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South Bend Redevelopment Commission <br />Regular Meeting - March 6, 1998 <br />6. NEW BUSINESS (CONT.) <br />L continued... <br />property tax abatement, Lot #3 is eligible for <br />six (6) years of real property tax abatement <br />and Lot #8 is eligible for ten (10) years of <br />real property tax abatement. Once an end <br />user of each building is identified, a final <br />determination will be made as to eligibility <br />and the term (or length) of each abatement <br />will be established. <br />For example, if the end user is a <br />manufacturing company, the term of the <br />abatement would not change since it falls <br />under the requirements of Industrial <br />Development City Wide. If the end user is a <br />warehousing company, then the <br />warehousing requirements under Industrial <br />Development City Wide would be used and <br />Lots #1 and #2 would not receive abatement <br />because the buildings do not meet the <br />minimum requirement of 25,000 sf for the <br />six -year abatement. If any other type of use <br />(e.g. office, service, retail, etc.) is identified, <br />that particular lot would not receive <br />abatement. If there is mixed use, the actual <br />major use of the building would determine <br />eligibility for tax abatement and the above <br />criteria would establish the term of the <br />abatement. <br />Using the estimated project cost of $565,000 <br />for Lot #2 located within the W. Cleveland <br />Road Industrial Park, the taxes generated <br />over the six -year period total approximately <br />$162,438. Taxes abated total approximately <br />$95,477. Taxes still paid with the abatement <br />total approximately $66,961. <br />-8- <br />