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South Bend Redevelopment Commission <br />Regular Meeting - March 20, 1998 <br />6. NEW BUSINESS (CONT.) <br />b. continued.... <br />LLC is requesting consideration of a <br />special exception real property tax <br />abatement for several of the same reasons <br />as were considered for the petitions from <br />Beeler & Brown, LLC and Davey, LLC. <br />First, Cobra Development, LLC has cited <br />the enormous risk taken by obligating <br />themselves to mortgages with no <br />guarantee of a sale or lease revenues to <br />meet these obligations. Second, Cobra <br />Development, LLC has cited the large <br />costs associated with this type of <br />development and their commitment to <br />AWN continue to develop these types of <br />buildings in the future. Finally, Cobra <br />Development, LLC has cited the fact that <br />there appears to be a need for this type of <br />development within the South Bend City <br />limits. The building, when completed, <br />whether occupied or not, will add to the <br />overall tax base and will contribute to tax <br />revenues. Considering these factors, <br />Cobra Development, LLC is respectfully <br />requesting consideration of a special <br />exception tax abatement under the <br />Authority to Enlarge Real Property Tax <br />Abatement General Standard. Under the <br />proposed guidelines established by the <br />Community and Economic Development <br />Committee, this building will be <br />considered eligible for tax abatement <br />under the Industrial Development City <br />Wide ordinance and is eligible for three <br />(3) years of real property tax abatement. <br />Once an end user of the building is <br />-10- <br />