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South Bend Redevelopment Commission <br />Regular Meeting-June 5, 2009 <br />6. NEW BUSINESS (CONT.) <br />A. Tax Abatements <br />(1) continued... <br />reduction in the amount of tax revenue <br />abated. <br />Assuming arsine-year abatement tei7n is <br />approved, the total taxes to be abated during <br />that tei7n are estimated to be X635,240. Total <br />taxes to be paid during the nine-year term are <br />estimated at $723,671. For comparison <br />purposes, if the tei711 became three years, <br />total taxes to be abated are estimated at <br />$268,416. Total taxes to be paid over a <br />three-year term are estimated at $184,554. <br />There are no estimates regarding creation of <br />new or existing, peilnanent, full or part-time <br />jobs regardin~~ the building due to the <br />speculative natw-e of the project. <br />1. Neither Waggoner Farm nor Ontario <br />Partners has received a previous tax <br />abatement. The Huron Building received a <br />nine-year real property tax abatement on <br />August 14, 2006. Holladay Properties, <br />developer for the Ontario and Huron <br />Buildings, has received previous tax <br />abatements through various limited <br />partnerships and limited liability <br />corporations. <br />2. The property is properly zoned for the <br />proposed project. <br />3. The property is located in the Airport <br />Economic Development Area. ~~~hich is a Tax <br />Increment Allocation Area; therefore, the <br />petition for real property tax abatement must <br />6 <br />