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South Bend edevelopment Commission <br />Regular Me ing - September 12, 1986 <br />6. NEw <br />e. <br />ted for Resolution <br />No. 784 a ovin an application for rea <br />proberty tax deduction for Transwestern <br />tment, Inc. <br />The�Commission agreed that this item be moved <br />up n the agenda. <br />Mr. George Herendeen was present representing <br />Tra,iswestern Investment, Inc. and the South <br />BenJ Policemen's Credit Union, and was <br />recognized by the Commission. <br />Mr. Herendeen noted that his client is the <br />pro pective buyer of the property located 100 <br />fee north of the corner of Sample and <br />Laf yette Boulevard. The South Bend <br />Pol cemen's Credit Union is purchasing this <br />proDerty for the construction of a new Credit <br />Union office building. The proposed plan is <br />for a one story, brick building. The cost of <br />the property is $40,000, and the improvements <br />and building costs will be approximately <br />$80,000, plus additional costs for <br />landscaping. The South Bend Common Council <br />has considered the abatement and have <br />favorably approved their application. Yet to <br />be completed are a final site plan to handle <br />surface water drainage. <br />Mrs Kolata outlined the staff report. She <br />noted that over a three year abatement the <br />taxes paid would equal about $3,782 with the <br />amoimt abated to equal about $7,450 based only <br />on the value of the improvements to the <br />property. Mrs. Kolata also noted that the <br />property is not properly zoned at this time, <br />but is in the process of being rezoned. The <br />sale is contingent upon that rezoning taking <br />place. <br />Mr. Herendeen stated that the Area Plan <br />CorffAssion in its staff report has indicated <br />that the proposed use is the best use and have <br />giv an affirmative recommendation that the <br />rezoning be granted. <br />-3- <br />