RM 08-07-92 - Laserfiche WebLink

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C,,,-,South Bend Redevelopment Commission egular Meeting - August 7, 1992 6. NEW BUSINESS (Cont.) e. continued... The total estimated cost of new construction is $1,500,000. The project will create forty -two new permanent full -time jobs in the first year representing an annual payroll of $975,000. The property is properly zoned for the proposed use. The property is not located in an area presently designated as a Tax Abatement Impact Area, but is located in a Tax Incremental Financing Allocation Area. The petitioner qualifies for 6 years of real property tax abatement under the Tax Abatement Ordinance. Without abatement, the project is 0, expected to generate $423,225 in new taxes over the six year period. With abatement, the project is expected to generate approximately $174,933 of new taxes over the same period. Therefore, the cost of the abatement is approximately $248,292. Mr. Schell noted that Patterson Dental is a growing, privately owned, ESOP, company in Minneapolis, growing at about 30% per year. Because of that growth and some expiring leases, they have decided to move to South Bend. Mrs. Kolata noted that Patterson Dental brought their plans for their building before Design Review recently and plan a very nice building. Upon a motion by Mr. Faccenda, seconded by Mrs. Huddleston and unanimously carried, the Commission approved Resolution No. 1089 approving an application for real property tax deduction for property located at 4303 Technology Drive in the Toll Road Industrial Park. (Patterson Dental Company) -6- COMMISSION APPROVED RESOLUTION NO. 1089 APPROVING AN APPLICATION FOR REAL PROPERTY TAX DEDUCTION FOR PROPERTY LOCATED AT 4303 TECHNOLOGY DRIVE IN THE TOLL ROAD INDUSTRIAL PARK (PATTERSON DENTAL COMPANY)