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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting - April 9, 1999 <br />6. NEW BUSINESS (CONT.) <br />b. continued... <br />A review of the designated South Bend <br />Redevelopment areas finds that the <br />property is located in the West <br />Washington- Chapin Development Area, <br />which is a Tax Incremental Allocation <br />Area; therefore, the petition for real <br />property tax abatement must first be <br />approved by the South Bend <br />Redevelopment Commission. <br />South Bend Heritage Foundation <br />requests a ten -year real property <br />abatement, although the project does <br />not meet the required 40,000 square feet <br />of new construction for the requested <br />10 -year period. South Bend Heritage <br />Foundation feels that the project should <br />be considered for the 10 -year abatement <br />because: 1) The project is an integral <br />part of the City's development plans for <br />the area; 2) It is located in an <br />historically depressed area where it <br />amply qualifies for tax abatement; 3) <br />SBHF needs the reduced taxes in order <br />to establish a cash flow that would be <br />supported by affordable rents; 4) The <br />project compliments the development <br />already occurring in the area. <br />Additionally, South Bend Heritage <br />Foundation has noted that the project <br />will bring much needed services and <br />products to the low income, <br />predominantly minority, surrounding <br />neighborhoods. <br />HAWPDATATOMMSM040999.MIN -10- <br />