RM 10-17-80 - Laserfiche WebLink

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South Bend Redevelopment Commission Regular Me ting - October 17, 1980 5. OLD BUSINESS a. continued... Mr. Nimtz: I:think all of the plans I have seen in the last five or six years have shown this service drive. I think everybody is well ac- quainted and apprised of the fact that it is the intention to construct the service drive. 6. NEW BUSINESS a. Commission approval me t request relati re erred to as 305" La avette . ted for a tax abate- ve to an area commonly. W..Jefferson or 133 South Mr McMahon: The staff has reviewed the re- quest for tax abatement and you have in your fi e a three -page summary of our review of that matter. The second page summarizes our review of the tax abatement and states that the area in question has been by- passed or underutilized due to economic circumstances which have deterred normal development. On the second page our finding is that the area in question, highlighted behind No.. 1 and indented, reads, "the area in question has been by- passed or underutilized due to economic circumstances which have deterred normal development." Al hi as be fo ma ha th al De is to or pr low me to highlight a few points. The >tory of the property shows that the ;essed value has increased 16% in the period :weep 1962 and 1979, and that the increase the City, as a whole, has been approxi :ely 51% , which shows that the property demonstrated that it has lagged behind it increase in assessed valuation. I would ;o like to note that on page three the (elopers have indicated that they feel it necessary to rehab the building substantially, the tune of between $80,000 to $100,000, in ier to stimulate adequate reinvestment in the )perty. Mr. Roemer is here this morning E