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®South Bend Redevelopment Commission <br />Regular Meeting - January 19, 1996 <br />6. NEW BUSINESS (Cont.) <br />b. continued... <br />greatly increases the cost and thus the <br />risk for the developers. Without the <br />ten year tax abatement the project <br />simply cannot move forward; <br />therefore, the petitioner is <br />respectfully requesting the special <br />consideration of a ten year real <br />property tax abatement. The staff <br />recommends the Commission to <br />approve this recommendation. <br />There have been other tax abatements <br />previously granted for hotels: <br />Marriott Hotel, Inn America, Old <br />Lathe Works and the East Race Inn <br />A review of the cost of the abatement <br />shows that, without abatement, the <br />project will generate approximately <br />$5,040,400 in new taxes over the ten <br />year period. With abatement, the <br />project will generate approximately <br />$2,545,402. Therefore, the cost of <br />the abatement is approximately <br />$2,494,998 over the ten year period. <br />Upon a motion by Mr. Hcjnacki, <br />seconded by Mr. Hunt and <br />unanimously carried the Commission <br />approved Resolution No. 1412 <br />approving the application for real <br />property tax deduction for property <br />located at 5820 West R Jay Nimtz <br />Parkway in the Airport Economic <br />Development Area. (The <br />Management Consortium) <br />�1 <br />COMMISSION APPROVED RESOLUTION NO. 1412 <br />APPROVING THE APPLICATION FOR REAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED AT 5820 WEST F. JAY NIMTZ PARKWAY <br />IN THE AIRPORT ECONOMIC DEVELOPMENT AREA. <br />(THE MANAGEMENT CONSORTIUM) <br />-17- <br />