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South Bend Redevelopment Commission <br />Regular Meeting - April 6, 2001 <br />5. OLD BUSINESS (CONT.) <br />a. continued... <br />Area. The project qualifies for a six year real <br />property tax abatement under the Tax Abatement <br />Ordinance. <br />Without abatement, the taxes on the $700,000 <br />project would be approximately $224,051. With <br />a six -year abatement, the taxes paid will be <br />approximately $92,359. Therefore, the cost of <br />the abatement will be approximately $131,692 <br />over the six -year period. <br />Upon a motion by Mr. Kahn, seconded by <br />Mr. Faccenda and unanimously carried, the <br />Commission approved Resolution No. 1824 <br />approving an application for real property tax <br />deduction for property located in the Airport <br />Economic Development Area. (Koontz - Wagner <br />Electric Company, Inc.) <br />b. Commission approval requested for <br />Resolution No. 1825 approving an application <br />for real property tax deduction for property <br />located in the South Bend Central <br />Development Area. (Indiana Land Trust <br />5181) <br />Ms. Moran reported that Indiana Land Trust <br />5181 proposes to rehabilitate the building at 209 <br />East Colfax which has been vacant for <br />approximately one year and is quickly <br />deteriorating because of the severe winter. The <br />plan is to conduct improvements totaling <br />$100,000 in order to spark the development of <br />the entire site into a retail complex. Initial <br />improvements including roof repairs, engineering <br />assessment of the corner of the building, <br />electrical re- fitting, mechanical work and repairs, <br />and acquisition of brewing equipment. It is <br />-4- <br />COMMISSION APPROVED RESOLUTION <br />NO. 1824 APPROVING AN APPLICATION FOR <br />REAL PROPERTY TAX DEDUCTION FOR <br />PROPERTY LOCATED IN THE AIRPORT <br />ECONOMIC DEVELOPMENT AREA (KOONTZ- <br />WAGNER ELECTRIC COMPANY, INC.) <br />