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Redevelopment Commission Meeting <br />Regular Meeting — September 17, 2004 <br />6. NEW BUSINESS (CONT.) <br />B. Tax Abatements <br />(3) continued... <br />the tax abatement ordinance. <br />Mr. Beitzinger estimated the cost of the <br />abatement as follows, based on a project cost <br />of $350,000: <br />Mr. Paul Hartz from Mack Tool noted that <br />their core competancy is in C & C machines, <br />basically producing parts from all stock and <br />selling them to our customers. In order to <br />compete in today's market the company has <br />bought new equipment that makes its current <br />employees more productive. It has also had <br />to add value to what it sells to its customers <br />by assembly work, packaging and cleaning, <br />selling more of a finished product. <br />Upon a motion by Mr. Hunt, seconded by <br />Mr. Kahn and unanimously carried the <br />Commission approved Resolution No. 2100 <br />approving an application for real property tax <br />deduction for property located at <br />2820 Viridian Drive in the Airport Economic <br />Development Area. (Mack Tool and <br />Engineering) <br />23 <br />COMMISSION APPROVED RESOLUTION NO. 2100 <br />APPROVING AN APPLICATION FOR REAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED AT 2820 VIRIDIAN DRIVE IN THE <br />AIRPORT ECONOMIC DEVELOPMENT AREA. <br />(MACK TOOL AND ENGINEERING) <br />Estimated Taxes <br />Over 5 Yrs <br />Without Abatement <br />$53,125 <br />With 5 Yr <br />Abatement <br />$21,250 <br />Estimated Cost of 5 <br />Yr Abatement <br />$31,875 <br />Mr. Paul Hartz from Mack Tool noted that <br />their core competancy is in C & C machines, <br />basically producing parts from all stock and <br />selling them to our customers. In order to <br />compete in today's market the company has <br />bought new equipment that makes its current <br />employees more productive. It has also had <br />to add value to what it sells to its customers <br />by assembly work, packaging and cleaning, <br />selling more of a finished product. <br />Upon a motion by Mr. Hunt, seconded by <br />Mr. Kahn and unanimously carried the <br />Commission approved Resolution No. 2100 <br />approving an application for real property tax <br />deduction for property located at <br />2820 Viridian Drive in the Airport Economic <br />Development Area. (Mack Tool and <br />Engineering) <br />23 <br />COMMISSION APPROVED RESOLUTION NO. 2100 <br />APPROVING AN APPLICATION FOR REAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED AT 2820 VIRIDIAN DRIVE IN THE <br />AIRPORT ECONOMIC DEVELOPMENT AREA. <br />(MACK TOOL AND ENGINEERING) <br />