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South Bend Redevelopment Commission <br />Regular Meeting -.lane 5, 2009 <br />6. NEW BUSINESS (CONT.) <br />A. Tax Abatements <br />(1) continued... <br />fast be approved by the South Bend <br />Redevelopment Commission. <br />4. A review of the Tax Abatement <br />Ordinance finds that the petitioner can meet <br />the qualifications for up to a nine-year real <br />property tax abatement. <br />Mr. John Phair noted that the Ontario <br />building will be of similar style as the Huron <br />Building and 8,000 sft lvger. A start date for <br />construction has not been determined. They <br />are negotiating with potential tenants. The <br />financing environment is much tighter and <br />requires some preleasing. As soon as <br />Ontario Partners can secure some leases and <br />financing, they will move ahead. They need <br />tax abatement to be competitive in today's <br />leasing environment. <br />Mr. Varner noted that except in the tiist year <br />of the project when taxes are 100% abated, <br />even abated projects pay more in taxes than a <br />vacant piece of property. <br />Upon a motion by Ms. King, seconded by <br />Mr. Varner and unanimously can•ied, the <br />Commission approved Resolution No. ?588 <br />approving an application for real property tax <br />deduction for property known as Lot ? in the <br />Portage Prairie area of the Airport Economic <br />Development Area. (Waggoner Fa17n <br />Development LP/Ontario Partners) <br />COMMISSION APPROVED RESOLUTION NO. 2588 <br />APPROVING AN APPLICATION FOR REAL <br />PROPERTI' TAX DEDUCTION FOR PROPERTI' <br />KNOV/N AS LOT 2 IN THE PORTAGE PRAIRIE <br />AREA OF THE AIRPORT ECONOMIC <br />DEVELOPMENT AREA. (WAGGONER FARM <br />DEVELOPMENT LP'ONTARIO PARTNERS) <br />7 <br />