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South Bend Redevelopment Commission <br />Regular Meeting - October 7, 1994 <br />6. NEW BUSINESS (Cont.) <br />d. continued... <br />an area presently designated as a Tax <br />Abatement Impact Area, but is in the <br />Airport Economic Development Area which <br />is a Tax Incremental Financing Allocation <br />Area. The project qualifies for three years <br />of real property tax abatement under the tax <br />abatement ordinance. <br />A review of the cost of the abatement, <br />assuming a project cost of $550,000 and a <br />constant tax rate, shows that,without <br />abatement, the taxes to be generated by the <br />project will be approximately $81,751. <br />With abatement the taxes will be <br />approximately $27,523. Therefore, the cost <br />of the abatement will be approximately <br />$54,228 over the three year period. <br />Mr. Roule noted that Metro Beverage has <br />been in business since 1947. It was <br />originally located in Michigan City. It <br />acquired the franchise for Miller Brewing <br />Company in 1987 and moved to South Olive <br />Street in South Bend. It later acquired the <br />Lathrop Street property from Griffin <br />Marine. It has grown tremendously since <br />1987. <br />Ms. Auburn declared a conflict of interest <br />on this item and did not vote. <br />Upon a motion by Mr. Donoho, seconded <br />by Mr. Sharp and unanimously carried, the <br />Commission approved Resolution No. 1292 <br />approving an application for real property <br />tax deduction for property located at 3707 <br />W. Lathrop in the Airport Economic <br />Development Area. (William J. Griffin, Jr. <br />on behalf of Metro Beverages, Inc.) <br />-10- <br />COMMISSION APPROVED RESOLUTION NO. <br />1292 APPROVING AN APPLICATION FOR <br />REAL PROPERTY TAX DEDUCTION FOR <br />PROPERTY LOCATED AT 3707 W. LATHROP <br />IN THE AIRPORT ECONOMIC <br />DEVELOPMENT AREA. (WILLIAM J. <br />GRIFFIN, JR. ON BEHALF OF METRO <br />BEVERAGES, INC.) <br />