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South Bend Redevelopment Commission <br />Regular Meeting -May 2, 2008 <br />6. NEW BUSINESS (CONT.) <br />B. Tax Abatements <br />(2) continued... <br />Ms. Fanello said that the 1% cap will, indeed, <br />equalize the tax rate between the city and <br />county. That is a great incentive for people <br />to move to the city. <br />Mr. King asked if Ms. Chamblee would want <br />to go forward with this tax abatement, even if <br />it was possible that the Council might rescind <br />the abatement later. Ms. Chamblee agreed <br />that she would. <br />Mr. Downes asked if it was realistic to expect <br />to sell all the lots in five years, considering <br />current market conditions. Ms. Chamblee <br />responded that current market conditions <br />don't last forever. They hope to revisit the <br />800 or so clients in their database who <br />decided not to buy because of the high taxes <br />and find them more ready to buy in this new <br />environment. <br />Dr. Varner said that as a Council member he <br />has been a proponent of tax abatement as an <br />incentive. He hopes that if the need for an <br />equalizer has disappeared that tax abatement <br />would be discontinued. <br />Upon a motion by Dr. Varner, seconded by <br />Mr. Downes and unanimously carried, the <br />Commission approved Resolution No. 2452 <br />approving an application for real property tax <br />deduction for property in the Airport <br />Economic Development Area (Villas at Lake <br />Blackthorn, Section I) <br />COMMISSION APPROVED RESOLUTION NO. 2452 <br />APPROVING AN APPLICATION FOR REAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY IN <br />THE AIRPORT ECONOMIC DEVELOPMENT UREA <br />(VILLAS AT LAKE BLACKTHORN, SECTION I~ <br />9 <br />