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South Bend Redevelopment Commission <br />Regular Meeting - October 20, 2000 <br />6. NEW BUSINESS <br />a. Commission approval requested for <br />Resolution No. 1803 approving an application <br />for real property tax deduction for property <br />located at 4411 Quality Drive in the Airport <br />Economic Development Area. (GVW Realty, <br />LLC) <br />Ms. Moran reported that GVW Realty, LLC <br />proposes to build a 32,000 sq. ft. <br />warehouse /distribution facility on approximately <br />5 acres of land. She stated that the project is <br />estimated to create six (6) new permanent jobs <br />within the first year and maintain thirty -three <br />(33) existing permanent full -time jobs that will <br />generate an annual payroll of $1,067,139. <br />The petitioner has not been granted any previous <br />tax abatements and the project is properly zoned <br />for the proposed project. The property is located <br />in the Airport Economic Development Area <br />which is a Tax Incremental Allocation Area. The <br />project qualifies for a 3 -year real property tax <br />abatement under the Tax Abatement Ordinance <br />Without abatement, the taxes on the $1,126,000 <br />project would be approximately $167,762. With <br />a three -year abatement, the taxes paid would be <br />approximately $55,921. Therefore, the cost of <br />the abatement is approximately $111,841 over <br />the three -year period. <br />Upon a motion by Ms. Jones, seconded by <br />Mr. Caldwell and unanimously carried, the <br />Commission approved Resolution No. 1803 <br />approving an application for real property tax <br />deduction for property located at 4411 Quality <br />Drive in the Airport Economic Development <br />Area. (GVW Realty, LLC) <br />10 <br />COMMISSION APPROVED RESOLUTION <br />NO. 1803 APPROVING AN APPLICATION FOR <br />REAL PROPERTY TAX DEDUCTION FOR <br />PROPERTY LOCATED AT 4411 QUALITY <br />DRIVE IN THE AIRPORT ECONOMIC <br />DEVELOPMENT AREA (GVW REALTY, LLC) <br />