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South Bend Redevelopment Commission <br />Regular Meeting - May 1, 1998 <br />6. NEW BUSINESS (CONT.) <br />b. continued.... <br />would receive no abatement because the <br />above identified uses are not eligible for <br />abatement in this area. If there is a mixed <br />use (manufacturing and warehousing or <br />another type of mixture) the predominant <br />use, (50 percent or more) of the building <br />would determine eligibility for tax <br />abatement and the above criteria would <br />establish the term of the abatement. <br />Two tax abatement schedules were <br />provided. <br />Using the estimated project cost of <br />$5,100,000, the taxes to be generated over <br />a six -year abatement period will total <br />approximately $1,487,494. Taxes to be <br />abated over the six -year period will total <br />approximately $874,316. Taxes still to be <br />paid will total approximately $613,178. <br />Using the estimated project cost of <br />$5,100,000, the taxes to be generated over <br />a ten -year abatement period will total <br />approximately $2,479,157. Taxes to be <br />abated over the ten -year period will total <br />approximately $1,227,183. Taxes still to <br />be paid will total approximately <br />$1,251,974. <br />Upon a motion by Mr. Donoho, seconded <br />by Mr. Blake and unanimously carried, the <br />Commission adopted Resolution No. 1601 <br />approving an application for real property <br />tax deduction for property located in the <br />Airport Economic Development Area. <br />C; -10- <br />COMMISSION ADOPTED RESOLUTION NO. 1601 <br />APPROVING AN APPLICATION FOR REAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED IN THE AIRPORT ECONOMIC <br />DEVELOPMENT AREA (ENTERPRISE CENTRE <br />PARTNERS L.P.) <br />