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South Bend I Redevelopment Commission <br />Regular ting - February 10, 1989 <br />6. NEW =INESS (Cont.) <br />b. Coftinued._. <br />Ms Auburn stated that since there is <br />pr ent for awarding tax abatement for <br />a project if there are extenuating <br />circumstances, she would support a three <br />ye2Lr abatement for Mr. M rdock's project <br />on the condition that he allow the staff <br />to approve the screening and general <br />ap ce of the various aspects. <br />MrJ Murdock indicated that he was hoping <br />fo ten years of abatement. <br />Mr. Nimtz noted that the Commission only <br />males a recomt endation to the Common <br />Council on the tax abatements. The final <br />decision on the length of the abatement <br />would be made by the Council. <br />Mr. Doncho asked what the construction <br />costs for the project are. Mr. Murdock <br />responded that the cost of this first <br />poxtion of the project is $270,000. <br />. Kolata noted that the present <br />pr has paid $3,500 in taxes over <br />the past five years. According to the <br />abatement schedule for a ten year <br />abatement, he would pay taxes of $73,241 <br />on the improvements and have $71,789 <br />With a six year abatement, he <br />would pay $35,969 and have $51,049 <br />abated. With a three year abatement, he <br />would pay $14,648 and have $28,861 <br />Mr. Doncho asked if Mr. Murdock would be <br />coming back to the CoYmnission requesting <br />abatement for the future development he <br />plans. Mr. Murdock indicated that he <br />�d on the prospect of a future request <br />additional tax abatement, Mr. Donoho <br />Lcated that he could support no more <br />i six years of abatement for this <br />iect. <br />-10- <br />