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RM 05-17-96
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RM 05-17-96
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South Bend Redevelopment Commission <br />Meeting - May 17, 1996 <br />6. NEW BUSINESS (Cont.) <br />f. continued.... <br />abatements. The building commissioner <br />has reviewed the petition and finds the <br />property to be properly zoned for the <br />proposed use. A review of the tax <br />abatement designation areas finds that the <br />property is not located in an area <br />presently designated as a Tax Abatement <br />Impact Area, however, the review finds <br />that the property is located in the Urban <br />Enterprise Zone. A review of the <br />Redevelopment designation areas finds <br />that the property is located in the <br />Sample -Ewing Development Area, which <br />is a Tax Incremental Allocation Area, <br />therefore, the petitions first require the <br />approval of the South Bend <br />Redevelopment Commission. Steel <br />Warehouse meets the qualifications for a <br />ten year real property tax abatement and <br />meets the qualifications for a five year <br />personal property tax abatement. <br />With a projected project cost of <br />$1,200,000, the taxes generated without <br />abatement, would be approximately <br />$19,000. With abatement, the taxes <br />would approximately be slightly over <br />$3,000. Therefore, the amount to be <br />abated would be approximately $15,500. <br />Mr. Faccenda abstained to the motion to <br />adopt Resolution No. 1432. <br />-11- <br />
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