Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting - January 21, 1994 <br />6. NEW BUSINESS (Cont.) <br />f. continued... <br />and construction related jobs during the <br />renovation process. <br />Central High Associates has not been <br />granted any previous tax abatement <br />consideration; however, RKE, Inc. (dba <br />Stephenson Mill, another affiliate of The <br />Alexander Company) was granted a ten <br />year real property abatement for the <br />Opelika Building in October 1993. <br />The property is properly zoned for the <br />proposed use. The property is located in <br />an area presently designated as a tax <br />Abatement Impact Area and is in the <br />South Bend Central Development Area <br />Tax Incremental Financing Area. The <br />project qualifies for a ten year real <br />property tax abatement under the tax <br />abatement ordinance. <br />Without abatement, the project would <br />generate approximately $1,679,475 in <br />new taxes over a ten year period. With <br />abatement, the project will generate <br />approximately $848,135 in new taxes. <br />Therefore the cost of the abatement is <br />approximately $831,340 over the ten <br />year period. <br />Ms. Auburn pointed out that the property <br />is presently generating no taxes. The <br />new development, even with tax <br />abatement, will generate $831,340 in <br />taxes. That is still a significant amount. <br />-11- <br />