Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting - December 18, 1992 <br />6. NEW BUSINESS (Cont.) <br />e. continued... <br />Main and Stull Streets. The building <br />itself will be 3,800 square feet with a <br />700 square foot canopy over the <br />drive -thru teller lanes. This location <br />will be the only operating office of the <br />credit union which had to move as a <br />result of redevelopment acquisition in <br />the Studebaker Corridor. The total cost <br />of construction is estimated at <br />$403,000. The project will create four <br />new jobs in the first year representing <br />an annual payroll of $36,000 and will <br />retain five existing positions <br />representing an annual payroll of <br />$103,000. <br />The property is properly zoned for the <br />proposed use. The property is located in <br />a Tax Abatement Impact Area and in a Tax <br />Incremental Financing Allocation Area. <br />The credit union does not meet the <br />minimum requirement of a 7,500 square <br />foot building to qualify for tax <br />abatement under the tax abatement <br />ordinance. However, they have asked to <br />be considered based on the additional <br />square footage included in the drive -thru <br />lanes and canopy. The combined square <br />footage is 12,380 square feet. The <br />credit union was allowed to count the <br />drive -thru area in its bid for <br />development of the parcel. <br />Without abatement, the project would <br />generate approximately $57,001 of new <br />taxes over the three year period. With <br />abatement the project will generate <br />approximately $19,190 in taxes. <br />Therefore, the cost of the abatement is <br />approximately $37,810 over the three year <br />period. <br />Mrs. Kolata noted that the drive -thru <br />lanes are a necessary part of the <br />drive -up teller window. Mr. Herendeen <br />noted that they were required to have a <br />certain amount of drive -thru space on the <br />-6- <br />