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South Bend Redevelopment Commission <br />Regular Meeting — July 15, 2005 <br />6. NEW BUSINESS (CONT.) <br />A. Tax Abatements <br />(2) continued... <br />Based on a total project cost of $200,000 the <br />cost of the tax abatement is as follows: <br />Dr. Serianni of Ancatrice, LLC addressed the <br />Commission. Omicron Biochemicals, Inc. <br />has been in business since 1982. The <br />Company needs to expand and needs more <br />ce, space at its current location of <br />1347 Ironwood Drive has been consumed. <br />Mr. Hunt asked if part or the entire operation <br />will be moved to the new facility. Dr. <br />Serianni replied that the Ironwood facility <br />will be completely vacated. <br />Upon a motion by Mr. King, seconded by <br />Mr. Hunt and unanimously carried, the <br />Commission approved Resolution No. 2178 <br />approving an application for real property tax <br />deduction for property located at 115 South <br />Hill Street in the South Bend Central <br />Development Area. ( Ancatrice, LLC / <br />Omicron Biochemicals, Inc.) <br />7 <br />COMMISSION APPROVED RESOLUTION NO. 2178 <br />APPROVING AN APPLICATION FOR REAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED AT 115 SOUTH HILL STREET IN THE <br />SOUTH BEND CENTRAL DEVELOPMENT AREA. <br />(ANCATRICE, LLC / OMICRON BIOCHEMICALS, <br />INC.) <br />Estimated taxes <br />over seven (7) yrs <br />Without abatement <br />$30,835 <br />With 7 -yr abatement <br />$13,259 <br />Estimated cost of <br />7 -yr abatement <br />$17,576 <br />Dr. Serianni of Ancatrice, LLC addressed the <br />Commission. Omicron Biochemicals, Inc. <br />has been in business since 1982. The <br />Company needs to expand and needs more <br />ce, space at its current location of <br />1347 Ironwood Drive has been consumed. <br />Mr. Hunt asked if part or the entire operation <br />will be moved to the new facility. Dr. <br />Serianni replied that the Ironwood facility <br />will be completely vacated. <br />Upon a motion by Mr. King, seconded by <br />Mr. Hunt and unanimously carried, the <br />Commission approved Resolution No. 2178 <br />approving an application for real property tax <br />deduction for property located at 115 South <br />Hill Street in the South Bend Central <br />Development Area. ( Ancatrice, LLC / <br />Omicron Biochemicals, Inc.) <br />7 <br />COMMISSION APPROVED RESOLUTION NO. 2178 <br />APPROVING AN APPLICATION FOR REAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED AT 115 SOUTH HILL STREET IN THE <br />SOUTH BEND CENTRAL DEVELOPMENT AREA. <br />(ANCATRICE, LLC / OMICRON BIOCHEMICALS, <br />INC.) <br />