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South Bend Redevelopment Commission <br />Regular Meeting -July 18, 2008 <br />6. NEW BUSINESS (CONT.) <br />B. Tax Abatements <br />(2) continued... <br />jobs representing an annual payroll of <br />$350,000. <br />James McCune has been granted one <br />previous tax abatement for five years on real <br />property. The property is properly zoned for <br />the proposed use. The property is in the <br />Airport Economic Development Area; <br />therefore the Redevelopment Commission <br />must give its approval. The project qualifies <br />for four years of real property tax abatement <br />under the tax abatement ordinance. <br />Dr. Varner asked about the point of the two <br />schedules of abatement, one showing the <br />abatement cost under the old state tax law, <br />the other showing the cost of abatement <br />under HEA 1001, with its circuit breaker cap. <br />Mr. Inks responded that staff has done an <br />analysis of the effects of residential tax <br />abatement after HEA1001. They intend to <br />do an analysis of commercial tax abatement <br />also. In the absence of that analysis, they <br />wanted to show the difference for each <br />abatement as it is considered, so included <br />both schedules. <br />Upon a motion by Dr. Varner, seconded by <br />Mr. Blake and unanimously carried, the <br />Commission approved Resolution No. 2469 <br />approving an application for real property tax <br />deduction for property located at 225 Garst <br />St. in the Airport Economic Development <br />Area (James & Sandra McCune) <br />COMMISSION APPROVED RESOLUTION NO. 2469 <br />APPROVING AN APPLICATION FOR REAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED AT 225 GARST ST. IN THE AIRPORT <br />ECONOMIC DEVELOPMENT AREA (JAMES c4~ <br />SANDRA MCCUNE~ <br />19 <br />