Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting - March 20, 1998 <br />6. NEW BUSINESS (CONT.) <br />b. continued.... <br />no policy for granting abatements for spec <br />buildings. Cobra Development believes <br />that this policy should be reviewed for the <br />following reasons. First, they are <br />investing in South Bend by placing a <br />needed product on the market. Companies <br />planning to relocate from within South <br />Bend or those from the outside area may <br />make their decision based on an existing <br />structure. A new building ready to be <br />occupied could make the difference in the <br />buyer's decision to remain in or move to <br />South Bend. Second, the abatement could <br />make the ultimate difference in the buyer's <br />decision. The abatement could be the <br />crucial bargaining chip in competition <br />with other communities. Cobra <br />Development believes that without the <br />abatement, it and the City of South Bend <br />could be at a severe disadvantage. Finally, <br />Cobra Development has already <br />committed hundreds of thousands of <br />dollars in current and future projects. <br />They are again at a severe disadvantage <br />with local build -to -suit contractors who <br />along with potential clients will simply <br />wait for the tax abatement before starting <br />construction. For this to truly be a long <br />term commitment, Cobra Development <br />believes the policy concerning tax <br />abatement on spec buildings must change. <br />They are very excited about the future and <br />the ability for both Cobra Development <br />and the City of South Bend to share in the <br />benefits of their commitment. Cobra <br />Development felt that it and the City of <br />-14- <br />