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South Bend Redevelopment Commission <br />Regular Meeting - February 19, 1993 <br />6. NEW BUSE40S (Cont.) <br />L continued... <br />abatement. Their justification is as <br />follows: They feel that this parking garage <br />is important to the growth and development <br />of the downtown. Downtown development <br />continues to take over space presently used <br />for parking, and requires additional <br />parking to support the new development. <br />Additionally, any possibility of reusing the <br />former Robertson's Building would be <br />enhanced by its connection to the garage. <br />Closure of the garage would exacerbate <br />downtown parking, deter people from <br />coming downtown, and inhibit further <br />rw development. <br />Assuming a base assessed value of one- <br />third of the project cost, new taxes on the <br />project are estimated to be approximately <br />$353,603. With a ten -year abatement, <br />taxes are estimated to be approximately <br />$178,569. Therefore the cost of a ten -year <br />abatement would be approximately <br />$175,033. Abatement schedules for a six <br />and three -year abatement were also <br />provided. <br />Mr. Szarwark noted that the garage was <br />not properly maintained under its former <br />owners and is experiencing some severe <br />structural defects. Although there is no <br />immediate danger, if the repairs are not <br />begun soon, the garage will have to closed. <br />Mr. Sharp asked why Coyne Investments <br />felt it deserved a ten -year abatement. Mr. <br />-12- <br />