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South Bend Redevelopment Commission <br />Regular Meeting —April 19, 2002 <br />6. NEW BUSINESS (CONT.) <br />A. Tax Abatements <br />(1) continued... <br />The petitioner has not been granted any <br />previous tax abatements. The property is <br />properly zoned for the proposed project. <br />The property is located in an area <br />presently designed as a Tax Abatement <br />Impact Area by the South Bend <br />Common Council. The property is <br />located in the South Bend Central <br />Development Area which is a Tax <br />Incremental Allocation Area; therefore <br />the petition for real property tax <br />abatement must first be approved by the <br />South Bend Redevelopment <br />Commission. <br />A review of the Tax Abatement <br />Ordinance finds that the petitioner meets <br />the qualifications for a ten -year real <br />property abatement. <br />Based on a total estimated project cost of <br />$5,250,000 the cost of the tax abatement <br />is as follows: <br />C6 <br />Estimated taxes <br />over 10 years <br />Without abatement <br />$840,191 <br />With 10 -year <br />$424,296 <br />abatement <br />Estimated cost of <br />$415,894 <br />10 -year abatement <br />C6 <br />