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RM 12-03-99
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RM 12-03-99
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South Bend Redevelopment Commission <br />Regular Meeting - December 3, 1999 <br />6. NEW BUSINESS (CONT.) <br />b. continued... <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 Sample -Ewing <br />Development Area, which is a Tax <br />Incremental Allocation Area; therefore, the <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 Ordinance <br />finds that PTD Properties, Inc. meets the <br />qualifications for a three -year real property <br />tax abatement under Retail Developments <br />in the Central Business District (CDB), the <br />East Bank Development Area (EBDA) and <br />Tax Abatement Impact Area (TAIA). <br />Using the estimated project cost of <br />$495,000, the taxes generated over the <br />three -year period will be approximately <br />$74,919. Taxes abated over the three -year <br />period will be approximately $49,946. <br />Taxes still paid with the abatement over <br />the three -year period will be <br />approximately $24,973. <br />
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