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South Bend Redevelopment Commission <br />Regular Meeting - July 18, 1997 <br />6. NEW BUSINESS (CONT.) <br />c. continued.... <br />Indiana, Inc. are in compliance with the <br />reporting requirements for the previous <br />abatements. The building commissioner <br />has reviewed the petitions and finds the <br />property to be properly zoned for the <br />proposed uses. <br />A review of the tax abatement <br />designation areas finds that the property <br />is not located in an area presently <br />designated as a Tax Abatement Impact <br />Area, however, the review finds that the <br />property is located in a Redevelopment <br />Blighted Area and the Urban Enterprise <br />Zone. A review of the Redevelopment <br />designation areas finds that the property <br />is located in the Sample -Ewing <br />Development Area, which is a Tax <br />Incremental Allocation Area, therefore, <br />the petitions first require the approval of <br />the South Bend Redevelopment <br />Commission. A review of the Tax <br />Abatement Ordinance finds that Steel <br />Warehouse Co., Inc. and A &F Realty and <br />Steel Warehouse of Indiana, Inc. meet the <br />qualifications for a ten (10) year real <br />property tax abatement, and meet the <br />qualifications for a five (5) year personal <br />property tax abatement. <br />Using the estimated project cost of $1.4 <br />million, real property taxes generated <br />over ten years are estimated to total <br />approximately $670,835. Taxes abated <br />over ten years total approximately <br />H:\ HOME\ CPHIPPS \WPDATA \COMMSN\071897.MIN -10- <br />