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South Bend Redevelopment Commission <br />Regular Meeting— August 4, 2000 <br />6. NEW BUSINESS (Cont.) <br />i. continued... <br />A review of the South Bend Redevelopment <br />designation areas finds that the property is <br />located in the Airport Economic Development <br />Area, which is a Tax Incremental Allocation <br />Area; therefore, the petition for real property tax <br />abatement must first be approved by the South <br />Bend Redevelopment Commission. <br />A review of the Tax Abatement Ordinance finds <br />that the petitioner meets the qualifications for a <br />ten -year real property tax abatement. <br />Without abatement, based on an estimated <br />project cost of $5,500,000 and a constant tax <br />rate, the taxes to be paid over the ten -year period <br />would be approximately $2,731,471. With <br />abatement, the taxes paid over the ten -year <br />period are estimated to be approximately <br />$1,379,393. Therefore, the cost of the abatement <br />would be approximately $1,352,078. <br />Mr. Cupp thanked the staff for the last minute <br />effort they made to get this report ready for the <br />meeting. GWSB is on a fast schedule, hoping to <br />get their building constructed this year. He noted <br />that Global Motorsports has been in business for <br />over 30 years. They have several distribution <br />centers in several locations in the U.S. as well as <br />overseas. <br />Upon a motion by Mr. Caldwell, seconded by <br />Ms. Jones and unanimously carried, the <br />Commission approved Resolution No. 1788 <br />approving an application for Real Property Tax <br />Deduction for property located at 5759 Brick <br />Road in the Airport Economic Development <br />Area. (GWSB Properties, LLC) <br />-12- <br />COMMISSION APPROVED RESOLUTION NO. 1788 <br />APPROVING AN APPLICATION FOR REAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED AT 5759 BRICK ROAD IN THE AIRPORT <br />ECONOMIC DEVELOPMENT AREA. (GWSB <br />PROPERTIES, LLC) <br />