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RM 10-14-88
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RM 10-14-88
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11/5/2012 2:42:10 PM
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South Bend <br />Regular Mee <br />elcpment Commission <br />- October 14, 1988 <br />6. NEW MINESS (Cont.) <br />d. Continued... <br />e. <br />property is properly zoned for the <br />posed use. It is located in an area <br />gnated as a tax abatement Impact <br />L, and in a tax incremental financing <br />cation area. <br />The project qualifies for ten years of <br />real property tax deduction and five <br />yezrs of personal property tax <br />decuction. Without abatement, the real <br />property taxes are estimated at $417,060 <br />over the ten year period. With <br />abatement, the taxes are estimated to be <br />$2 0,615. Therefore, the amount amount <br />of real property taxes to be abated is <br />estimated to be $206,445. Without <br />abatement, the personal property taxes <br />are estimated at $27,032 over the five <br />ye, r period. With abatement, the taxes <br />are estimated to be $5,651. Therefore, <br />the amount amount of personal property <br />$21es to be abated is estimated to be <br />,281. <br />. Kolata noted the significance of <br />s project, a $7,000,000 investment in <br />redevelopment of the Studebaker <br />ridor. <br />Upon a motion by Mr. Combs, seconded by <br />Mr. Piasecki and unanimously carried, the <br />Commission approved Resolution No. 859 <br />approving an application for real and <br />personal property tax deduction for <br />pr located at 400 W. Sample Street. <br />to <br />Kolata explained items 6.e., 6.f, <br />6.g. together since they all relate <br />he offering of the Transwestern <br />1=9 <br />COMMISSION APPROVED RESOLUTION <br />NTO. 859 APPROVING AN APPIATCATION <br />FOR REAL AND PERSONAL PROPERTY <br />TAX DEDUCTION FOR PROPERTY <br />LOCATED AT 400 W. SAMPLE STP EET <br />
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