Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting -August 15, 2008 <br />6. NEW BUSINESS (CONT.) <br />A. Tax Abatements <br />(2) continued... <br />project's tax abatement would have no <br />impact on that project area or the bonds <br />outstanding there. Construction of the <br />technology building was not planned to be <br />part of the revenue source for development in <br />the NNDA. <br />Ms. Jones noted that the Commission's <br />concern is simply whether the TIF district <br />can afford to allow the tax abatement. The <br />Commission doesn't have the information to <br />address the other concerns Mr. Varner has. <br />The Common Council is responsible to <br />consider those other issues. Ms. Jones said <br />she understands the concerns expressed in <br />Mr. Varner's letter. With his Common <br />Council member hat on, he will address those <br />concerns. <br />Ms. Jones asked the impact of the Innovation <br />Park receiving SOlc(3) designation. Mr. <br />Faccenda responded that SOlc(3)s can have <br />taxable activities. It wouldn't affect the real <br />estate taxes for the Innovation Park, nor the <br />tax abatement. <br />Mr. Gibney noted that this project <br />complements the very sizable residential and <br />retail development at Eddy Street Commons. <br />The buildings will be very handsome, very <br />professional. The Mayor supports this tax <br />abatement. <br />Mr. Blake voiced Mr. Varner's concern that <br />this development may require additional <br />infrastructure that the rest of the city ends up <br />15 <br />