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_,uth Bend Redevelopment Commission <br />egular Meeting - March 18, 1994 <br />6. NEW BUSINESS (Cont.) <br />d. continued... <br />United Beverages 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 is also in the Sample -Ewing <br />Development Area, a Tax Incremental <br />Financing Allocation Area. United <br />Beverages meets the qualifications for a six - <br />year real property tax abatement under the <br />tax abatement ordinance. <br />Assuming a constant tax rate and a project <br />cost of $607,000, the project is expected to <br />generate approximately $180,000 in new <br />"'' taxes without abatement. With abatement, <br />the project will generate approximately <br />$74,732 in new taxes. Therefore, the cost of <br />the abatement will be approximately <br />$106,071. <br />Upon a motion by Mr. Donoho, seconded by <br />Mr. Piasecki and unanimously carried, the <br />Commission approved Resolution No. 1237 <br />approving an application for real property tax <br />deduction for property located at 840 Prairie <br />Avenue in the Sample -Ewing Development <br />Area (United Beverages) . <br />e. Staff report on Disposition of Property in the <br />Airport Economic Development Area. (Toll <br />Road Industrial Park) <br />Mr. Riggs explained that the Department of <br />Redevelopment has received a proposal from <br />BHD Properties L.L.C. for Lot 11 of the <br />-6- <br />COMMISSION APPROVED RESOLUTION <br />NO. 1237 APPROVING AN APPLICATION FOR <br />REAL PROPERTY TAX DEDUCTION FOR <br />PROPERTY LOCATED AT 840 PRAIRIE <br />AVENUE IN THE SAMPLE -EWING <br />DEVELOPMENT AREA (UNITED <br />BEVERAGES) <br />