05-21-04 Redevelopment Commission Minutes

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[A G South Bend Redevelopment Commission Regular Meeting- -May 21, 2004 6. NEW BUSINESS B. Tax Abatements (1) continued... therefore, the petition for real property tax abatement must first be approved by the South Bend Redevelopment Commission. A review of the Tax Abatement Ordinance finds that the petitioner meets the qualifications for a seven (7) year real property tax abatement. Based on a total estimated project cost of $6,350,000 the cost of the tax abatement is as follows: Mr. Bob Henry, The Robert Henry Corporation, spoke on behalf of USF Holland, Inc. The new terminal was slated to be built in 2001; however, due to the economic downturn, construction plans were cancelled. The existing terminal was built in 1998 and is located on William Richardson Drive in the Airport Economic Development Area. The economy has recently grown, and despite utilizing all 55 doors available, trucks are continuously sitting idle, waiting to enter the terminal. USF Holland, Inc. is now proceeding with the project and expects to break ground in approximately one month. on Estimated taxes over 7 years Without abatement $1,349,460 With 7 year abatement 580,268 Estimated cost of 7 year abatement 769,192 Mr. Bob Henry, The Robert Henry Corporation, spoke on behalf of USF Holland, Inc. The new terminal was slated to be built in 2001; however, due to the economic downturn, construction plans were cancelled. The existing terminal was built in 1998 and is located on William Richardson Drive in the Airport Economic Development Area. The economy has recently grown, and despite utilizing all 55 doors available, trucks are continuously sitting idle, waiting to enter the terminal. USF Holland, Inc. is now proceeding with the project and expects to break ground in approximately one month. on