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CWSouth Bend Redevelopment Commission <br />Regular Meeting - December 1, 1995 <br />6. NEW BUSINFSS (Cont.) <br />f. continued... <br />The property is properly zoned for the <br />proposed use. The property is located <br />in an area presently designated as a Thx <br />Abatement Impact Area, and is also <br />located in an Economic Development <br />Area and the Urban Enterprise Zone. <br />The property is also located in the <br />Sample /Ewing Development Area <br />which is a Tax Incremental Financing <br />Allocation Area, therefore, the petition <br />first requires the approval of the South <br />Bend Redevelopment Commission. <br />A review of the Tax Abatement <br />Ordinance finds that the petitioner <br />meets the qualifications for a three (3) <br />year real property tax abatement. <br />A review of the cost of the abatement <br />shows that, without abatement, the <br />project will generate approximately <br />$30,986 in new taxes over the three <br />year period. With abatement, the <br />project will generate approximately <br />$10,432. Therefore, the cost of the <br />abatement is approximately $20,554 <br />over the three year period. <br />Upon a motion by Mr. Hojnacki, <br />seconded by Mr. Donoho and <br />unanimously carried, the Commission <br />approved Resolution No. 1395 <br />approving an application for real <br />property tax deduction for property <br />located at 1024 South Main Street in <br />la <br />COMMISSION APPROVED RESOLUTION NO. 1395 <br />APPROVING AN APPLICATION FOR REAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED AT 1024 SOUTH MAIN STREET IN THE <br />SAMPLE -EWING DEVELOPMENT AREA. (M & K <br />ASSOCIATES) <br />