RM 02-09-90 - Laserfiche WebLink

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South Bend Fedevelopnent Commission Regular Meeting - February 9, 1990 Ms. Auburn noted that New Business items 6.c. and 6.d. are removed from the agenda. The Commission will schedule a Special Meeting next week to consider those items. The Redevelopment Authority was unable to meet on February 8th at 4:00 p.m. t approve the documents needed before the Co7mmiss' n considers its action. 6. a. commission anproyal r ested for R lution No. 912 amrovim an application for real property tax deduction for located at 431 E. Avenue in the South Bend Central Colfax Area. De.velopment Mrs. Kolata noted that this property is at the corner of Colfax and Niles Avenues. It is the location for the new office building under construction by Niles/Colfax Associates. The property is still awned by the Redevelopment Conuission and the petition must be filed by the Commission on behalf of Niles/Colfax Associates. The petitioner is constructing a 26,000, square foot commercial office building with surrounding surface parking on the site. The project will retain a lame area employer and will create ten new permanent, full time jobs the first year with an annual payroll of $260,000 and will maintain 110 jabs with an annual payroll of $2,750,000. The total project cost is estimated to be approximately $31 00,000. Mrs. Kolata also noted that the property is properly zoned for this use. It is within a tax abatement impact area and within a tax incremental financing allocation area. The project is also in a relevelcpment area. She noted that the tax abatement report, z will be filed with the Common -il, includes a three, six, and ten tax abatement schedule. The staff m e.ndation is that the project ive a ten year tax abatement. MIS