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14 <br />South Bend Redevelopment Commission <br />Regular Meeting — July 1, 2005 <br />zoned for the proposed project. A review of <br />the South Bend Redevelopment designation <br />areas finds that the property is located in the <br />West Washington- Chapin Development <br />Area, which is a Tax Increment Allocation <br />Area; therefore, the abatement must first be <br />approved by the South Bend Redevelopment <br />Commission. A review of the Tax <br />Abatement Ordinance finds that the <br />petitioner meets the qualifications for a <br />six (6) year real property tax abatement. <br />Based on a total project cost of $600,000 the <br />cost of the tax abatement is as follows: <br />Mr. Tim Hernly, Barnes & Thornburg, <br />addressed the Commission. Manufacturing <br />Technology, Inc. is one of the precious few <br />businesses remaining on the far west side on <br />Washington Street. The petition for tax <br />abatement is evidence of MTI's commitment <br />to stay at its current location. Adding on to <br />the building will meet the space needs of the <br />company and permit more efficient business. <br />Mr. Gig Young, controller for Manufacturing <br />Technology, commented that some of the <br />current structures were built in the 1860's, <br />although renovated several times. Expansion <br />and more space in the plant is needed and <br />will also provide the possibly for more work. <br />Mr. King expressed his pleasure to see an <br />established company make a commitment to <br />the area, employ other local companies for <br />11 <br />Estimated taxes <br />over six (6) years <br />Without abatement <br />$119,340 <br />With 6 -year abatement <br />$ 49,327 <br />Estimated cost of <br />6 -year abatement <br />$ 70,013 <br />Mr. Tim Hernly, Barnes & Thornburg, <br />addressed the Commission. Manufacturing <br />Technology, Inc. is one of the precious few <br />businesses remaining on the far west side on <br />Washington Street. The petition for tax <br />abatement is evidence of MTI's commitment <br />to stay at its current location. Adding on to <br />the building will meet the space needs of the <br />company and permit more efficient business. <br />Mr. Gig Young, controller for Manufacturing <br />Technology, commented that some of the <br />current structures were built in the 1860's, <br />although renovated several times. Expansion <br />and more space in the plant is needed and <br />will also provide the possibly for more work. <br />Mr. King expressed his pleasure to see an <br />established company make a commitment to <br />the area, employ other local companies for <br />11 <br />