01-27-03 Community & Economic Development - Amended

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Community and Economic Development Committee January 27, 2003 Page 2 were developed. That tax abatement will expire in April, 2003, and the petition before the Council is seeking abatement consideration for the sixteen (16) remaining lots. The report concluded that the petitioner meets the qualifications for a five-year residential tax abatement under Sec. 2-77.1 addressing single family real property tax abatement of the South Bend Municipal Code. Mr. James R. Rans, President of the Topsfield Road Development Corporation, then made a presentation. Mr. Rans stated that the tax abatement has helped in this high-end residential subdivision. The project started with forty-nine (49) lots, with thirty-three (33) lots having been developed. The sixteen (16) remaining lots will have a minimum of 2/3's acre each and homes with a minimum of 2,900 square feet. The average value of each home will be$400,000 for a total project cost of approximately$6.4 million. Council Member Kelly noted that this project is just another example of showing that tax abatement works to create new development in the city. He stated that this subdivision is a"definite plus" to the city. Dr. Varner inquired whether Mr. Beitzinger has received directives on how the new state tax program will be handled. Mr. Beitzinger stated that $12,000 will be permitted for three (3) years for a total of$36,000. He noted that it is difficult to determine market value and that the software was delivered late last year for the assessors. He stated that they are currently in "limbo", but would keep the Council updated as new information is received. Dr. Varner stated that this is a good benefit to the city and a good development. Dr. Varner then made a motion, seconded by Council Member Kuspa that Bill No. 03-10 be recommended favorably to Council. The motion passed. Under miscellaneous business, Mr. Beitzinger noted that Mr. Daniel T. Ceglia, Chief Operating Officer for Advantage Puck Technologies has sent his apologies to the Council for not appearing at the last Council meeting on the confirmatory tax abatement resolution. They were in the middle of getting machinery shipped at that time. Lorraine Ryder will be here this evening for the company, with the Council Attorney and the City Clerk having the power of attorney authorizing her representation on behalf of the petitioner. There being no further business to come before the Committee, Council Member Kelly* adjourned the meeting at 4:55p.m. Respectfully submitted, Council Member Roland Kelly, Vice-Chairperson Community and Economic Development Committee KCF:kmf Attachments * Replaced"King"with"Kelly"