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South Bend Redevelopment Commission <br />Regular Meeting - March 20, 1998 <br />6. NEW BUSINESS (CONT.) <br />b. continued.... <br />To procedurally correct this problem, State <br />law does have a provision that allows the <br />City Council to waive certain procedural <br />requirements. The Council has invoked <br />this section of state law several times <br />previously (most recently for Tom Ford <br />with Value Plus Construction and South <br />Bend Heritage Foundation for residential <br />tax abatements where the building permits <br />were pulled prior to receiving approval of <br />the abatement). The Council will be <br />considering a resolution on Monday, <br />March 23, 1998, with the appropriate <br />language to procedurally correct this issue. <br />Using an estimated project cost of <br />$442,000, the taxes generated over the <br />three -year period total $63,538. Taxes <br />abated over the three -year period total <br />$42,358. Taxes still paid with the <br />abatement total $21,179. <br />Brian Montgomery and Mark Miller, <br />owners of Cobra Development, LLC <br />presented a site plan of their project to the <br />Commission. Mr. Montgomery stated that <br />they are involved in commercial projects <br />with an emphasis in light industrial <br />buildings. They currently have one <br />building under construction in the Toll <br />Road Industrial Park. This is a spec <br />building for which they are currently <br />seeking a buyer. Prior to starting <br />construction, Cobra Development inquired <br />about the possibility of tax abatement for <br />this project. They were told that there was <br />-13- <br />