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South Bend Redevelopment Commission <br />Special Meeting — August 8, 2002 <br />6. NEW BUSINESS (CONT.) <br />E. Airport Economic Development Area <br />(4) continued... <br />Ms. Roemer asked the value of a tax <br />abatement for the area. If the residents are <br />entering into "the compact ", and paying the <br />fifty (50 %) percent differential between the <br />City and County tax rates and the utility <br />surcharge, she questioned if it would <br />actually be less expensive for them. Ms. <br />Roemer commented that the reason the <br />residents do not want to annex is because <br />they will be receiving City utilities, but will <br />not be paying City taxes. Ms. Roemer <br />asked if the residents would be eligible for <br />tax abatement if annexed. <br />ILMr. Jon Hunt replied that under State law <br />there is a provision that allows, under <br />annexation of a fully developed residential <br />area, for the City to phase -in the amount of <br />property taxes over a period of time. <br />Mr. Jon Hunt addressed other issues in the <br />MOU. He noted the City has a series of <br />priorities for the expenditure of the <br />approximately $67,000 sale proceeds. There <br />are a number of monitoring wells located on <br />the property. If the Developer's plan calls <br />for one of those wells to be relocated, the <br />money would be used for that purpose by <br />request to the Board of Public Works. There <br />is also a water line adjacent to the Villa <br />Development which the City engineers <br />could extend to the Villa site. The <br />developer has also asked for City support <br />with the County and State in terms of fast - <br />tracking and obtaining waivers. <br />14 <br />