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South Bend Redevelopment Commission <br />Regular Meeting - May 6, 1994 <br />6. NEW BUSINESS (Cont.) <br />d. continued... <br />additional tenants of the building will create <br />new employment, but it is impossible to <br />make a firm representation of the number of <br />jobs or the salaries of the jobs to be created. <br />The petitioners have not been granted any <br />previous tax abatement. The property is <br />properly zoned for the proposed use. The <br />property is located in an area presently <br />designated as a Tax Abatement Impact Area. <br />It is also located in the South Bend Central <br />Development Area which is a Tax <br />Incremental Financing Allocation Area. The <br />project meets the qualifications for a three <br />year real property tax abatement under the <br />Tax Abatement Ordinance. <br />Assuming a project cost of $120,000 and a <br />constant tax rate, the project will generate <br />approximately $17,872 in new taxes over the <br />three year period, without abatement. With <br />abatement, the project will generate <br />approximately $6,017 in new taxes over the <br />three year period. Therefore, the cost of the <br />abatement will be approximately $11,855. <br />Mr. Piasecki asked if there were any <br />environmental problems at that location. <br />Mr. Priemer stated that they had an <br />environmental study done and no <br />contaminants were found. <br />Ms. Auburn noted that the current taxes <br />being paid on that property are next to none. <br />Even with abatement, the property will <br />generate more than it has recently. <br />