Laserfiche WebLink
LIM <br />14 <br />South Bend Redevelopment Commission <br />Regular Meeting —July 2, 2004 <br />6. NEW BUSINESS (CONT.) <br />B. Tax Abatements <br />(1) continued... <br />A review of the tax abatements <br />previously granted, finds that the <br />petitioner has been associated with or <br />granted two previous personal property <br />tax abatements, in 1993 and 2001. The <br />petitioner is in compliance with the <br />reporting requirements for each of the <br />previous abatements. <br />The building commissioner has reviewed <br />the petition and finds the property to be <br />properly zoned for the proposed project. <br />A review of the South Bend <br />Redevelopment designation areas finds <br />that the property Y is located in the Sample <br />Ewing Development Area, which is a <br />Tax Increment Allocation Area; <br />therefore, the abatement must first be <br />approved by the South Bend <br />Redevelopment Commission. <br />A review of the Tax Abatement <br />Ordinance finds that the petitioner meets <br />the qualifications for a five (5) year <br />personal property tax abatement. <br />9 <br />Estimated taxes <br />over five (5) years <br />Without abatement <br />$49,978 <br />With 5 year abatement <br />$17,106 <br />Estimated cost of <br />5 year abatement <br />$32,872 <br />9 <br />