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South Bend Redevelopment Commission <br />scheduled Regular Meeting - January 4, 1995 <br />6. NEW BUSINESS (Cont.) <br />g. continued... <br />property. 2) The area surrounding the <br />office park is 50 % ravine and is a favorite <br />of moto -cross bikes and four wheel drive <br />vehicles. This has resulted in problems of <br />trespassing and noise. 3) There is a parcel <br />of land directly adjacent to the Viridan <br />Office park which has been the center of <br />complaints due to its appearance. These <br />factors have combined to create the difficult <br />position of developing this property. <br />A review of the cost of the proposed <br />abatement shows that, with a project cost of <br />$700,000 and a constant tax rate, the project <br />would generate approximately $104,047 in <br />new taxes over the three year period. With <br />abatement the project will generate <br />approximately $35,029. Therefore, the cost <br />of the abatement would be approximately <br />$69,018 over the three year period. <br />Mr. Gould indicated that he thought it was <br />in the City's best interest to see that <br />property developed to a better use than it is <br />presently. He bought it through bankruptcy <br />from Intracomp. He sees his project as a <br />catalyst, not a competitor of, the Blackthorn <br />market. He will be serve the small business <br />that needs 1,000 to 2,000 square feet of <br />class A office space. <br />Mrs. Kolata noted that the staff supports this <br />request for tax abatement. Mr. Gould has <br />made improvements already to the property <br />and the improvements have improved the <br />-30- <br />