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South Bend Redevelopment Commission <br />Regular Meeting - December 6, 1996 <br />6. NEW BUSINESS (Cont.) <br />e. continued.... <br />District). <br />Using an estimated project cost of <br />$65,000, the total taxes generated is <br />approximately $8,223. The estimated <br />amount abated over three years is <br />appproximately $5,482. The taxes still <br />paid with the abatement is approximately <br />$2,741. <br />Steve Moerlein, Phoenix Properties, Inc. <br />stated that this building can be renovated <br />and put on the tax roles. He stated that <br />the it has been vacant, the upper three <br />floors, to his understanding for the last <br />thirty -five years. <br />Mr. Hojnacki asked Steve Moerlein did he <br />have any specific plans for the upper <br />levels of the building. Stever Moerlein <br />stated that his office will be on one of the <br />upper floors and the other floors will be <br />renovated and leased out. <br />Mr. Hojnacki stated that he disapproved <br />of how the building will be used. He felt <br />that this proposed project would not be <br />the highest and best use for this particular <br />property at this point, considering <br />possible development of the South <br />Jefferson Street area, as a whole. He <br />stated that by granting an abatement <br />without prior knowledge of the intended <br />use and development of the area as a <br />whole, at this time, would not be <br />appropriate. <br />H:\ HOME\ CPHIPPS \WPDATA \COMMSN\120696.MIN -10- <br />