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South Bead Redevelopment Commission <br />Reschedu ed Regular Meeting - June 13" 1986 <br />Mrs. Kolata reported that on June 2, 1986 a <br />petition for tax abatement consideration for <br />reaL property located at 212 E. LaSalle was <br />filed with the City Clerk by Tripods <br />Partnership. That petition was sent to the <br />Red velopment Department for review and <br />rec mmendation to the City Council. Mrs. <br />Kolata noted that the City Council has been <br />wor ing on developing a new ordinance that <br />dea s with the new property tax abatement <br />pro isions that went into effect January 1, <br />1985. Those provisions allow for real <br />proDerty tax abatement to be given for either <br />thr e, six or ten year terms. The City <br />Co cil has an ordinance on file that has been <br />given first reading and not yet been adopted. <br />The Tripods Partnership petition was submitted <br />only requesting three years worth of abatement <br />meeting the qualifications within the proposed <br />Mrs Kolata reported that Tripods Partnership <br />is an orthopedic doctor's group. All <br />information that was requested on the petition <br />was supplied and the property is properly <br />zoned for the proposed use. The project is <br />located within the tax incremental financing <br />allocation area, therefore, Commission <br />approval is required. The project will create <br />six new permanent, full -time jobs representing <br />a new annual payroll of $90,000.00. The <br />petitioner's commitment to minority hiring has <br />been the hiring of three minorities from <br />1982-1986 in a total staff of 16. The <br />petitioner's commitment to minority hiring in <br />the first five years of tax abatement has been <br />stated that they are an equal opportunity <br />emp Oyer and will offer employment to <br />qualified persons without regard to race, <br />creed or national origin. <br />The real property taxes paid at this location <br />during the previous five years totalled <br />$11,200.10. The total project cost is <br />$1,600,000.00. Estimated taxes to be abated <br />over the three year period is $152,820.00 and <br />the estimated amount of taxes to be paid is <br />$77,568.00. The project building will consist <br />of 1.3,000 square feet to be leased or sold to <br />South Bend Orthopedic Associates for the <br />delivery of advanced orthopedic medical <br />se ices to the South Bend community. <br />-5- <br />