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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 />first be approved by the South Bend <br />Redevelopment Commission. <br /> <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 /> <br />Mr. John Phair noted that the Ontario <br />building will be of similar style as the Huron <br />Building and 8,000 sft larger. 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 /> <br />Mr. Varner noted that except in the first 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 /> <br />CRN.2588 <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. 2588 <br />L2PP <br />KNOWN AS OT IN THE ORTAGE RAIRIE <br />approving an application for real property tax <br />AE <br />AREA OF THE IRPORT CONOMIC <br />deduction for property known as Lot 2 in the <br />DA.(WF <br />EVELOPMENT REA AGGONER ARM <br />DLP/OP) <br />Portage Prairie area of the Airport Economic <br />EVELOPMENT NTARIO ARTNERS <br />Development Area. (Waggoner Farm <br />Development LP/Ontario Partners) <br /> <br /> <br /> <br /> 7 <br /> <br />