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South Bendedevelopment Commission <br />Regular Me ting - October 9, 1987 <br />6. NEW BUSINESS (Cont.) <br />b. Continued... <br />f or <br />located at 635 S. <br />Mr. Hunt indicated that he has a conflict <br />of interest on this issue because a firm <br />leasing space from the petitioners <br />involves one of his brothers. He turned <br />the discussion over to Mrs. Kolata. <br />Ms. Robinson summarized the staff report. <br />The property in question is owned by ,Ivy <br />Tower Corporation. <br />of Benefits <br />petitioner has acquired the Shetland <br />erty at 635 S. Lafayette for the <br />ose of operating a warehouse and <br />ribution center. <br />The project will create four (4) new, <br />pe ent jobs within the first year, <br />wi a new annual payroll of $80,000 and <br />will maintain eight (8) existing <br />perTanent full time and four (4) existing <br />pe ent part time jobs with an annual <br />pa oll of $117,800. <br />The total project cost is estimated to be <br />$50 ,000. <br />act on Tax Rate <br />1. lIf the proposed redevelopment does <br />not occur, the tax rate for 1986 pay 1987 <br />will remain at 15.0781. <br />2. If the proposed redevelopment does <br />occ r and no abatement is granted, the <br />tax rate for 1986 pay 1987 would be <br />15.D740. <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 15.0761. <br />I:M <br />