03-15-02 Redevelopment Commission Minutes

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South Bend Redevelopment Commission Regular Meeting —March 15, 2002 6. NEW BUSINESS (CONT.) B. Tax Abatements (1) continued... Based on a total project cost of $270,000 the cost of the tax abatement is as follows: Mr. Scott Keller of Anderson, Agostino & Keller advised the Commission that their law firm was established in June 2000 and since that time has been expanding. Mr. Keller noted that the firm's present facilities are too small, and after looking at various options, purchased the property at 131 S. Taylor Street from First Source Bank. They also purchased a connecting two story apartment building which has been subject to code enforcement orders and probably will have to be demolished at a cost to the firm of approximately $30,000. Mr. Keller stated the property has been underutilized for quite some time, thus explaining the need for numerous repairs and mechanical VA Estimated taxes over 3 years Without $32,407 abatement With 3 -yr $10,802 abatement Estimated $21,605 cost of 3 -yr abatement Mr. Scott Keller of Anderson, Agostino & Keller advised the Commission that their law firm was established in June 2000 and since that time has been expanding. Mr. Keller noted that the firm's present facilities are too small, and after looking at various options, purchased the property at 131 S. Taylor Street from First Source Bank. They also purchased a connecting two story apartment building which has been subject to code enforcement orders and probably will have to be demolished at a cost to the firm of approximately $30,000. Mr. Keller stated the property has been underutilized for quite some time, thus explaining the need for numerous repairs and mechanical VA