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RM 02-04-94
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RM 02-04-94
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C South Bend Redevelopment Commission <br />Cegular Meeting - February 4, 1994 <br />6. NEW BUSINESS (Cont.) <br />j . continued... <br />but is located in the Airport Economic <br />Development Area, a Tax Incremental <br />Financing Allocation Area. The petitioner <br />meets the qualifications for a six year real <br />property tax abatement under the tax <br />abatement ordinance. <br />Based on a project cost of $485,000, without <br />abatement, the amount of taxes to be paid is <br />estimated to be $136,042 over the six year <br />period. With abatement, the taxes are <br />estimated to be $56,230. Therefore, the total <br />amount to be abated over the six year period <br />is estimate to be $79,811. <br />Upon a motion by Mr. Donoho, seconded by <br />Mr. Sharp and unanimously carried, the <br />Commission approved Resolution No. 1226 <br />approving an application for real property tax <br />deduction for property located at Lot #4, <br />Crossroads Industrial Complex, in the <br />Airport Economic Development Area. (M /W <br />Partnership) <br />e. Commission approval requested for <br />Resolution No. 1221 approving an application <br />for real property tax deduction for property <br />located at 210 South Michigan Street in the <br />South Bend Central Development Area. (One <br />Plaza Place Associates) <br />Mr. Inks read the staff report on the project. <br />One Plaza Place Associates is extensively <br />renovating the 30,000 square foot Plaza <br />Building. Renovations include mechanical <br />and electrical improvements, Americans with <br />-41- <br />COMMISSION APPROVED RESOLUTION NO. <br />1226 APPROVING AN APPLICATION FOR <br />REAL PROPERTY TAX DEDUCTION FOR <br />PROPERTY LOCATED AT LOT #4, <br />CROSSROADS INDUSTRIAL COMPLEX, IN <br />THE AIRPORT ECONOMIC DEVELOPMENT <br />AREA (M /W PARTNERSHIP) <br />
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