RM 07-11-80 - Laserfiche WebLink

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South Bend 4edevelopment Commission Regular Mee ing July 11, 1980 6. NEW BUS d. contiinued..... Mr. Ellison continues....... The Department clearly feels that the area qualifies from a condition standpoint as an urban development area. Under supplemental observation-the report simply asks that the Commission concur in the petitioners claim of public benefits that include a modern office building, addition of $195,000 valuation to the tax roles, -a building that will enhance the neighborhood, the creation of jobs, and finally to provide construction that would eliminate the need for further governmental action to rehabilitate these specific areas for which abatement is petitioned. There is a note in the report that says... "the Commission further notes the historic public benefit of minority owned redevelopment of a non- residential nature occurring on urban renewal land. Given the percentage of minorities within the community's population, this historic project is long overdue." That. suggests that this is the first ex le of a minority owned non- residential venture on urban renewal land in South Bend. The report finally concludes that while the petitioner did not provide detailed project financing information, the Redevelopment staff is familiar with these details and offers its opinion that. the project cannot be completed without tax abatement. It did note that the abatement cost, making assumptions with respect to assessed valuation and tax rate found that the cost of the aba ement over ten years to the City, if is it granted, would be $33,660.00. Mr. Szarwark: First of all I would like to give the Commissioners Exhibit "C" (pictures of the property for which abatement is requested. Secondly, let me thank the Coirdissioners for considering this petition so Iromptly. As Mr. Ellison stated, this is z situation in which the land in que tion has been under public ownership until just recently. 21