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A <br />Redevelopment Commission Meeting <br />Regular Meeting — September 17, 2004 <br />6. NEW BUSINESS (CONT.) <br />B. Tax Abatements <br />(2) continued... <br />The petitioner has completed and submitted <br />the required Memorandum of Agreement for <br />the requested abatement. <br />The property located at 225 Garst Street is <br />located in the Sample Ewing Development <br />Area, which is a Tax Increment Allocation <br />Area; therefore, the petition for real property <br />tax abatement must first be approved by the <br />South Bend Redevelopment Commission. <br />The project meets the qualifications for a five <br />(5) year real property tax abatement under <br />the tax abatement ordinance. <br />Mr. Beitzinger estimated the cost of the <br />abatement as follows, based on a project cost <br />of 250,000: <br />Upon a motion by Mr. Kahn, seconded by <br />Mr. Faccenda and unanimously carried, the <br />Commission approved Resolution No. 2099 <br />approving an application for real property tax <br />deduction for property located at 225 Garst <br />Street in the Sample -Ewing Development <br />Area. (James F. and Sandra M. McCune) <br />all <br />COMMISSION APPROVED RESOLUTION NO. 2099 <br />APPROVING AN APPLICATION FOR REAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED AT 225 GARST STREET IN THE <br />SAMPLE -EWING DEVELOPMENT AREA. (JAMES <br />F. AND SANDRA M. MCCUNE) <br />Estimated <br />Taxes Over 5 <br />Yrs <br />Without Abatement <br />$39,005 <br />With 5 Yr <br />Abatement <br />$15,602 <br />Estimated Cost of 5 <br />Yr Abatement <br />$23,403 <br />Upon a motion by Mr. Kahn, seconded by <br />Mr. Faccenda and unanimously carried, the <br />Commission approved Resolution No. 2099 <br />approving an application for real property tax <br />deduction for property located at 225 Garst <br />Street in the Sample -Ewing Development <br />Area. (James F. and Sandra M. McCune) <br />all <br />COMMISSION APPROVED RESOLUTION NO. 2099 <br />APPROVING AN APPLICATION FOR REAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED AT 225 GARST STREET IN THE <br />SAMPLE -EWING DEVELOPMENT AREA. (JAMES <br />F. AND SANDRA M. MCCUNE) <br />