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South Bend Redevelopment Commission <br />Regular Meeting - June 5, 1998 <br />6. NEW BUSINESS (CONT.) <br />e. continued.... <br />Using the estimated project cost of <br />$2,800,000, the taxes generated over <br />the ten -year period will be <br />approximately $1,361,106. Taxes <br />abated over the ten -year period will be <br />$673,747. Taxes still to be paid over <br />the ten -year period will be <br />approximately $687,358. <br />Mrs. Kolata stated that she would have <br />normally signed the petition on behalf <br />of the Redevelopment Commission and <br />stated that her signature would then be <br />ratified at the next Commission <br />meeting. She stated that she did not <br />sign the tax abatement petition in this <br />case because it is a special exception <br />petition and her signing the petition <br />might have indicated the Commission's <br />action on the special exception petition. <br />In the past, she has routinely signed the <br />petition for tax abatement for a project <br />which clearly meets the tax abatement <br />guidelines. Mrs. Kolata stated that the <br />Redevelopment Commission is required <br />to sign the petition because it is still the <br />property owner. <br />This is the first tax abatement for <br />office /support space in the Blackthorn <br />Corporate Park. A tax abatement <br />previously has been approved for a <br />hotel site that would be located in the <br />Blackthorn Corporate Park. The tax <br />abatement granted for the hotel is <br />considered to be an incentive for the <br />0 <br />