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South Bend Redevelopment Commission <br />Regular Meeting of February 6, 1998 <br />6. NEW BUSINESS (CONT.) <br />a. continued.... <br />the College Football Hall of Fame. This <br />retail development will hopefully capture <br />tourist traffic in the downtown as well as <br />convention visitors, while serving business <br />customers in the existing area. The second <br />phase of the project will involve <br />renovation of the second and third floors <br />for office space. The total estimated cost <br />of the project is between $450,000 and <br />$600,000. <br />Per the petition, it is estimated that this <br />project will create four (4) new permanent <br />jobs within the first year, representing a <br />new annual payroll between $60,000 and <br />$80,000. <br />A review of the tax abatements previously <br />granted finds that South Bend Chocolate <br />Company has not been granted previous <br />tax abatements. The building <br />commissioner has reviewed the petition <br />and finds the property to be properly <br />zoned for the proposed project. A review <br />of the designated South Bend <br />Redevelopment areas finds that the <br />property is located in the South Bend <br />Central Development Area, which is a Tax <br />Incremental Allocation Area, therefore, the <br />petition for real property tax abatement <br />must first be approved by the South Bend <br />Redevelopment Commission. A review of <br />the Tax Abatement Ordinance finds that <br />the project meets the qualifications for a <br />six (6) year real property tax abatement. <br />