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approximately 40,000 square feet leasable. It's been improved upon and the petitioner is trying to <br /> close on a loan for it. Having this abatement is a significant part of being able to close on that as <br /> well as the overall financing of it.Not being able to close on it because of the property taxes <br /> could be something that jeopardizes the whole entire project. The petitioner recognizes he bares <br /> some fault on this,not getting it in on time, but there is a legally permitted procedure for you all <br /> to waive the filing. He has gathered all of those documents and has subsequently submitted all <br /> those documents. He is asking you to approve this waiver so he can proceed with the abatement. <br /> Committee Chair Ferlic opened the floor to questions from Committee or Council members. <br /> Councilmember Dr. David Varner asked, This has happened in the past. Is the abatement for two <br /> (2) years or ten (10)years? <br /> Mr. Agostino replied, Section one (1) says a two (2) year abatement, section two (2) says a ten <br /> (10)year deduction. I think we should be clear on that as well. <br /> Commiteemember Paul Tipps asked, Did the original petition include only the one (1)job for <br /> $35,000 a year? <br /> Mr. Agostino replied, Yes it was part of the original. That is the onsite manager. <br /> Committeemember Tipps followed up, In your petition you state you will take some actions to <br /> prevent this from happening again. What are those specifically? <br /> Mr. Agostino replied, My client has placed it on his calendar and various notices. He has <br /> retained council to remind him of that. <br /> Committeemember Tipps commented, Last year we looked at a similar request from an affiliated <br /> company with the South Bend Cubs. The same thing happened. Community Investment assured <br /> us that they were going to put procedures in place that try to prevent this from happening again, <br /> but here we are again. <br /> Mr. Agostino replied, And again,the petitioner acknowledges there is fault to bare. This is not <br /> the petitioner coming saying they've been blind-sided or claiming lack of knowledge of this. It <br /> simply got lost in the paperwork. <br /> Committee Chair Ferlic stated, From my time on the Council,the number of these requests have <br /> gone down significantly. Our Department of Community Investment has implemented some new <br /> procedures and there is improvement being seen. I don't think we will get to zero (0) but I credit <br /> DCI with that. <br /> Committee Chair Ferlic opened the floor to members of the public wishing to speak in favor of <br /> or in opposition to the legislation. There were none. He then turned the floor back to the <br /> committee for further comment or main motions. <br /> 2 <br />