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South Bend Redevelopment Commission <br />scheduled Regular Meeting - January 4, 1995 <br />L <br />6. NEW BUSINESS (Cont.) <br />i. continued... <br />Busk Brothers has not been granted any <br />previous tax abatements. The property is <br />properly zoned for the proposed use. The <br />property is not located in an area presently <br />designated as a Tax Abatement Impact Area, <br />but is located in the Airport Economic <br />Development Area, which is a tax <br />incremental financing allocation area. The <br />project meets the qualifications for six years <br />of real property tax abatement under the tax <br />abatement ordinance. <br />A review of the cost of the proposed <br />abatement shows that, with a project cost of <br />$1,115,000 and a constant tax rate, the <br />C L project would generate approximately <br />$331,463 in new taxes over six years <br />without abatement. With abatement, the <br />project will generate approximately <br />$137,005. Therefore, the cost of the <br />abatement is approximately $194,458 over <br />the six year period. <br />Upon a motion by Mr. Donoho, seconded <br />by Ms. Auburn and unanimously carried, <br />the Commission approved Resolution <br />No. 1315 approving an application for real <br />property tax deduction for property known <br />as Lot 16 and Lot 17 in the Toll Road <br />Industrial Park portion of the Airport <br />Economic Development Area. (Busk <br />Brothers Furniture) <br />j. Commission approval requested for <br />Resolution No. 1316 setting the Fair <br />Reuse Value of Land for Parcels No. <br />AWN <br />%W Ll� -33- <br />COMMISSION APPROVED RESOLUTION <br />NO. 1315 APPROVING AN APPLICATION FOR <br />REAL PROPERTY TAX DEDUCTION FOR <br />PROPERTY KNOWN AS LOT 16 AND LOT 17 <br />IN THE TOLL ROAD INDUSTRIAL PARK <br />PORTION OF THE AIRPORT ECONOMIC <br />DEVELOPMENT AREA. (BUSK BROTHERS <br />FURNITURE) <br />