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South Bend Redevelopment Commission <br />Regular Meeting - April 28, 2000 <br />6. NEW BUSINESS (CONT.) <br />d. 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 Airport <br />Economic Development Area, which is a <br />Tax Incremental Allocation Area; <br />therefore, the petition for real property tax <br />abatement must first be approved by the <br />South Bend Redevelopment Commission. <br />A review of the Tax Abatements finds <br />that Thomas E. Lowe meets the <br />qualifications for a three -year real <br />property tax abatement under Warehouse <br />Development Citywide. <br />Using the estimated project cost of <br />$2,000,000, the taxes generated over the <br />three -year period will be approximately <br />$297,979. Taxes abated over the three - <br />year period will be approximately <br />$198,652. Taxes still paid with the <br />abatement over the three -year period will <br />be approximately $99,328. <br />Upon a motion by Ms. Jones, seconded <br />by Mr. Kahn and unanimously carried, <br />the Commission adopted Resolution No. <br />1753 approving an application for real <br />property tax deduction for property at <br />3445 William Richardson Court in the <br />Airport Economic Development Area. <br />(Thomas E. Lowe) (Playing Mantis, Inc.) <br />IRI <br />COMMISSION ADOPTED RESOLUTION NO. 1753 <br />APPROVING AN APPLICATION FOR REAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY AT <br />3445 WILLIAM RICHARDSON COURT IN THE <br />AIRPORT ECONOMIC DEVELOPMENT AREA. <br />(THOMAS E. LOWE) (PLAYING MANTIS, INC.) <br />