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South Bend Redevelopment Commission <br />Regular Meeting— October 19, 2001 <br />6. NEW BUSINESS (CONT.) <br />a. Continued... <br />The petitioner has been granted one previous tax <br />abatement in 1992, which was a six year <br />abatement and the petitioner is in compliance <br />with all of the reporting requirements for the <br />previous abatement. The property is located in <br />an area presently designed as a Tax Abatement <br />Impact Area by the South Bend Common <br />Council and is properly zoned for the proposed <br />proj ect. <br />The property is located in the South Bend <br />Central Development Area which is a Tax <br />Incremental Allocation Area; therefore, the <br />petition for real property tax abatement must <br />first be approved by the South Bend <br />Redevelopment Commission. <br />A review of the Tax Abatement Ordinance <br />found that the petitioner does not fully meet the <br />qualifications for the requested ten year <br />abatement. Although the petitioner's property is <br />located in a Tax Abatement Impact Area, that <br />only qualifies the company for a three year <br />abatement. The petitioner is respectfully <br />requesting consideration of special exception ten <br />year real property abatement based on the <br />magnitude of the project and total project cost. <br />This request would fall under municipal code, <br />which is the Council's Authority to Enlarge <br />Real Property Tax Abatement General <br />Standards. <br />At a total project cost of $7,000,000, the cost of <br />granting the 10 -year abatement would be as <br />follows: <br />5 <br />