RM 06-26-87 - Laserfiche WebLink

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South Bend edevelopment Commission Regular Mee ing - June 26, 1987 6. NEW BUS�NESS (Cont.) b. Cohtinued... Tax Abatement Impact Area by the South Bend Common Council and is also located in a Tax Incremental Financing Allocation Area. The project itself will not create new jobs, but it is e cted that, based on an average of one employee per 200 square feet of office space, the tenants should provide the Monroe Park area with as many as 63 new clerical jobs. The property has generated neither real nor personal property taxes during the last five years. The three story, 16,400 s.f. office structure should be valued at $900,000 when complete. River Glen South Associates qualifies for a six year tax abatement. Based upon that, the es to be abated over a six year period are $112,179 and the taxes to be paid during that time are $159,255. Mr. Panzica indicated that they felt they needed the tax abatement to be ccnipetetive with other office buildings being constructed in the downtown area. Upon a motion by Mr. Piasecki, seconded by Ms. Auburn and unanimously carried, the Commission adopted Resolution No. 80E requesting real property tax deduction for River Glen South Associates. C. Public Hearing on the South BE De-\;elopment Area with respect to Resolution No. 803 confiming Resol No. 800 redeclaring the South Bend Central Development Area to be blighted fo purposes of compliance with the Tax Act of 1986. Mr. Nimtz declared the meeting open for Puhlic Hearing concerning Resolution No. 803 and recognized Mr. Hunt to conduct thE Puplic Hearing. Mr� Hunt submitted the following in ormation to be entered into the COMMISSION ADOPTED RESOLUTION NO. 805 REQUESTING REAL PROPERTY TAX DEDUCTION FOR RIVER GLEN SOUTH ASSOCIATES