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South Bend Redevelopment Commission <br />Regular Meeting - April 4, 1997 <br />6. NEW BUSINESS (Cont.) <br />b. continued.... <br />abatements. The first, a six year real <br />property abatement, and the second, also <br />a six year real property abatement. M/W <br />Partnership is in compliance with the <br />reporting requirements for the previous <br />abatements. The building commissioner <br />has reviewed the petition and finds the <br />property to be properly zoned for the <br />proposed project. A review of the South <br />Bend Redevelopment designation areas <br />finds that the property is located in the <br />Airport Economic Development Area, <br />which is a Tax Incremental Allocation <br />Area, therefore, the petition for real <br />property tax abatement must first be <br />approved by the South Bend <br />Redevelopment Commission. A review of <br />the Tax Abatement Ordinance finds that <br />M/W Partnership meets the qualifications <br />for a ten year real property tax abatement. <br />With the project cost of $1,000,000, the <br />taxes generated, without abatement, <br />would be approximately $431,251. With <br />abatement, the taxes would be <br />approximately $213,469. Therefore, the <br />cost of the abatement would be <br />approximately $217,782. <br />Mr. Bob Wozny, President of Corporate <br />Services, Inc. noted that in addition to the <br />proposed building, they're currently in the <br />process of adding a 6,000 square foot <br />addition to their office. This project will <br />cost approximately $500,000. M/W <br />Partnership is currently working with <br />individuals at the Center for the <br />H:\ HOME\ CPHIPPS \WPDATA \COMMSN\040497.MIN -6- <br />