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South Bend Redevelopment Commission <br />Regular Meeting - May 19, 2000 <br />6. NEW BUSINESS (CONT.) <br />d. continued... <br />abatement must first be approved by the <br />South Bend Redevelopment Commission. <br />A review of the Tax Abatement <br />Ordinance finds that the Cleveland Road <br />Partners, L.P. does not meet the <br />qualifications for an abatement due to the <br />inability of the developer to identify the <br />end users of the buildings. However, the <br />developer is requesting consideration of a <br />special exception real property tax <br />abatement due to the enormous risk taken <br />by obligating themselves to mortgages <br />with no guarantees of lease revenues to <br />meet these obligations and the huge <br />overall cost of the development. <br />Considering the above the developer is <br />respectfully requesting consideration of a <br />special exception tax abatement under <br />Section 2 -84, which is the Council's <br />Authority to Enlarge Real Property Tax <br />Abatement General Standards. Under <br />guidelines established by the Council's <br />Community and Economic Development <br />Committee, Phase I would be considered <br />eligible for tax abatement under the <br />requirements of Industrial Development <br />Citywide and would be eligible for 10 <br />years of real property tax abatement. <br />Using the estimated project cost of <br />$4,400,000, the taxes generated over the <br />10 -year period will be approximately <br />$2,185,177. Taxes abated over the 10- <br />year period will be approximately <br />&!2 <br />