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RM 05-19-95
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RM 05-19-95
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South Bend Redevelopment Commission <br />Regular Meeting - May 19, 1995 <br />6. NEW BUSINESS <br />d. continued... <br />approve an application for a special <br />exception, six year real property tax <br />abatement. <br />Mr. Beitzinger did a comparison of the three <br />different terms of abatement that are <br />available; three, six and ten years. Since <br />the petitioner is requesting a six year <br />abatement, he read that one. Using the <br />estimated project cost of $1.8 million, the <br />total taxes estimated to be generated would <br />be $544,363 without abatement. The <br />estimated taxes to be generated with the <br />abatement would be $225,003. Therefore, <br />the cost of the abatement would be $319,360 <br />over the 6 year period. <br />James Riggs of the Redevelopment staff <br />worked extensively with the company to <br />bring them here to South Bend. Mr. Riggs <br />explained that the property the company <br />purchased is the wooded lot immediately <br />west of where FDC Graphics will be <br />located. After working with the company <br />and meeting with representatives, we are <br />very excited to have this company to come <br />into South Bend. The company selected <br />South Bend because of its location and its <br />access to Chicago markets as well as its <br />being a gateway to the East. They perceive <br />that this plant would serve a market as far <br />east as New York, most of the Chicago <br />markets, as well as providing some other <br />existing markets that they had with their <br />Wisconsin plant. Mr. Riggs noted that later <br />in the meeting the Commission will be <br />In <br />
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