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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 />() continued... <br />and one existing permanent, part-time job <br />representing an annual payroll of $830,000. <br />Old Fort Building Supply has not received <br />any previous tax abatements. The property is <br />properly zoned for the proposed project. The <br />property is located in the Sample-Ewing <br />Development Area, which is a tax increment <br />allocation area; therefore, the petition for real <br />property tax deduction must first be approved <br />by the South Bend Redevelopment <br />Commission. Although the project qualifies <br />for afive-year abatement, staff recommends <br />the Commission grant only athree-year <br />abatement because the project converts a <br />vacant lot for outdoor storage with no <br />building construction. <br />The estimated cost of the three-year <br />abatement is as follows: <br /> Estimated Taxes <br /> Over 3 Yrs <br />Without Abatement $20,577 <br />With 3 Yr <br />Abatement $4,1161 <br />Estimated Cost of 3 <br />Yr Abatement $16,461 <br />Upon a motion by Mr. Hojnacki, seconded <br />by Mr. Blake and unanimously carried, the <br />Commission approved Resolution No. 2262 <br />approving an application for three years of <br />real property tax deduction for property <br />located at 1401 South Main Street in the <br />COMMISSION APPROVED RESOLUTION N0.2262 <br />APPROVING AN APPLICATION FOR THREE YEARS <br />OF REAL PROPERTY TAX DEDUCTION FOR <br />PROPERTY LOCATED AT 14O I SOUTH MAIN <br />STREET IN THE SAMPLE-SWING DEVELOPMENT <br />AREA. (BLK,LLC D/B/A OLD FORT BUILDING <br />SUPPLY) <br />57 <br />