RM 10-25-91 - Laserfiche WebLink

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South Bend edevelopment Commission Regular Mee ing - October 25, 1991 6. NEW BUSXNESS (Cont.) d. continued... e. exi ting permanent full -time jobs and ten exi ting permanent part -time jobs with an ann al payroll of $1,200,000. The property is properly zoned for the proposed use. The property is not located in a Tax Abatement Impact Area, but is located in a Tax Incremental Financing Allocation Area. The pet tioner qualifies for six years of rea property tax abatement. Based on an estimated increased market value of $700,000, and an increased assessed value of $255,000, the estimated amount of taxes without abatement would be $184,400. With abatement taxes are est mated to be $76,219. Therefore, the cos of the abatement is estimated to be $10 ,181. Upon a motion by Mr. Piasecki, seconded by Mr. Combs and unanimously carried, the Commission approved Resolution No. 1022 approving an application for real property tax deduction for property loc ted at 4202 Technology Drive (Frank Dar ell Warehouse). Ms. Manier explained that the alley to be vacated is the southern half of the north-south alley immediately west of the Colfax Theater, separating it from the South Bend Tribune building. If it is vacated, it will revert to each of the adjoining property owners. A portion would belong to the South Bend Tribune and a portion would belong to the Colfax Theater site. We are asking that the alley be vacated to facilitate the development plans presented to the Conpission by the Tribune for the Colfax Theater site. We have agreed to file the petition in anticipation of conveying the pro erty. CCFMSSION APPROVED RESOLUTION NO. 1022 APPROVM AN APPLICA 'I] •• • PROPERTY 1DEDUCTION FOR PROPERTY LOCATED AT 4202 ELL WAREHOUSE)