My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
25-14 Designating Resolution - Vacant Building Tax Abatement for 425 South Michigan Street
sbend
>
Public
>
Common Council
>
Legislation
>
Upcoming Bills
>
2025
>
02-24-2025
>
25-14 Designating Resolution - Vacant Building Tax Abatement for 425 South Michigan Street
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
2/19/2025 12:44:16 PM
Creation date
2/19/2025 12:44:13 PM
Metadata
Fields
Template:
City Council - City Clerk
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
23
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
Employment Impact <br /> Per this petition and supporting material, it is estimated that the project will create an estimated <br /> eight (8) new jobs with an estimated total annual payroll of$360,000. <br /> Tax Estimates <br /> Vacant Building Tax Abatement: The petitioner qualifies for a two-year(2) vacant building tax <br /> abatement. <br /> • Current estimated annual real property taxes: $6,764 <br /> • Estimated taxes being abated during the abatement period: $11,868 <br /> • Estimated total taxes to be paid during the abatement period: $1,659 <br /> Mixed-Use Development Real Property Tax Abatement: The petitioner qualifies for a ten-year <br /> (10) mixed-use development real property tax abatement. <br /> • Current estimated annual real property taxes: $6,764 <br /> • Estimated annual taxes after the project's completion: $35,189 <br /> • Total estimated combined taxes during the ten-year (10) abatement period: $351,893 <br /> o Estimated taxes being abated during the abatement period: $257,153 <br /> o Estimated total taxes to be paid during the abatement period: $94,740 <br /> Abatement Qualification <br /> 1. A review of the tax abatements previously granted finds that the petitioner has not been <br /> granted a previous tax abatement. <br /> 2. The property is properly zoned for the proposed project. <br /> 3. Taxes on the property have been paid in full. <br /> 4. A review of the South Bend Redevelopment designation areas finds that the property is <br /> in the River West Development Area. <br /> 5. A review of the Tax Abatement Ordinance No. 9394-03 finds that the petitioner meets <br /> the qualifications for a two-year (2) vacant building tax abatement and a ten-year (10) <br /> mixed-use development real property tax abatement under Section 2-84 (Council's <br /> authority to enlarge real property tax abatement general standards). <br /> 2 <br />
The URL can be used to link to this page
Your browser does not support the video tag.