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South Bend Redevelopment Commission <br />Regular Meeting -September 19, 2008 <br />6. NEW BUSINESS (CONT.) <br />C. Airport Economic Development Area <br />(1) continued... <br />windows will be added to that elevation. <br />Landscaping of the property has been <br />discussed with River Bend Hose, but the <br />detailed landscaping plan was not submitted <br />with the proposal. This will need to be <br />provided and finalized. <br />Mr. Slavinskas, owner of River Bend Hose <br />Specialty, discloses that he is a Board <br />Member of the Urban Enterprise Association. <br />Although River Bend Hose has requested <br />that they purchase the land for no cost or a <br />nominal cost, they have agreed to not request <br />real property tax abatement for this <br />development. The value of the tax abatement <br />is estimated to be more than the value of the <br />property. The land value would be in the <br />range of $20,500 to $25,500 per acre <br />($160,720 - $199,920). Based on a $2.SM <br />project cost, the value of the tax abatement <br />would range between $250,000 and <br />$300,000. <br />Staff recommends accepting the proposal <br />from River Bend Hose Specialty Inc./3G <br />Properties (partnership) and directing the <br />Commission's attorney to prepare the <br />necessary documents to close this <br />transaction. This is an exciting project. It <br />not only provides for the current business <br />needs of River Bend Hose, it provides room <br />for them to expand. River Bend Hose is a <br />local business that has shown steady growth <br />in business and employees during its <br />8 <br />