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RM 07-16-99
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RM 07-16-99
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South Bend Redevelopment Commission <br />Regular Meeting - July 16, 1999 <br />6. NEW BUSINESS (CONT.) <br />k. continued... <br />petition for real property tax abatement <br />must first be approved by the South Bend <br />Redevelopment Commission. <br />A review of the Tax Abatement <br />Ordinance finds that Koontz - Wagner <br />meets the qualifications for a three - <br />year real property tax abatement under <br />Industrial Development Citywide <br />General Standards. <br />Using the estimated project cost of <br />$450,000, the taxes generated over <br />the three -year period will be <br />approximately $67,843. Taxes <br />abated over the three -year period <br />will be approximately $45,229. <br />Taxes still paid with the abatement <br />over the three -year period will be <br />approximately $22,614. <br />Paul Witek, Treasurer for Koontz <br />Wagner, stated that they hope to <br />start construction in the late <br />summer or early fall of 1999 with <br />completion by February 2000. <br />H: \WPDATA \COMMSN \071699 Minutes.wpd -13- <br />
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