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South Bend Redevelopment Commission <br />Regular Meeting —March 1, 2002 <br />6. NEW BUSINESS (CONT.) <br />A. Tax Abatements <br />(1) continued... <br />in the South Bend Central Development <br />Area. <br />The petitioner does not meet the <br />qualifications for a real property abatement <br />under the tax abatement ordinance. <br />Current policy requires an applicant to <br />receive approval of the abatement prior to <br />securing a building permit for the project. <br />This application was submitted to the City <br />Clerk's office on January 29, 2002 and a <br />building permit was secured on <br />February 8, 2002, thereby making the <br />applicant ineligible. Had the applicant not <br />secured the building permit, the project <br />would have been eligible for a six year real <br />property tax abatement. <br />Based on a total project cost of $685,000 <br />the cost of the tax abatement is as follows: <br />Tom Hall, Tuesley & Hall, LLP, <br />representative and manager of SBL <br />Building Company, stated that when he <br />initially inquired about tax abatement, the <br />clear inference to him by the <br />G <br />Estimated <br />taxes <br />over 6 yrs <br />Without abatement <br />$131,550 <br />With 6 -yr abatement <br />$54,228 <br />Estimated cost of 6 -yr <br />$77,322 <br />abatement <br />Tom Hall, Tuesley & Hall, LLP, <br />representative and manager of SBL <br />Building Company, stated that when he <br />initially inquired about tax abatement, the <br />clear inference to him by the <br />G <br />