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South Bend Redevelopment Commission <br />scheduled Regular Meeting - January 4, 1995 <br />6. NEW BUSINESS (Cont.) <br />g. continued... <br />meet the growing demands of current <br />tenants and to attract new tenants. The total <br />cost of this project is estimated at $700,000. <br />The project is not expected to create any <br />new jobs; however, the petitioner is <br />expecting to bring in between 10 and 20 <br />new (to this area) jobs resulting from the <br />companies that are currently pre- leasing the <br />new buildings. <br />John and Lai Lo Gould have not been <br />granted any previous tax abatements. The <br />property is properly zoned for the proposed <br />use. The property is not located in an area <br />presently designated as a 'Pax Abatement <br />Impact Area, but is located in the Airport <br />Economic Development Area, a tax <br />incremental financing allocation area. A <br />review of the tax abatement ordinance finds <br />that the petitioner does not meet the <br />qualifications for real property tax <br />abatement due to its location. If the <br />petitioner's property were located in a <br />designated area, the project would qualify <br />for three years of real property abatement. <br />The petitioner is requesting special <br />consideration for the abatement because of <br />the following things which have made <br />development of the property difficult: 1) <br />Viridian Drive was originally planned to be <br />connected with the northern portion of <br />Viridian via a bridge. However, the <br />connecting of the two drives has been put on <br />permanent hold. This results in a dead end <br />street with limited access to the petitioner's <br />AIK <br />-29- <br />