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South Bend Redevelopment Commission <br />Regular Meeting - September 4, 1998 <br />6. NEW BUSINESS (CONT.) <br />b. continued.... <br />The property is located in an area <br />presently designated as a Tax Abatement <br />Impact Area by the South Bend Common <br />Council. <br />The property is located in an Economic <br />Development Target Area established by <br />the South Bend Economic Development <br />Commission, which is a requirement when <br />considering tax abatement for this type of <br />business. <br />A review of the designated South Bend <br />Redevelopment areas finds that the <br />property is located in the South Bend <br />Central Development Area, which is a Tax <br />Increment Allocation Area; therefore, the <br />petition for real and personal 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 The Ultimate Connection, Inc. <br />meets the qualifications for a six -year real <br />property tax abatement under Retail <br />Development in the Central Business <br />District, the East Bank Development Area <br />and Tax Abatement Impact Areas. <br />Using the estimated project cost of <br />$200,000, the taxes generated over the six - <br />year period will be approximately <br />$21,964. Taxes abated over the six -year <br />period will be $12,910. Taxes still paid <br />with the abatement over the six -year <br />period will be approximately $9,054. <br />H: \WPDATA \C0MMSN\090498.MIN -5- <br />