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South Bend Redevelopment Commission <br />Regular Meeting -January 19, 2007 <br />6. NEW BUSINESS (CONT.) <br />B. Tax Abatement <br />continue ... <br />city and the Northeast Neighborhood and is <br />certainly deserving of our full support. <br />Ms. Jones noted that the project will be <br />paying taxes on this new development during <br />the abatement period. We don't want to lose <br />sight of that. <br />Upon a motion by Mr. King, seconded by <br />Mr. Downes and unanimously carried, the <br />Commission approved Resolution No. 2309 <br />approving an application for real property tax <br />deduction for property located at 211 North <br />Eddy Street in the Northeast Neighborhood <br />Development Area. (South Bend Clinic) <br />(4) Commission approval requested for <br />Resolution No. 2310 approving an <br />application for personal property tax <br />deduction for property located at 4701 <br />Nimtz Parkway in the Airport Economic <br />Development Area. (Schafer Gear Works) <br />Mr. Schalliol gave the staff report on the <br />project. Schafer Gear Works plans to <br />purchase and install machinery and <br />equipment for new gear grinding capability <br />to replace business lost, to retain employees, <br />and to add capabilities necessary to secure <br />new business. The equipment consists of a <br />gear grinding machine plus automation and a <br />hob sharpener. <br />The new equipment will cost $843,000. <br />Total taxes to be abated during the five-year <br />abatement period are estimated at $51,360. <br />COMMISSION APPROVED RESOLUTION N0.2309 <br />APPROVING AN APPLICATION FOR REAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED AT 211 NORTH EDDY STREET IN THE <br />NORTHEAST NEIGHBORHOOD DEVELOPMENT <br />AREA. (SOUTH BEND CLINIC) <br />20 <br />