as <br />follows: <br />Mr. Schaffer noted that based on the <br />information supplied in the application, Stanz <br />Foodservice qualifies for a a nine year tax <br />abatement; however, there is additional <br />information that the petitioner would like to <br />present that may qualify the company for a <br />ten year abatement.. Staff requests the <br />approval of a ten year abatement upon the <br />submission of the proper documentation. <br />G <br />Estimated taxes <br />over 9 years <br />Without abatement <br />$2,046,258 <br />With 9 -yr abatement <br />$ 918,542 <br />Estimated cost of 9 -yr <br />abatement <br />$1,127,716 <br />Mr. Schaffer noted that based on the <br />information supplied in the application, Stanz <br />Foodservice qualifies for a a nine year tax <br />abatement; however, there is additional <br />information that the petitioner would like to <br />present that may qualify the company for a <br />ten year abatement.. Staff requests the <br />approval of a ten year abatement upon the <br />submission of the proper documentation. <br />G <br />