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South Bend Redevelopment Commission <br />Regular Meeting - April 6, 2001 <br />5. OLD BUSINESS (CONT.) <br />b. continued... <br />estimated that the project will create three (3) <br />new permanent jobs within the first year, <br />representing a new annual payroll of $100,000. <br />The petitioner has not been granted any previous <br />tax abatements and is properly zoned for the <br />proposed project. The property is located in the <br />East Bank portion of the South Bend Central <br />Development Area, which is a Tax Incremental <br />Allocation Area and qualifies for a ten -year real <br />property tax abatement. <br />Without abatement, the taxes on the $100,000 <br />project would be approximately $53,345. With a <br />ten -year abatement, the taxes paid will be <br />approximately $26,406. Therefore, the cost of <br />the abatement will be approximately $26,939 <br />over the ten -year period. <br />Upon a motion by Mr. Kahn, seconded by <br />Mr. Faccenda and unanimously carried, the <br />Commission approved Resolution No. 1825 <br />approving an application for real property tax <br />deduction for property located in the South Bend <br />Central Development Area. (Indiana Land Trust <br />5181) <br />6. NEW BUSINESS <br />a. Filing of Resolution No. 1831 amending the <br />Sample -Ewing Development Area <br />Development Plan and setting a Public <br />Hearing on April 20, 2001 at <br />10:00 a.m. <br />Commission accepted for filing Resolution <br />No. 1831 and set a Public Hearing for April 20, <br />2001 at 10:00 a.m. <br />-5- <br />COMMISSION APPROVED RESOLUTION <br />NO. 1825 APPROVING AN APPLICATION FOR <br />REAL PROPERTY TAX DEDUCTION FOR <br />PROPERTY LOCATED IN THE SOUTH BEND <br />CENTRAL DEVELOPMENT AREA (INDIANA <br />LAND TRUST 518 1) <br />COMMISSION ACCEPTED FOR FILING <br />RESOLUTION NO. 1831 AND SET A PUBLIC <br />HEARING FOR APRIL 20, 2001 AT 10:00 A.M. <br />