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South Bend Redevelopment Commission <br />CO Regular Meeting - December 2, 1994 <br />6. NEW BUSINESS (Cont.) <br />a. continued... <br />a tax abatement for Murdock and Sons <br />Construction Company under similar <br />circumstances for their warehouse project <br />at 1320 S. Franklin Street. <br />A review of the cost of the abatement <br />shows that, with a total project cost of <br />$191,000 and a constant tax rate, the <br />project would generate approximately <br />$28,446 in new taxes over the three year <br />period, without abatement. With <br />abatement, the taxes paid would be <br />approximately $9,577. Therefore the cost <br />of the abatement over the three year period <br />will be approximately $18,869. <br />Mr. Tom Lydowski displayed schematic <br />drawings of the renovated and expanded <br />building. The building will have a <br />masonry front and masonry on part of the <br />side. He noted that there has been no new <br />development to nearby property. He <br />hopes this renovation will encourage other <br />property owners to improve their <br />properties. <br />Upon a motion by Mr. Sharp, seconded by <br />Mr. Piasecki and unanimously carried, the <br />Commission approved Resolution No. <br />1300 approving an application for real <br />property tax abatement for property <br />located at 828 Kerr Street in the Sample - <br />Ewing Development Area. (Advanced <br />Masonry Construction, Inc.) <br />b. Staff report on disposition of property in <br />the South Bend Central Development <br />Area. <br />-5- <br />COMMISSION APPROVED RESOLUTION <br />NO. 1300 APPROVING AN APPLICATION FOR <br />REAL PROPERTY TAX ABATEMENT FOR <br />PROPERTY LOCATED AT 828 KERR STREET <br />IN THE SAMPLE -EWING DEVELOPMENT <br />AREA. (ADVANCED MASONRY <br />CONSTRUCTION, INC.) <br />