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08-25-06 Redevelopment Commission Minutes Minutes
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08-25-06 Redevelopment Commission Minutes Minutes
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8/25/2006
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08-25-06 Agenda
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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting -August 25, 2006 <br />6. NEW BUSINESS (CONT.) <br />B. Tax Abatements <br />(1) Commission approval requested for <br />Resolution No. 2262 approving an <br />application for real property tax deduction <br />for property located at 1401 South Main <br />Street in the Sample-Ewing Development <br />Area. (BLK,LLC d/b/a Old Fort Building <br />Supply) <br />Mr. Schalliol gave the staff report on the <br />project. Old Ford Building Supply is a major <br />supplier of construction materials to the <br />Michiana area. The main product lines are <br />brick, architectural block, stone, landscaping <br />pavers, drywall, acoustical ceilings and <br />related products. The company plans to <br />renovate a Redevelopment Commission- <br />owned, vacant lot into a paved and fenced <br />outdoor storage yard for masonry products. <br />The additional storage is Phase I of afour- <br />phase expansion plan at Old Fort. The <br />estimated cost of the addition is $200,000. <br />Alternative to the tax abatement, Old Fort <br />Building Supply may qualify for an <br />Enterprise Zone Investment deduction. This <br />new 10-year deduction covers 100% of <br />assessed value from new investment, but <br />requires the company to contribute 25% of <br />savings to the Urban Enterprise Association. <br />If the company receives the Enterprise Zone <br />Investment deduction, the tax abatement will <br />become null and void. <br />It is estimated that the total project will <br />create two new, permanent, full-time jobs <br />representing a new annual payroll of <br />$60,000. The project will also maintain <br />nineteen existing, permanent, full-time jobs <br />56 <br />
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