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South Bend Redevelopment Commission <br />Regular Meeting - November 20, 1998 <br />6. NEW BUSINESS (CONT.) <br />a. continued.... <br />Using the estimated project cost of <br />$394,540, the taxes generated over the <br />three -year period will be approximately <br />$57,537. Taxes abated over the three -year <br />period will be approximately $38,358. <br />Taxes still paid with the abatement over <br />the three -year period will be <br />approximately $19,179. <br />Upon a motion by Mr. Donoho, seconded <br />by Mr. Faccenda and unanimously carried, <br />the Commission adopted Resolution <br />No. 1649 approving an application for real <br />property tax deduction for property at <br />4044 William Richardson Court. (Rick E. <br />Newman (Crystal Mountain, Inc.)) <br />b. Commission approval requested for <br />Resolution No. 1650 of the South Bend <br />Redevelopment Commission approving <br />the Execution of an Addendum to the <br />Lease dated as of November 16, 1998, <br />Between the South Bend <br />Redevelopment Commission and the <br />South Bend Redevelopment Authority <br />for the Blackthorn Golf Course Project. <br />Mrs. Kolata stated that the Execution of <br />the Addendum to the Lease dated as of <br />November 16, 1998, is related to the <br />Blackthorn Golf Course Bond refinancing. <br />On November 10, 1998, there was a bond <br />sale to refinance the Blackthorn Golf <br />Course Bond issued in 1992. The savings <br />which will be achieved from the Bond <br />H: \WPDATA \COMMSN\112098.MIN -6- <br />COMMISSION ADOPTED RESOLUTION NO. 1649 <br />APPROVING AN APPLICATION FOR REAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY AT <br />4044 WILLIAM RICHARDSON COURT (RICK E. <br />NEWMAN (CRYSTAL MOUNTAIN, INC.)) <br />