10-17-08 Redevelopment Commission Minutes

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South Bend Redevelopment Commission Regular Meeting -October 17, 2008 7. PROGRESS REPORTS (CONT.) 9 commercial real property abatements that will help create 74.5 jobs and maintain 126.0 existing jobs. The estimated value of the investments is $16.5 million. This will add approximately $4.1 million in tax revenue to the City. 6 personal property abatements that will help create 5.0 new jobs and help to maintain 328.0 existing jobs. The estimated value of the investments is $4.9 million. This will add approximately $852,000 in tax revenue to the City. 10 residential abatements that will help with the construction of 340 new single-family owned housing units. The estimated value of these investments is $61. million. This will add over $1.5 million in tax revenue to the City. The total investment for the three types of tax abatement is $82.5 million. This will help create 79.5 new jobs and maintain a tota1449 existing jobs for the City. At the same time the abatement will facilitate the construction of 340 new housing units. Together they will add a total of approximately $6.5 million to the City's tax revenues. However, due to the poor economy and the on-going credit crises, there has been a drop in the number of tax abatements processed this year compared to last year. At this time last year we had processed 38 abatements. For all of last year there were 44 tax abatements processed with a total investment of $114.9 million. Those investments will lead to the creation of approximately 201.0 new jobs and assist with maintaining 1,470.5 jobs. Also, abatements were approved for the construction of 158 new single family housing units and 128 multi-family units. The projects carried out as a result of the 44 abatements will add approximately $7.7 million in tax revenue to the City. Also, the economy has stymied home construction. There are three residential tax abatement renewals listed in this year's report. They are not brand new projects. 28