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04-15-02 Redevelopment Commission Minutes
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04-15-02 Redevelopment Commission Minutes
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South Bend Redevelopment Commission <br />Special Meeting —April 15, 2002 <br />6. NEW BUSINESS (CONT.) <br />B. Sample -Ewing Development Area <br />(5) continued... <br />years this project will create a total of <br />eight hundred and seventy -four new <br />jobs, representing an payroll of over $44 <br />million, including benefits. <br />The petitioner has not been granted any <br />previous tax abatement. The property is <br />properly zoned for the proposed project. <br />The property is located in an area <br />presently designated as a Tax Abatement <br />Impact Area by the South Bend <br />Common Council. The property is <br />located in an area presently designated as <br />an Economic Development Target Area <br />IL by the South Bend Economic <br />Development Commission. The <br />property is located within the Urban <br />Enterprise Zone boundaries. The <br />property is located in the Sample -Ewing <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 />The petitioner meets the qualifications <br />for a ten -year real property tax abatement <br />based on the Tax Abatement Ordinance. <br />Based on a total estimated project cost of <br />$24,000,000 the cost of the tax <br />abatement is a follows: <br />IL 10 <br />
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