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I it <br />C <br />South Bend Redevelopment Commission <br />Regular Meeting - May 1, 1998 <br />6. NEW BUSINESS (CONT.) <br />b. continued.... <br />Tax Incremental Allocation Area; <br />therefore, the petition for real property tax <br />abatement must first be approved by the <br />South Bend Redevelopment Commission. <br />A review of the Tax Abatement Ordinance <br />finds that Enterprise Centre Partners L.P. <br />does not meet the qualifications for an <br />abatement due to the inability of the <br />developer to identify the end users of the <br />buildings. However, the developer is <br />requesting consideration of a special <br />exception real property tax abatement for <br />several of the same reasons as were <br />considered for the tax abatement petitions <br />from Beeler & Brown, LLC and Davey, <br />LLC and Cobra Development. First, the <br />developer has cited the enormous risk <br />taken by obligating themselves to <br />mortgages with no guarantee of a sale or <br />lease revenues to meet these obligations. <br />Second, the developer has cited the large <br />costs associated with this type of <br />development and their commitment to <br />continue to develop these types of <br />buildings in the future. Finally, the <br />developer has cited the fact that there <br />appears to be a need for this type of <br />development within the South Bend city <br />limits. The completed building, whether <br />occupied or not, will add to the overall tax <br />base and will contribute to the tax <br />revenues. <br />Considering these factors, the developer is <br />respectfully requesting consideration of a <br />special exception tax abatement, which is <br />