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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 />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. The project is also in the East <br />Bank Development Area which has a <br />different set of qualifications for office <br />development. The project qualifies for a <br />eight-year real property tax abatement under <br />the tax abatement ordinance. <br />The estimated cost of the eight-year <br />abatement is as follows: <br /> Estimated Taxes <br /> Over 8 Yrs <br />Without Abatement $688,392 <br />With 8 Yr <br />Abatement $299,450 <br />Estimated Cost of 8 <br />Yr Abatement $388,942 <br />Upon a motion by Mr. Hojnacki, seconded <br />by Mr. Blake and unanimously carried, the <br />Commission approved Resolution No. 2268 <br />approving an application for eight years of <br />real property tax deduction for property <br />located at 104 North Niles Avenue in the <br />South Bend Central Development Area. <br />(Niles/Washington LP for the benefit of AM <br />General) <br />COMMISSION APPROVED RESOLUTION N0.2268 <br />APPROVING AN APPLICATION FOR EIGHT YEARS <br />OF REAL PROPERTY TAX DEDUCTION FOR <br />PROPERTY LOCATED AT 104 NORTH MILES <br />AVENUE IN THE SOUTH BEND CENTRAL <br />DEVELOPMENT AREA. (MILES/WASHINGTON LP <br />FOR THE BENEFIT OF AM GENERAL) <br />63 <br />