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South Bend Redevelopment Commission <br />Regular Meeting -May 16, 1997 <br />6. NEW BUSINESS (Cont.) <br />a. continued.... <br />catalyst for future development in the area, <br />and 3) the project compliments the <br />development already occurring in the area. <br />Additionally, South Bend Heritage <br />Foundation and Baugo Creek Realty have <br />noted that the project will bring much <br />needed services and products to the low <br />income, predominantly minority, <br />surrounding neighborhoods. Therefore, <br />South Bend Heritage Foundation and <br />Baugo Creek Realty are respectfully <br />requesting special consideration of a 10 <br />year real property tax abatement. Because <br />the project does not meet the minimum <br />requirements for the requested 10 year tax <br />abatement, it must be considered as a <br />special exception by the South Bend <br />Common Council. <br />With the project cost of $1,245,000, the <br />taxes generated, without abatement, would <br />be approximately $590,599. With a ten <br />year abatement, the taxes would be <br />approximately $292,346. Therefore, the <br />cost of the abatement would be <br />approximately $298,252. <br />Jeff Gibney, Director of South Bend <br />Heritage Foundation introduced Dea <br />Andrews of South Bend Heritage <br />Foundation to the Commission. He <br />presented site plans of the proposed <br />project to the Commission. He noted that <br />the property is located at the northeast <br />corner of Chapin Street and Western <br />Avenue. The building has two store fronts <br />C, H:\ HOME\ CPHIPPS \WPDATA \COMMSN\051697.MIN -6- <br />