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South Bend Redevelopment Commission <br />Regular Me ting - July 8, 1983 <br />6. NEW BUSINESS (Cont.) <br />a. uonrinuea.. . <br />We would be taking vacant land and creating a <br />us ful business. The current taxes on this <br />un mproved land is $1,880.00 annually. <br />After completion of the building the land and <br />building would have an approximate value of <br />$270,000.00, therefore the tax due the city <br />would be $11,188.00 annually. An increase of <br />$9,308.00 per year. <br />Ov r a twenty year period this would be an <br />ad ed revenue to the City of $186,160.00, <br />as uming tax rates do not change. <br />This project will be the showcase, the spark, <br />the flagship for redevelopment of the <br />Stu ebaker Corridor. <br />We ill not request tax abatement for the <br />pro iect. <br />We espectfully request you help us help you <br />revitalize the Studebaker Redevelopment <br />Corridor. <br />Yours very truly, <br />James P. Butler <br />The third proposal was from Weaver Truck and <br />Equipment Company. Mr. Arthur Frisk, an <br />att rney representing Mr. Weaver, was present. <br />Mr. Frisk read the proposal from Weaver Truck <br />and Equipment Company. He also stated that <br />Mr. Weaver would not request tax abatement for <br />the project. <br />Mr. Hunt stated that it is the staff's <br />rec endation that the party awarded the bid <br />enter into a development agreement that would <br />include clauses to insure that jobs are <br />craited, that no tax abatement request will be <br />put forward, and to see that a timely <br />rea sembly of the building takes place. <br />Mr. Nimtz asked the representatives of the <br />parties present if they would be willing to <br />enter into such an agreement. Both parties <br />present agreed to enter into such a contract. <br />-4- <br />