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A I <br />South Bend Redevelopment Commission <br />Regular Meeting —June 7, 2002 <br />6. NEW BUSINESS (CONT.) <br />A. Tax Abatements <br />(2) continued... <br />2. The company's new site requires <br />additional building modifications to <br />meet the restrictive covenants of the <br />area which adds to the overall cost of <br />the building. <br />3. The new location fits the City of <br />South Bend's development plans for <br />the area and will support the <br />warehouse and distribution services <br />already located within the area. <br />Based upon the above, the petitioner is <br />respectfully requesting consideration of a <br />ILI special exception ten -year real property <br />tax abatement under Section 2 -84 of the <br />South Bend municipal code, which is the <br />Council's Authority to Enlarge Real <br />Property Tax Abatement General <br />Standards. <br />Based on a total estimated project cost of <br />$1,384,400 the cost of the tax abatement <br />is as follows: <br />L <br />Estimated taxes <br />over 10 years <br />Without abatement <br />$738,307 <br />With 10 -year <br />$372,845 <br />abatement <br />Estimated cost of <br />$365,462 <br />10 -year abatement <br />L <br />