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11-25-13 Common Council Agenda & Packet
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11-25-13 Common Council Agenda & Packet
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11/25/2013 10:33:58 AM
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City Council - City Clerk
City Council - Document Type
Agendas
City Counci - Date
11/25/2013
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South Bend Common Council <br /> RE: Tax Abatement for Great Lakes Capital Development <br /> August 21, 2013 <br /> Page 2 <br /> Total Taxes Abated for the (7) seven -year abatement period are estimated at $847,009. Taxes paid for <br /> seven (7) years on the new project would be $1,432,191. Taxes paid for ten (10) years would be <br /> $2,221,343; taxes abated for ten (10) years would be $1,034,658. The company may qualify for up to a <br /> ten year abatement depending on the information to be provided at a later date regarding their contractor. <br /> EMPLOYMENT IMPACT <br /> Per the petition, it is estimated that the project will create nine (9)new,permanent full-time positions and <br /> zero (0) part-time positions with an annual payroll of$315,000. The project will not maintain any jobs. <br /> ABATEMENT QUALIFICATION <br /> 1. A review of the tax abatements previously granted finds that the Petitioner, Great Lakes Capital <br /> Development has not been granted any previous abatements. <br /> 2. The Building Commissioner has reviewed the petition and finds the property to be properly zoned <br /> for the proposed project. <br /> 3. The property is located in the Central Business District. <br /> 4. A review of the Tax Abatement Ordinance No. 9394-03 finds that the petitioner meets the <br /> qualifications for a(7) seven-year to (10) ten year real property tax abatement under section 2-80 <br /> Mixed Use Developments in the Central Business District. <br />
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