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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting -April 5, 2007 <br />6. NEW BUSINESS <br />A. Tax Abatements <br />continue ... <br />Staff recommends approving Resolution <br />No. 2324. <br />Mr. King made a motion that Resolution COMMISSION APPROVED RESOLUTION N0.2324 <br />No. 2324 be approved. Mr. Downes AMENDING RESOLUTION NUMBER 2307 AND <br />seconded the motion. There were four votes APPROVING CHANGES TO AN APPLICATION FOR <br /> <br />In favor and One Vote agalnst. Mr. REAL PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED AT S 11 EAST COLFAX AND 21 ~ NORTH <br />Peczkowski was opposed. NILES AVENUE IN THE SOUTH BEND CENTRAL <br /> DEVELOPMENT AREA. ~ODYSSIAN <br /> TECHNOLOGY <br />(3} Commission approval requested for <br />Resolution No. 2326 amending Resolution <br />Number 2308 and approving changes to <br />an application for personal property tax <br />deduction for property located at 511 East <br />Colfax and 210 North Niles Avenue in the <br />South Bend Central Development Area. <br />Mr. Mathia noted that Odyssian Technology <br />submitted a revised personal property <br />petition reducing the estimated cost of the <br />equipment from $384,816 to $147,800. <br />Odyssian originally expected to purchase all <br />the equipment itself. Now the federal <br />government wants to retain ownership of <br />some of it. Therefore, the amount of <br />personal property to be purchased by <br />Odyssian is less. The petitioner still meets <br />the requirements for a five year personal <br />property tax abatement, but on a smaller <br />amount of equipment. The amount of taxes to <br />be abated over the five year personal <br />property abatement is estimated at $9,033 <br />and the taxes to be paid on the new <br />equipment during that same period is $4,701. <br />Staff recommends approving Resolution <br />No. 2326. <br />13 <br />