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South Bend Redevelopment Commission <br />Regular Meeting -July 21, 2006 <br />6. NEW BUSINESS (CONT.) <br />B. Tax Abatements <br />continue ... <br />project. Huron Partners has not had any <br />previous tax abatements. The property is <br />properly zoned for the proposed use. The <br />property is in the Airport Economic <br />Development Area; therefore the petition <br />must first be approved by the South Bend <br />Redevelopment Commission. The project <br />qualifies for anine-year real property tax <br />abatement under the tax abatement <br />ordinance. <br /> Estimated Taxes <br />Over 9 Yrs <br />~Uithout Abatement $1,538,127 <br />~Uith 9 Yr Abatement $690,448 <br />Estimated Cost of 9 Yr <br />Abatement <br />$847,679 <br />Ms. Greene reiterated that if the Commission <br />desires to approve this abatement as <br />presented, the approval granted would be <br />contingent upon the expansion of the Airport <br />Economic Development Area to include the <br />project area. <br />Mr. King noted that the City's tax abatement <br />ordinance encourages certain behaviors by <br />companies that apply for tax abatement and <br />evaluates those behaviors on a point scale. <br />This project deserves a mention for scoring <br />very well in its commitment to do things we <br />think are very important: employing local <br />companies, buying materials locally, paying <br />target wage levels, providing employee <br />benefits. We're always looking for new <br />investment to be made, but we're also <br />13 <br />