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South Bend Redevelopment Commission <br />Regular Meeting - March 5, 1993 <br />6. NEW BUSINESS (Cont.) <br />d. continued.. <br />Area (the South Bend Central Development <br />Area). The property is also located in a Tax <br />Incremental Financing Allocation Area. <br />Sommers Graphics qualifies for ten years of real <br />property tax abatement under the Tax Abatement <br />Ordinance. <br />Based on the estimated project cost of $300,000 <br />and the current tax rate, the project would <br />generate approximately $143,955 in additional <br />taxes without abatement. With abatement, the <br />new taxes on the project will be approximately <br />$72,697. Therefore, the cost of the abatement <br />would be approximately $71,258 over the ten <br />year period. <br />Upon a motion by Mr. Sharp, seconded by Mr. COMMISSION APPROVED RESOLUTION <br />Faccenda and unanimously carried, the <br />Commission approved Resolution No. 1143 <br />approving an application for real property tax <br />deduction for property located at 321 -323 South <br />Main Street in the South Bend Central <br />Development Area. (Sommers Graphics) <br />e. Commission approval requested for Plans and <br />Specifications for Blackthom Golf Course <br />Maintenance Building. <br />Mrs. Kolata noted that the Commission <br />approved Plans and Specifications for the <br />Maintenance Building at Blackthorn Golf Course <br />last year. The project went out for bid and the <br />bids were all rejected. The project is now being <br />bid again, but the location of the Maintenance <br />-7- <br />NO. 1143 APPROVING AN APPLICATION <br />FOR REAL PROPERTY TAX DEDUCTION <br />FOR PROPERTY LOCATED AT 321 -323 <br />SOUTH MAIN STREET IN THE SOUTH <br />BEND CENTRAL DEVELOPMENT AREA <br />(SOMMERS GRAPHICS) <br />