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South Bend Redevelopment Commission <br />Regular Meeting —June 15, 2001 <br />6. NEW BUSINESS (CONT.) <br />a. continued... <br />property abatement. The petitioner is in <br />compliance with the reporting requirements for <br />the previous abatements. <br />The property is properly zoned for the proposed <br />project and is located in the Airport Economic <br />Development Area, which is a Tax Incremental <br />Allocation Area; therefore, the petition for real <br />property tax abatement must first be approved <br />by the South Bend Redevelopment <br />Commission. A review of the Tax Abatement <br />Ordinance finds that the petitioner meets the <br />qualifications for a five (5) year personal <br />property tax abatement. <br />Based on a projected project cost of $1,200,000 <br />the total estimated taxes on the project without <br />abatement would be approximately $123,663. <br />With abatement the taxes would be <br />approximately $42,326. Therefore the cost of <br />the abatement would be approximately $81,337. <br />Based on a projected project cost of $1,500,000 <br />the total estimated taxes on the project without <br />abatement would be approximately $154,578. <br />With abatement the taxes would be <br />approximately $52,907. Therefore the cost of <br />the abatement would be approximately <br />$101,671. <br />Mr. Christensen, Bowne, Inc., said the projected <br />19 new jobs is a conservative estimate. If the <br />New York Stock Exchange rebounds, as it is <br />expected to at the end of this year, they could <br />experience a greater demand. <br />5 <br />