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South Bend Redevelopment Commission <br />Regular Meeting - May 19, 2000 <br />6. NEW BUSINESS (CONT.) <br />c. continued... <br />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 G & B Realty, LLC <br />meet the qualifications for a 10 -year real <br />property tax abatement under Industrial <br />Development in Urban Enterprise Zone <br />and Redevelopment Blighted Areas. <br />Using the estimated project cost of <br />$350,000, the taxes generated over the <br />10 -year period will be approximately <br />$175,931. Taxes abated over the ten -year <br />period will be approximately $87,086. <br />Taxes still paid with the abatement over <br />the ten -year period will be approximately <br />$88,845. <br />Upon a motion by Ms. Jones, seconded <br />by Mr. Kahn and unanimously carried, <br />the Commission adopted Resolution No. <br />1756 approving an application for real <br />property tax deduction for property at <br />1137 S. Lafayette Blvd. (G & B Realty, <br />LLC) <br />d. Commission approval requested for <br />Resolution No. 1757 approving an <br />application for real property tax <br />deduction for property located on <br />Cleveland Road adjacent to and west <br />of 4647 Cleveland Road in the Airport <br />Economic Development Area. <br />(Cleveland Road Partners, L.P.) <br />-7- <br />COMMISSION ADOPTED RESOLUTION NO. 1756 <br />APPROVING AN APPLICATION FOR REAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY AT <br />1137 S. LAFAYETTE BLVD. (G & B REALTY, LLC) <br />