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South Bend Redevelopment Commission <br />Regular Meeting - March 7, 1997 <br />6. NEW BUSINESS (Cont.) <br />a. continued.... <br />Commission have the same interest in <br />seeing this particular site developed. He <br />asked the Commission to reconsider <br />giving a tax abatement for their project. <br />He feels that a tax abatement for the <br />project would be appropriate. He noted <br />that he would agree to the purchase price <br />of $70,000 as is. He noted that he would <br />agree to the three year commitment of <br />constructing a second building on the site <br />to a certain point. He noted that the fact <br />that the current structure has been in that <br />particular location for such a long time, a <br />speculative office building in the central <br />business district doesn't make sense. He <br />noted that his objective is to fully develop <br />this site. <br />Mr. Hunt noted that one of the reasons <br />for reducing the purchase price was to <br />avoid a tax abatement. He noted that the <br />tax abatement has a cost with it and that <br />with a tax abatement the purchase price <br />may increase. <br />Mr. Gould noted that the $253,075 <br />purchase price was inflated due to the <br />amount of assessment on the property that <br />attached a huge value of approximately <br />$117,000 to the existing building. <br />Mr. Harrison stated that he disagrees that <br />the Redevelopment Commission can <br />avoid the responsibility of any <br />environmental deficiencies that may be <br />found on the site. He noted that he <br />believes the law is reasonably clear, <br />H:\ HOME \CPHWPS \WPDATA \COMMSN\030797.MIN -11- <br />