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South Bend Redevelopment Commission <br />Regular Meeting - May 19, 2000 <br />6. NEW BUSINESS (CONT.) <br />f. continued... <br />The building commissioner has reviewed <br />the petition and has found the property to <br />be properly zoned for the proposed use. <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 Abatement <br />Ordinance finds that REW LLC <br />(Corporate Services, Inc.) meets the <br />qualifications for a 10 -year real property <br />tax abatement under Industrial <br />Development Citywide. <br />Using the estimated project cost of <br />$2,200,000, the taxes generated over the <br />10 -year period will be approximately <br />$1,092,589. Taxes abated over the 10- <br />year period will be approximately <br />$540,831. Taxes still paid with the <br />abatement over the 10 -year period will be <br />approximately $551,757. <br />Upon a motion by Mr. Kahn, seconded by <br />Ms. Jones and unanimously carried, the <br />Commission adopted Resolution No. <br />1759 approving an application for real <br />property tax deduction for property at <br />5681 West Cleveland Road in the Airport <br />Economic Development Area. (REW <br />-12- <br />COMMISSION ADOPTED RESOLUTION NO. 1759 <br />APPROVING AN APPLICATION FOR REAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY AT <br />5681 WEST CLEVELAND ROAD IN THE AIRPORT <br />ECONOMIC DEVELOPMENT AREA. (REW LLC <br />(CORPORATE SERVICES, INC.)) <br />