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South Bend Redevelopment Commission <br />Regular Meeting - March 6, 1998 <br />6. NEW BUSINESS (CONT.) <br />k. continued... <br />developer to identify the end users of the <br />buildings. However, Beeler & Brown, LLC <br />and Davey, LLC are requesting <br />consideration of a special exception real <br />property tax abatement for several reasons. <br />First, Beeler & Brown, LLC and Davey, <br />LLC have cited the enormous risk taken by <br />obligating themselves to mortgages with no <br />guarantees of a sale or lease revenues to <br />meet these obligations. Second, they have <br />cited the additional costs associated with the <br />developments such as: nearly $125,000 for <br />public road work; over $25,000 for uniform <br />signage throughout the development; <br />another $25,000 for entryway signage, <br />landscaping and sprinkler system and nearly <br />$30,000 for mounding and pine trees to <br />create a buffer between nearby residential <br />areas. Third, Beeler & Brown, LLC and <br />Davey, LLC have cited the huge overall cost <br />of the development. When completed, the <br />estimated total cost for the entire <br />development is expected to exceed $10 <br />million. <br />Considering these extenuating factors, <br />Beeler & Brown, LLC and Davey, LLC are <br />respectfully requesting consideration of a <br />special exception tax abatement. Using <br />guidelines established by the Community <br />and Economic Development Committee of <br />the South Bend Common Council, each <br />building will be considered eligible for tax <br />abatement under the requirements of <br />Industrial Development City Wide. Thus <br />Lot #1 is eligible for six (6) years of real <br />-7- <br />