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South Bend Redevelopment Commission <br />Regular Meeting –March 20, 2009 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />A. Tax Abatement <br /> <br />(1) continued… <br /> <br />Development Area, which is a Tax <br />Incremental Allocation Area; therefore, <br />approval of the tax abatement petition by the <br />South Bend Redevelopment Commission is <br />required. However, the property is not <br />located within the Northeast Neighborhood’s <br />residential TIF area. The project qualifies for <br />a five-year residential tax abatement under <br />the tax abatement ordinance. <br /> <br />Mr. Varner asked whether the project costs <br />for these estimates include the land. Ms. <br />Hahn responded that it did not. The estimate <br />was only for new construction. <br /> <br />Mr. Varner asked if it wouldn’t be more <br />accurate to include the land. Mr. Inks agreed <br />that it would, in projects such as this. It <br />would increase the amount of taxes paid, not <br />the amount abated, since the abatement has a <br />cap. <br /> <br />CRN.2571 <br />Upon a motion by Ms. King, seconded by <br />OMMISSION APPROVED ESOLUTION O <br />APPROVING AN APPLICATION FOR REAL <br />Mr. Varner and unanimously carried, the <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />Commission approved Resolution No. 2571 <br />1029NDA <br />LOCATED AT OTRE AME VENUE IN THE <br />approving an application for real property tax <br />NND <br />ORTHEAST EIGHBORHOOD EVELOPMENT <br />deduction for property located at 1029 Notre <br />A.(RD.KS.B) <br />REA OBERT AND ELLEY RETZ <br />Dame Avenue in the Northeast <br />Neighborhood Development Area. (Robert <br />D. and Kelley S. Bretz) <br /> <br /> <br /> B. South Bend Central Development Area <br /> <br />(1) Waiver and Consent to Mortgage for <br />KeyBank Plaza <br /> <br /> 4 <br /> <br />