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South Bend evelopment Cc mnission <br />Regular Meoting - May 12, 1989 <br />6. NEW BUSINESS (Cont.) <br />a. continuea... <br />Coamon Council has indicated its intent <br />to expand the boundaries of the Tax <br />Abatement Impact Area to include this <br />The property is located in a Tax <br />Incremental Financing Allocation Area. <br />staff report provides the Common <br />cil with projected estimates of the <br />of the abatement for a three, six, <br />ten year abatement. This resolution <br />,orizes a ten year abatement. without <br />:ement, the estimated taxes for that <br />year period would be $1,611,420. <br />L abatement, taxes for the ten year <br />.od would be $813,767. Therefore, the <br />nt abated would be $797,653. The <br />ion Council will decide how long of an <br />cement to award. <br />Mr. Combs asked why the staff was <br />reccnniending a ten year abatement. Mrs. <br />Ko ata responded that the ten year <br />abatement respects the changes in <br />criteria that the Council has been <br />di ing, but has not yet approved. <br />Sh expects that the Council will <br />co ider it based upon the proposed <br />chelmes to their ordinance. <br />Mr. Combs questioned the ten years in <br />licht of recent effort to cut back on <br />abatement. Mrs. Kolata responded that in <br />caaparison to recent abatements, this <br />prcject warrants the longer abatement <br />based upon the larger investment, the <br />nunber of jabs created, and the <br />irTortance of the project to the area. <br />Ms. <br />z a motion by Mr. Donoho, seconded by <br />Auburn and unanimously carried, the <br />nission approved Resolution No. 875 <br />coving an application for real <br />Derty tax deduction for property <br />ated at 115 N. Niles Avenue in the <br />:h Bend Central Development Area. <br />-5- <br />•. ••••:l•O �alr • <br />•' •'•••olJ • �� <br />• D IN <br />