My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
Confirming Tax Abatement - Vida Realty LLC 2115 W. Western Ave. (2 Year Real Property)
sbend
>
Public
>
Common Council
>
Legislation
>
Resolutions/Special Resolutions
>
2014
>
Confirming Tax Abatement - Vida Realty LLC 2115 W. Western Ave. (2 Year Real Property)
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
5/2/2014 11:27:57 AM
Creation date
5/2/2014 11:03:12 AM
Metadata
Fields
Template:
City Council - City Clerk
City Council - Document Type
Resolutions
City Counci - Date
4/28/2014
Ord-Res Number
4350-14
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
14
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
South Bend Common Council <br />RE: Tax Abatement for Vida Realty LLC <br />March 10, 2014 <br />Page 2 <br />The company intends to purchase the vacant ABC Supply building and make $100,000 of <br />building improvements over the next two years. Over the next five years, they will make <br />$250,000 in improvements. <br />PLEASE NOTE: The applicant, Vida Realty LLC. , is respectfully requesting a <br />special exception because the project does not meet the general standards for real <br />property tax abatement as set forth in Chapter 2, Article 6, Sections 2 -77 through 2- <br />83.3 of the Municipal Code of the City of South Bend. hidiana State's legislation on <br />tax abatement has a provision for the granting of tax abatements on properties that have <br />been vacant for at least one year (IC 6- 1.1- 12.1 -4.8). However, because this is a <br />relatively new provision, the City's code does not provide for it. The state legislation <br />provides up to two years of tax abatement on the property subject to certain limitations on <br />the amount of the property's assessed valuation that can be considered in calculating the <br />abatement. The petitioner is respectfully requesting that the Common Council grant the <br />two year exception under this IC exception. <br />As noted this abatement only applies to a limited portion of the property's total assessed <br />valuation. This portion is equivalent to the estimate annual rent that the property could <br />generate. The building has been listed at $2.50 per square foot for the square foot <br />building. The maximum rent generated would be $142,500 and our estimate of the taxes <br />abated for two years is less than that amount. <br />Total taxes to be abated during the two -year (2) abatement period on the assessed <br />valuation are estimated at $13,187. Total taxes to be paid during the two -year (2) <br />abatement period on the assessed valuation are estimated at $7,592. <br />EMPLOYMENT IMPACT <br />Per the SB -1, it is estimated that the total project will create five (5) new, permanent, <br />full -time jobs representing a new annual payroll of $200,000. The project will retain nine <br />(9) positions with a payroll of $500,000. <br />
The URL can be used to link to this page
Your browser does not support the video tag.