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South Bend edevelopment Comunission <br />Regular Me ing - October 9, 1987 <br />6. NEW BUSINESS (Cont.) <br />a. Continued... <br />Statement of Benefits <br />petitioner proposes to restore the <br />!rior of the building to its original <br />:arance. This will improve the <br />arance and structural condition of <br />building. <br />The project will maintain six (6) <br />pe ent fulltime jobs with an annual <br />pay rll of $33,020.00. <br />The total project cost is estimated to be <br />$37 000. <br />pct on the Tax Rate <br />1. If the proposed redevelopment does <br />not occur, the tax rate for 1986 pay 1987 <br />wil remain at 15.0781. <br />2. If the proposed redevelopment does <br />occ and no abatement is granted, the <br />tax rate for 1986 pay 1987 would be <br />15.778. <br />3. If the proposed redevelopment occurs, <br />the deduction is granted, and an <br />abatement percentage of 50% is assumed, <br />the tax rate would be 15.0779. <br />The property is properly zoned for the <br />proposed use. The property is located in <br />an area designated as a Tax Abatement <br />ImVLct Area and is also located in a Tax <br />Incremental Financing Allocation Area. <br />The petitioner has indicated that he will <br />conform with the Development Plan and <br />Design Guidelines for the South Bend <br />Central Development Area and review by <br />the Design Review Committee. Based on <br />this information, the property qualifies <br />for a six year abatement. <br />of <br />Mr. <br />.er City Associates and the Department <br />,conomic Development have worked with <br />Brazy for many months concerning <br />