Confirming Tax Abatement - 511 East Colfax & 210 North Niles - Odyssian Technology 6 Year

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- • ~ SOUTH B OF ~VIli II1~1/1 ~~~ i ~ ~/ F \~% ~' w ~~'E„e` Community & Economic Development ~s~~~~~~~, 1200 County-City Building, 227 West Jefferson, South Bend, Indiana 46601-1830 ~ Phone 574/235-9371 • Fax 574/235-9021 To: Council Members From: Sharon Terrell .,,~. Subject: Substitute Confirming Resolution - Odyssian Technology Date: April 1, 2007 A substitute resolution is necessary for the commercial real estate tax abatement submitted to the Common Council on January 8, 2007, for Odyssian Technology. Odyssian has submitted a revised commercial real estate petition with information that increases the length of the tax abatement period the firm is qualified for from four to six years. In addition, the firm submitted a revised personal property petition which reduced the estimated cost of the equipment from $384,816 to $147,800. The revised real estate abatement petition came about as a result of firming up contractors and subcontractors for the planned renovation work and improved knowledge of the contractors' employment practices. The reduction in personal property resulted from a change in the ownership pattern for equipment to be supplied by the federal government. A copy of the revised real estate petition together with the tax abatement schedule and the public bonus point summary for the commercial real estate abatement are attached. The substitute resolution contains the revised tax abatement period. While the resolution for personal property does not need to be changed, the revised petition for personal property along with a copy of the revised tax abatement projections for the personal property is attached for the Common Council's information and for the record. Because of the changes described above a representative from Odyssian Technology will be available to meet with Community and Economic Development (CED) Committee on Monday, April 9, 2007. Assuming the Committee approves the changes, the confirming resolutions for both the real estate and the personal property tax abatements will be considered at the public meeting Monday evening. If you should need any further information regarding this abatement prior to the CED Committee meeting, please call me at 235-5825. cc: South Bend Common Council Members Mayor Stephen Luecke Jeff Gibney Don Inks/Bob Mathia Odyssian.l What We Do Today Makes A Difference!