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South Bend Redevelopment Commission <br />Regular Meeting - June 5, 1998 <br />6. NEW BUSINESS (CONT.) <br />a. continued.... <br />therefore, the petition for real property <br />tax abatement must first be approved by <br />the South Bend Redevelopment <br />Commission. A review of the Tax <br />Abatement Ordinance finds that REW, <br />LLC meets the qualifications for a ten <br />(10) year real property tax abatement <br />under Industrial Development City <br />Wide. <br />Using the estimated project cost of <br />$1,000,000, the taxes generated over <br />the ten -year period will be <br />approximately $486,109. Taxes abated <br />over the ten -year period will be <br />approximately $240,624. Taxes still <br />paid over the ten -year period will be <br />approximately $245,485. <br />Mrs. Kolata asked Robert Womey of <br />REW, LLC if his proposed project is <br />for a new building or an expansion of <br />his existing building. Mr. Womey <br />responded that the proposed project is <br />for a new building. Mrs. Kolata asked <br />Mr. Womey what would be the square <br />footage of all his buildings upon <br />completion. Mr. Womey responded <br />that the square footage of the buildings <br />would be 165,000 sf. Mrs. Kolata <br />noted that this has been a continually <br />growing business in the last four years <br />and congratulated him on his success. <br />-13- <br />