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South Bend Redevelopment Commission <br />'iegular Meeting - February 4, 1994 <br />6. NEW BUSINESS (Cont.) <br />e. continued... <br />Disabilities Act compliance, fire and building <br />code compliance, and tenant improvements. <br />The total project cost is estimated at <br />$525,000. <br />The project will not create any permanent <br />new jobs, as a property management firm <br />will be hired to manage the building. <br />However, a series of construction related jobs <br />will be created during the renovation process. <br />Also, it is estimated that the businesses <br />intending to lease space in this building have, <br />combined, at least 30 permanent employees <br />with annual payrolls in excess of $500,000. <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. The property is also located in <br />the South Bend Central Development Area, <br />which is a Tax Incremental Financing <br />Allocation Area. The petitioner meets the <br />qualifications for a ten year real property tax <br />abatement under the tax abatement ordinance. <br />Based on a project cost of $525,000, without <br />abatement, the taxes on the project are <br />estimated to be approximately $251,921 over <br />the ten year period. With abatement, the <br />taxes are estimated to be approximately <br />$127,220. Therefore, the cost of the <br />abatement is approximately $124,701 over <br />the ten year period. <br />-42- <br />