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CJ <br />South Bend Redevelopment Commission <br />Regular Meeting - October 17, 1997 <br />5. OLD BUSINESS (CONT.) <br />a. continued.... <br />A review of the tax abatement records finds <br />that Value Plus Construction, Inc., has been <br />granted several previous five -year residential <br />real property tax abatements. Value Plus <br />Construction is in compliance with the <br />reporting requirements for the previous <br />abatements. <br />A review of the tax abatement maps finds <br />that the lots are located in the Residentially <br />Distressed Area. A review of the <br />Redevelopment Allocation areas finds that <br />the property is located in the Sample -Ewing <br />Development Area which is a Tax <br />Incremental Financing Allocation Area; <br />therefore, the petition first requires the <br />approval of the South Bend Redevelopment <br />Commission. The project meets the <br />qualifications for five years of real property <br />tax abatement. <br />Using the project cost of $67,200, the taxes <br />generated total approximately $1,976.50, for <br />each of the five years. Taxes abated total <br />approximately $1,602.57, for each of the <br />five years. Taxes still paid total <br />approximately $373.93, for each of the five <br />years. <br />Tom Ford, owner of Value Plus <br />Construction, Inc. and his attorney, John <br />Peddycord, both were present at the meeting. <br />Mr. Peddycord stated that Tom Ford had <br />been operating under the old ordinance which <br />designated an area eligible for an automatic <br />tax abatement. Mr. Peddycord stated that <br />H:\ HOME \CPHWPS \WPDATA \COMMSN\101797.MIN -6- <br />