RM 08-28-87 - Laserfiche WebLink

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South BE Regular Redevelopment Commission !ting - August 28, 1987 6. NEW BUSINESS (Cont.) a. r-:ontinuea... he tax rate for the year 1986 pay 1987 s as follows: with no development ccuring, the rate would remain at 15.0781 per $100 of assessed valuation; f the development occurs and does not eceive abatement, the rate would be 15,0778; and if the development occurs nd receives tax abatement the rate would e $15.0779. • property is not properly zoned for • proposed use, but the petitioner has plied for rezoning. The property is cated in a tax abatement impact area d is also in a tax incremental finance location area. The petitioner has dicated that he will conform to the velopment plan and design guidelines r the South Bend Central Development =a. He has also indicated that at ast 75% of the first floor will be used r retail space. Because of the last D conditions, the petitioner qualifies r a six year abatement. Ms. Kolata iicated that a copy of the petition 11 be attached to the report. r. Brademas explained the proposed roject in detail. He began by numerating the success of the Old Lathe brks project. It has created more jobs ithin the first year than anticipated 142 instead of the estimated 121). The otel will likely net $75,000 to $100,000 rofit instead of merely reaching break ven the first year. The restaurant was xpected to gross $850,000 the first ear, but has, in fact, been running at vice that rate. These facts have ncouraged him to proceed with the evelopment of the East Race Inn. He oted that if it were not for the ?velopment of the East Race, for the vailability of tax abatement and the ssistance of the Business Development Drporation incentive loan, it would have yen nearly impossible to undertake the irst phase of the project.