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JIN South Bend Redevelopment Commission <br />Regular Meeting - September 17, 1993 <br />6. NEW BUSINESS (Cont.) <br />d. continued... <br />annual payroll of $30,000. The project will <br />also create a series of construction and <br />construction - related jobs during the <br />renovation process. <br />The petitioner has not been granted any <br />previous tax abatement consideration. The <br />property is properly zoned for the proposed <br />use. The property is located in an area <br />presently designated as a Tax Abatement <br />Impact Area and in the South Bend Central <br />Development Area. The property is also <br />located in a Tax Incremental Financing <br />Allocation Area. The project qualifies for 10 <br />years of real property tax abatement under <br />the Tax Abatement Ordinance. <br />Without abatement and with a project value <br />of $1,800,000, the project will generate <br />approximately $863,730 in new taxes over <br />the ten year period. With abatement, the <br />project will generate approximately $436,184 <br />in new taxes. Therefore the cost of the <br />abatement is approximately $427,546 over <br />ten years. <br />Ms. Auburn asked what taxes are currently <br />being paid on the site. Mr. Eddington stated <br />that since the Commission owns the property, <br />there are no taxes being paid on it. Prior to <br />the Commission owning it, taxes ranged from <br />$4,000 to $18,000. <br />Mrs. Kolata noted that the construction <br />should be well under way by the end of <br />October. <br />-12- <br />