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South Bend Redevelopment Commission <br />Regular Meeting -August 15, 2008 <br />6. NEW BUSINESS (CONT.) <br />A. Tax Abatements <br />(2) continued... <br />certified technology park TIF area, we allow <br />any real property increment from the <br />technology park to support the broader <br />NNDA Allocation Area No. 1. Personal <br />property increment has never been collected <br />by the NNDA and cannot be. <br />Ms. Jones asked Mr. Mathia to review the <br />changes that were made in Substitute <br />Resolution No. 2493. Mr. Mathia responded <br />that the term changed from nine years to ten. <br />Separate from Resolution No. 2493, the <br />Commission is asked to approve an extension <br />of the Economic Revitalization Area (ERA) <br />designation from two years to ten years. The <br />ERA is the time allowed for project <br />construction to be completed and the <br />abatement to begin or else the abatement <br />becomes invalid. They want to include the <br />entire four-building development in the <br />abatement it may take the ten years to <br />complete all four buildings. <br />Mr. Downes said that he also understands <br />Mr. Varner's concerns, but he urges the <br />Council to also approve the abatement. He <br />believes the City of South Bend needs to be <br />easier to work with rather than more difficult <br />to work with. This is a great project that has <br />the potential for huge wealth creation for <br />residents and tax benefit to the city. <br />Upon a motion by Mr. Downes, seconded by <br />Mr. Blake and unanimously carried, the <br />Commission approved Resolution No. 2493 <br />approving an application for real property tax <br />COMMISSION APPROVED RESOLUTION NO. 2493 <br />APPROVING AN APPLICATION FOR REAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED AT EDISON ROAD ADJOINING <br />TWYCKENHAM DRIVE EXTENSION ON STATE <br />l7 <br />