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South Bend Redevelopment Commission <br />Regular Meeting - August 21, 1998 <br />6. NEW BUSINESS (CONT.) <br />a. continued.... <br />A review of the tax abatements previously <br />granted finds that K & L, LLC has not <br />been granted any previous tax abatements. <br />The building commissioner has reviewed <br />the petition and finds the property to be <br />properly zoned for the proposed project. <br />A review of the designated South Bend <br />Redevelopment areas finds that the <br />property is located in the Airport <br />Economic Development Area, which is a <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 K & L, LLC meets the <br />qualifications for a six -year real property <br />tax abatement under Industrial <br />Development Citywide General Standards. <br />Using the estimated project cost of <br />$1,100,000, the taxes generated over the <br />six -year period will be approximately <br />$320,832. Taxes abated over the six -year <br />period will be approximately $188,221. <br />Taxes still paid with the abatement will be <br />approximately $132,611. <br />Mike Wojtysiak of Kruggel Lawton stated <br />the K & L, LLC (Advance Imaging <br />Solutions, Inc.) has been in the South <br />Bend community for a very long time. <br />Presently the company is going through <br />tremendous growth and needs to expand <br />into a new facility. <br />H: \WPDATA \C0MMSN\082198.MIN -6- <br />