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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 />reduction in the amount of tax revenue <br />abated. <br /> <br />Assuming a nine-year abatement term is <br />approved, the total taxes to be abated during <br />that term are estimated to be $635,240. Total <br />taxes to be paid during the nine-year term are <br />estimated at $723,671. For comparison <br />purposes, if the term 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 /> <br />There are no estimates regarding creation of <br />new or existing, permanent, full or part-time <br />jobs regarding the building due to the <br />speculative nature of the project. <br /> <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 /> <br />2. The property is properly zoned for the <br />proposed project. <br /> <br />3. The property is located in the Airport <br />Economic Development Area, which is a Tax <br />Increment Allocation Area; therefore, the <br />petition for real property tax abatement must <br /> 6 <br /> <br />