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Discussion then took place on these suggestions, with favorably comments being made. It was <br /> also noted that Beth Leonard is preparing this year's Tax Abatement Annual Report which is due <br /> on March 31st. <br /> Council Member Puzzello noted that this Committee will meet on March 14th to review the <br /> companies from 2004 who were initially determined by the Administration not to be in <br /> compliance. <br /> The Council Attorney noted that seven (7) entities are involved and that each will be identified <br /> by name when formal action is taken at the March 14th committee meeting. <br /> Ms. Kendall stated that the Administration is tracking pending legislation with the Indiana <br /> General Assembly. She noted that "it would be terrible" if abatements would be automatic, as <br /> one of the pending bills is proposing. She added that Mayor Luecke and Gary Gilot will be <br /> going to the IAC meeting next week. <br /> Council Member Puzzello stated that she may be proposing in the near future an amendment to <br /> the current tax abatement regulations which would require the filing of a map showing the <br /> subject property in relation to the surrounding neighborhood with cross-streets being identified. <br /> She added that Council Member Rouse has also expressed a desire for such information as it <br /> pertains to residential tax abatements. <br /> Mr. Schaffer noted in response to comments from the Council Attorney that an overall map of <br /> the city could be prepared for the Council which shows all residentially distressed properties. <br /> Ann Kolata then presented information under miscellaneous matters. She noted that the city <br /> sold the Colfax Garage to TRANSPO for $4 million. There will be a lease back arrangement <br /> from TRANSPO for a 20-year period at $200,000 per year. At the end of the 20-years, the city <br /> has the option of paying $1 for the property. The City will complete the renovations and <br /> improvements and will use the parking revenues to fund the sinking fund for repairs. If there is <br /> anything left, it will be divided 50150 between the city and TRANSPO. She noted that from the <br /> public standpoint, there will be no real difference, but the city will get $ 4 million. Ms. Kolata <br /> stated that TRANSPO to promote the trolleys and parking garages. <br /> Mr. Inks stated that this is a similar arrangement as the one dealing with Leighton Plaza. <br /> Ms. Kolata then noted that they are in the process of selling the old stamping plant consisting of <br /> 39 acres for $1 to TRANSPO. TRANSPO will spend $4 million on demolition. Awarding of <br /> the demolition contract is projected for July with agreements being worked on currently. There <br /> will be a lease back at $200,000 per year for 20-years. TRANSPO would like to use ten (10) <br /> acres for a maintenance building with the remaining 29 acres then being sold for industrial <br /> development. <br /> Andy Laurent stated that since TRANSPO have monies for Amtrak and the garage, they did not <br /> want to not be able to use the $8 million,which would have been lost without these <br /> March 7,2005 Community and Economic Development Committee meeting of the 2005 South Bend Common Council -page 2- <br />