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TAXABATEMENT REPORT <br /> TO: SOUTH BEND COMMON COUNCIL <br /> FROM: KATHY HAHN <br /> SUBJECT: REAL PROPERTY TAX ABATEMENT PETITION FOR: <br /> THE TIRE RACK, INC. <br /> DATE: July 9, 2012 <br /> On April 4, 2012, a petition for real property tax abatement consideration for property located at 7101 <br /> Vorden Parkway was filed with the City Clerk by The Tire Rack, Inc. On July 13, 2012, 1 submitted a <br /> letter to the Common Council explaining that based on the point schedule the company qualifies for a five <br /> year abatement. Since then the company has been able to better estimate their construction costs and <br /> would like to submit a new estimate of those costs as follows: <br /> PREVIOUS INFORMATION NEW INFORMATION <br /> Square footage of building 36,000 34,000 <br /> Project Cost $6,500,000 $4,700,000 <br /> Taxes Abated $496,345 $20$,066 <br /> Taxes Paid $471,939 $201,219 <br /> The term of the abatement will still be five years. <br />