12-17-04 Redevelopment Commission Minutes

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A South Bend Redevelopment Commission Regular Meeting — December 17, 2004 6. NEW BUSINESS (CONT.) B. Tax Abatements (1) continued... A review of the tax abatements previously granted finds that the petitioner has not been granted any previous tax abatements. The property is properly zoned for the proposed use. The project is in the Airport Economic Development Area; therefore, the abatement must first be approved by the South Bend Redevelopment Commission. The project meets the qualifications for a five -year personal property tax abatement under the Tax Abatement Ordinance. Based on an equipment cost of $5,200,000, the cost of the abatement is estimated as follows: Mr. Hunt asked if this is Fulton Industries' first presence in St. Joseph County. —Mr. Razzano responded that it is. They have been in Fulton County. He stated that Caterpillar is their major client. Upon a motion by Mr. Hunt, seconded by Mr. King and unanimously carried, the Commission approved Resolution No. 2117 approving an application for personal property tax deduction in the Airport 12 COMMISSION APPROVED RESOLUTION NO. 2117 APPROVING AN APPLICATION FOR PERSONAL PROPERTY TAX DEDUCTION IN THE AIRPORT ECONOMIC DEVELOPMENT AREA. (FULTON INDUSTRIES) Estimated taxes over 5 yrs Without abatement $422,984 With 5 -yr abatement $144,774 Estimated cost of 5- yr abatement $278,210 Mr. Hunt asked if this is Fulton Industries' first presence in St. Joseph County. —Mr. Razzano responded that it is. They have been in Fulton County. He stated that Caterpillar is their major client. Upon a motion by Mr. Hunt, seconded by Mr. King and unanimously carried, the Commission approved Resolution No. 2117 approving an application for personal property tax deduction in the Airport 12 COMMISSION APPROVED RESOLUTION NO. 2117 APPROVING AN APPLICATION FOR PERSONAL PROPERTY TAX DEDUCTION IN THE AIRPORT ECONOMIC DEVELOPMENT AREA. (FULTON INDUSTRIES)