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South Bend Redevelopment Commission <br />Regular Meeting -August 4, 2006 <br />6. NEW BUSINESS (CONT.) <br />A. Tax Abatements <br />() continued... <br />South Bend Chocolate has not had any <br />previous tax abatements. The property is <br />properly zoned for the proposed use. The <br />property is in the South Bend Central <br />Development Area which is a Tax Increment <br />Allocation Area; therefore, the petition for <br />real property tax abatement must first be <br />approved by the South Bend Redevelopment <br />Commission. The project meets the <br />qualifications for afive-year real property tax <br />abatement under the tax abatement <br />ordinance. <br />The project is expected to cost between <br />$750,000 and $1,250,000. With a project <br />cost of $750,000, the cost of the abatement is <br />estimated as follows: <br /> Estimated Taxes <br /> Over 5 Yrs <br />Without Abatement $128,610 <br />With 5 Yr <br />Abatement $51,444 <br />Estimated Cost of 5 <br />Yr Abatement $77,166 <br />With a project cost of $1,250,000, the cost of <br />the abatement is estimated as follows: <br /> Estimated Taxes <br /> Over 5 Yrs <br />Without Abatement $214,350 <br />With 5 Yr <br />Abatement $85,740 <br />Estimated Cost of 5 <br />Yr Abatement $128,610 <br />6 <br />