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04-16-04 Redevelopment Commission Minutes
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04-16-04 Redevelopment Commission Minutes
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South Bend Redevelopment Commission <br />IL Regular Meeting —Apri l 16, 2004 <br />6. NEW BUSINESS <br />A. Tax Abatements <br />(2) continued... <br />Mr. O'Brien reported that in addition to the <br />information provided by Mr. Faccenda, Jr. <br />regarding The Woodwind and The <br />Brasswind expansion project, staff will add <br />the following: <br />► A review of tax abatements previously <br />granted, finds that the petitioner has been <br />granted one (1) previous tax abatement. <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 is located in the Airport <br />Economic Development Area, which is a <br />Tax Increment Allocation Area; <br />therefore, the abatement must first be <br />approved by the Redevelopment <br />Commission. <br />► A review of the Tax Abatement <br />Ordinance finds that the petitioner meets <br />the qualifications for a nine (9) year real <br />property tax abatement. <br />Based on a total estimated project cost of <br />$5,560,000 the cost of the tax abatement is <br />as follows: <br />IL. 15 <br />Estimated taxes <br />over nine (9) years <br />Without abatement <br />$1,519,164 <br />With 9 -yr abatement <br />681,936 <br />IL. 15 <br />
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