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South BE <br />Regular <br />6. NEW <br />a. <br />Redevelopment Commission <br />sting - August 28, 1987 <br />(font.) <br />Is. Baumgartner explained that the <br />equirements for the parties to obtain <br />elease of the mortgage are (1) that they <br />aintain the property for five years and <br />2) that they hold insurance and pay <br />roperty taxes on the property during <br />hat time. <br />�n a motion by Mr. Piasecki, seconded <br />Mr. Dohono and unanimously carried, <br />Commission approved the Releases of <br />tgage in connection with the <br />abilitation Grants in accordance with <br />recommendation from the Bureau of <br />sinq as listed above. <br />,ion approval requested for <br />:ion No. 808 approving an <br />Ltion for real property tax <br />.on for East Race Inn Partnershi <br />s. Kolata explained that East Race Inn <br />artnership is seeking a six year tax <br />batement for real property located at <br />16 N. Niles Avenue. Because of changes <br />n the state law we have revised the form <br />f our report. State law now requires a <br />tatement of Benefits by the applicant <br />hich must be approved by the Common <br />auncil. It also requires the recipient <br />E tax abatement to report to the <br />iditor's office how it has met the <br />tatement of Benefits. A third <br />=_quirement is that the Council determine <br />Zat impact the tax abatement has on the <br />i.x rate. <br />. Kolata noted that East Race Inn <br />rtnership proposes to build an 80 unit, <br />1 suites hotel on 52 acres of land. It <br />11 create 20 new permanent jobs within <br />e first year with a new annual payroll <br />$250,000. Total protect cost is <br />timated to be $4,000,000. The <br />timated amount of taxes to be abated <br />uals $707,665. The estimated taxes to <br />paid equal $498,581. The impact on <br />-5- <br />COMMISSION APPROVED THE RELEASES <br />OF MORTGAGE IN CONNECTION WITH <br />THE REHABILITATION GRANTS IN <br />ACCORDANCE WITH THE RECONA4ENDATION <br />FROM THE BUREAU OF HOUSING <br />