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South Bend Redevelopment Commission <br />Regular Meeting - December 6, 1996 <br />6. NEW BUSINESS (Cont.) <br />e. continued.... <br />expected to move in. The top three floors <br />are targeted for office use. The total cost <br />fo the renovations is expected to exceed <br />$65,000. <br />Per the petition, the exact number of jobs <br />to be created as a result of the project is <br />indeterminable at this time, however, <br />Phoenix Properties, Inc. Is hopeful to <br />create between ten and fifteen (10 - 15) <br />new jobs upon completion of the <br />renovations and three (3) permanent full - <br />time jobs will be retained, representing an <br />annual payroll of approximately $90,000. <br />A review of the tax abatements previously <br />granted finds that Phoenix Properties, Inc. <br />has not been granted any previous tax <br />abatement consideration. The building <br />commissioner has reviewed the petition <br />and finds that property is located in an <br />area presently designated as a Tax <br />Abatement Impact Area, as well as the <br />Economic Development Target Area and <br />the Central Business District. A review of <br />the Redevelopment designation areas <br />finds that the property is located in the <br />South Bend Central Development Area, <br />which is a Tax Incremental Allocation <br />Area, therefore, Phoenix Properties, Inc. <br />first requires the approval of the South <br />Bend Redevelopment Commission. A <br />review of the Tax Abatement Ordinance <br />finds that Phoenix Properties, Inc. meets <br />the qualifications for a three (3) year real <br />property tax abatement under (Mixed Use <br />Developments in the Central Business <br />H:\ HOME\ CPHIPPS \WPDATA \COMMSN\I20696.MIN -9- <br />