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South Bend Redevelopment Commission <br />Regular Meeting - October 20, 1995 <br />6. NEW BUSINESS (Cont.) <br />k. continued... <br />A review of the Redevelopment Allocation <br />areas finds that this property is located in the <br />South Bend Central Development Area which <br />is a Tax Incremental Financing Allocation <br />Area, therefore, the petition first requires the <br />approval of the South Bend Redevelopment <br />Commission. <br />A review of the Tax Abatement Ordinance <br />finds that the petitioner meets the <br />qualifications for a six (6) year real property <br />tax abatement. <br />A review of the cost of the abatement shows <br />that, with a project cost of $4,400,000 and no <br />abatement the new taxes generated by this <br />project would be approximately $1,363,402. <br />Without abatement the new taxes will be <br />approximately $563,539. Therefore, the cost <br />of the six-year abatement will be <br />approximately $799,862. <br />Mr. Hunt noted that the project will pay <br />approximately $563,000 in taxes during the <br />time of the abatement. <br />Mr. Panzica noted that the building has been <br />designed as a "100 year building" —one that <br />they anticipate being in South Bend for a long <br />time. <br />Upon a motion by Mr. Hunt, seconded by <br />Mr. Donoho and unanimously carried, the <br />Commission approved Resolution No. 1380 <br />approving an application for Real Property <br />Tax Deduction for property located at 401 S. <br />Michigan Street in the South Bend Central <br />Development Area. (Western Avenue <br />Partners) -19- <br />COMMISSION APPROVED RESOLUTION NO. <br />1380 APPROVING AN APPLICATION FOR <br />REAL PROPERTY TAX DEDUCTION FOR <br />PROPERTY LOCATED AT 401 S. MICHIGAN <br />STREET IN THE SOUTH BEND CENTRAL <br />DEVELOPMENT AREA. (WESTERN AVENUE <br />PARTNERS) <br />