Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting - June 20, 1997 <br />6. NEW BUSINESS (CONT.) <br />b. continued.... <br />Area finds that the property is located in <br />the South Bend Central 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 />the petitioner meets the qualifications for a <br />ten year real property tax abatement. <br />With the project cost of $6.5 million, the <br />total taxes generated over ten years total <br />approximately $2,156,256. The taxes <br />abated total approximately $1,067,347. <br />Total taxes paid total approximately <br />$1,088,909. <br />Jim Matheny, of Real Estate Management <br />Corporation stated that he was speaking on <br />behalf of Trammell Crow MW, Inc. He <br />stated that they are looking forward to the <br />groundbreaking ceremony and the <br />development of the project. <br />Upon a motion by Ms. Auburn, seconded <br />by Mr. Hunt and unanimously carried, the <br />Commission adopted Resolution No. 1512 <br />approving an application for real property <br />tax deduction for property located in the <br />South Bend Central Development Area. <br />(South Bend Redevelopment Commission <br />on behalf of Trammell Crow MW, Inc.) <br />Ms. Schwartz voted present but abstained. <br />C -8- <br />COMMISSION ADOPTED RESOLUTION NO. 1512 <br />APPROVING AN APPLICATION FOR REAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED IN THE SOUTH BEND CENTRAL <br />DEVELOPMENT AREA (TRAMMELL CROW MW, <br />INC.) <br />