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South Bend Redevelopment Commission <br />Regular Meeting - December 16, 1994 <br />6. NEW BUSINESS (Cont.) <br />d. continued... <br />presently designated as a Tax Abatement <br />Impact Area and is also located in the <br />Sample -Ewing Development Area. <br />Mr. Beitzmger noted that the project <br />does not qualify for 3 years of real <br />property tax abatement under the tax <br />abatement ordinance because it does not <br />contain 5,000 square feet. However, the <br />Commission previously approved the tax <br />abatement for the Policemen's Federal <br />Credit Union under similar <br />circumstances, allowing the credit union <br />to count the drive -thru canopy in the <br />total square feet. The Fire Fighters' <br />Federal Credit Union would like similar <br />consideration. <br />A review of the cost of the abatement <br />shows that, assuming a project cost of <br />$200,000 and a constant tax rate, without <br />abatement, the taxes generated would be <br />approximately $29,786. With <br />abatement, the taxes would be <br />approximately $10,028. Therefore, the <br />cost of the abatement would be <br />approximately $19,758 over the three <br />year period. <br />Mr. Masters noted that the Fire Fighters' <br />Federal Credit Union has been a <br />federally chartered credit union since <br />1959 and has been located in the Fire <br />Department building since that time, not <br />paying any property taxes. Receiving <br />tax abatement would help soften the <br />-10- <br />