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South Bend Redevelopment Commission <br />Regular Meeting –June 5, 2009 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />A. Tax Abatements <br /> <br />(1) continued… <br /> <br />distribution, printing or light assembly. The <br />building will be constructed using pre-cast <br />concrete panels. The building will utilize <br />green building techniques such as florescent <br />lighting. The building will be the second in <br />the Portage Prairie Development Area which <br />is expected to produce a total of over <br />$350,000,000 in private investment. The <br />first speculative building was the Huron <br />Building which currently has 60 people <br />working in it on a daily basis. <br /> <br />Because of the speculative nature of the <br />proposed project, the petitioners are facing <br />short deadlines. At this time they are still <br />collecting information to support the tax <br />abatement petition. The information <br />provided to date can only support a base <br />abatement of three years. The petitioners are <br />requesting a nine-year abatement in <br />accordance with Section 5.7 (Tax <br />Abatement) contained in the Project <br />Agreement signed by the Commission and <br />the petitioners on July 21, 2006. In the <br />interest of conserving time, the petition is <br />being submitted to the Commission for its <br />consideration at this time. The petitioners <br />intend to submit additional information prior <br />to the Common Council meeting to consider <br />their confirming resolution. At that time <br />final points will be awarded and the length of <br />the abatement term set. For purposes of the <br />Redevelopment Commission we are <br />estimating the term at nine years to allow for <br />adjustment up to the full amount they have <br />requested. Anything less will result in a <br /> 5 <br /> <br />