04-15-05 Redevelopment Commission Minutes

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South Bend Redevelopment Commission Regular Meeting — April 15, 2005 6. NEW BUSINESS (CONT.) B. Tax Abatements (1) continued... Based on a total project cost of $7,000,000 the cost of a ten year tax abatement would be as follows: Ms. Greene commented that the recommendation of legal counsel is that the Commission approve the ten year abatement subject to appropriate documentation that is acceptable to staff. Upon a motion by Mr. King, seconded by Mr. Blake and unanimously carried, the Commission amended Resolution No. 2161 to reflect a ten (10) year property tax abatement subject to timely submission of appropriate documentation of facts that warrant the granting of a ten (10) year abatement. Upon a motion by Mr. King, seconded by Mr. Blake and unanimously carried, the Commission approved Resolution No. 2161 as amended approving an application for real property tax deduction for property located at Lot 5 of the US 31 Industrial Park Phase II in the Airport Economic Development Area. (Stan Cheese Co., Inc. d/b /a Stn Foodservice, Inc.) a 8 COMMISSION AMENDED RESOLUTION NO. 2161 TO REFLECT A TEN (10) YEAR PROPERTY TAX ABATEMENT SUBJECT TO TIMELY SUBMISSION OF APPROPRIATE DOCUMENTATION OF FACTS THAT WARRANT THE GRANTING OF A TEN (10) YEAR ABATEMENT. COMMISSION APPROVED RESOLUTION NO. 2161 AS AMENDED APPROVING AN APPLICATION FOR REAL PROPERTY TAX DEDUCTION FOR PROPERTY LOCATED AT LOT 5 OF THE US 31 INDUSTRIAL PARK PHASE II IN THE AIRPORT ECONOMIC DEVELOPMENT AREA. (STANZ CHEESE CO., INC. D /B /A STANZ FOODSERVICE, INC.) Estimated taxes over 10 years Without abatement $2,139,873 With 10 -yr abatement $1,080,636 Estimated cost of 10 -yr abatement $1,059,237 Ms. Greene commented that the recommendation of legal counsel is that the Commission approve the ten year abatement subject to appropriate documentation that is acceptable to staff. Upon a motion by Mr. King, seconded by Mr. Blake and unanimously carried, the Commission amended Resolution No. 2161 to reflect a ten (10) year property tax abatement subject to timely submission of appropriate documentation of facts that warrant the granting of a ten (10) year abatement. Upon a motion by Mr. King, seconded by Mr. Blake and unanimously carried, the Commission approved Resolution No. 2161 as amended approving an application for real property tax deduction for property located at Lot 5 of the US 31 Industrial Park Phase II in the Airport Economic Development Area. (Stan Cheese Co., Inc. d/b /a Stn Foodservice, Inc.) a 8 COMMISSION AMENDED RESOLUTION NO. 2161 TO REFLECT A TEN (10) YEAR PROPERTY TAX ABATEMENT SUBJECT TO TIMELY SUBMISSION OF APPROPRIATE DOCUMENTATION OF FACTS THAT WARRANT THE GRANTING OF A TEN (10) YEAR ABATEMENT. COMMISSION APPROVED RESOLUTION NO. 2161 AS AMENDED APPROVING AN APPLICATION FOR REAL PROPERTY TAX DEDUCTION FOR PROPERTY LOCATED AT LOT 5 OF THE US 31 INDUSTRIAL PARK PHASE II IN THE AIRPORT ECONOMIC DEVELOPMENT AREA. (STANZ CHEESE CO., INC. D /B /A STANZ FOODSERVICE, INC.)