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South Bend development Comission <br />Regular Meeting - February 9, 1990 <br />6. NEW BUSINESS (Cont.) <br />a. cominuea... <br />17-M <br />UndEr the ten year schedule, taxes on the <br />improved property are estimated to be <br />$1,C74,285. With abatement, taxes are <br />estimated to be $542,512. Therefore, the <br />amount abated would be $531,773. <br />Ms. Auburn noted that, since the <br />Ccnzission awns the property, no taxes <br />are currently being paid on it. <br />Upon a motion by Mr. Donoho, seconded by <br />Mr. piasecki and unanimously carried, the <br />Ccmission approved Resolution No. 912 <br />appioving an application for real <br />property tax deduction for property <br />loc4ted at 431 E. Colfax Avenue in the <br />Sou Bend Central Development Area. <br />Mrs. Kolata explained that Resolution No. <br />913 is related to the lease purchase <br />revenue bonds being issued by the <br />Redevelopment Authority for various <br />projects in the Downtown, East Bank and <br />Monroe park. part of the Monroe park <br />activity includes acquisition, <br />relocation, and demolition of the <br />property. We have begun that process <br />with Community Develcpanent Block Grant <br />funds and intend to reimburse those funds <br />with bond proceeds when they are <br />available. In order for the bonds to be <br />sold, the Authority must have title to <br />all of the property that they will be <br />spending money on. The resolution has <br />the legal descriptions of all of the <br />property in Monroe park which the <br />Camission owns and which will be <br />improved with bond funds. The resolution <br />transfers these properties to the <br />-4- <br />•• • zi "�OJT alW • 04M • <br />MCI � �i • - I� <br />