RM 03-13-87 - Laserfiche WebLink

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South Bend Commission Regular Mee Jedevelopment ing - March 13, 1987 6. NEW BUSINESS (Cont.) b. Continued... c Upon a motion by Ms. Auburn, seconded by COMMISSION AUTHORIZED PUBLICATION OF Mr. ombs and unanimously carried, the NOTICE OF INTENDED SALE OF DISPOSITION Com ission authorized the publication of PARCELS C4 -3, C4 -30 AND C4 -46 IN THE Noti e of Intended Sale of Disposition SOUTH BEND CENTRAL DEVELOPMENT AREA. Parc is C4 -3, C4 -30, and C4 -46 in the Sout Bend Central Development Area Commission approval reauested for Resolution No. 797 approving an application for real property tax deduction for Hale Corporation for property located at 329- 331 -333 S. Mich'aan Street in the South Bend Central Development Area. Mr. iunt noted that Hale Corporation does business as Business Communication Center and the property being considered for tax abatement is the building which presently houses the License Bureau. Ms. Robinson gave the tax abatement report for the staff. The property is located in an area designated as a tax abatement impact area by the Common Coun il. It is also located in a tax increment financing allocation area and is properly zoned for the proposed use. It will create an estimated five to seven new permanent full time jobs, representing a new annual payroll of $80,)00 and will maintain 34 existing permanent full time jobs and 6 existing permanent part time jobs with an annual payr 11 of $740,000. Real property taxes paid at this location in the previous five years total $29,548.38. The petitioner estimates the after-rehabilitation market value of the prop arty to be $465,000. Based on the ordi ance, the petitioner qualifies for a 6 year abatement. The estimated taxes to be a ated over the 6 year period are $53,)75. The taxes to be paid over that 6 year period are estimated at $37,393. -4-