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South Bend Redevelopment Commission <br />Regular Meeting —July 2, 2004 <br />ILI 6. NEW BUSINESS (CONT.) <br />B. Tax Abatements <br />(2) continued... <br />The building commissioner has reviewed <br />the petition and finds the property to be <br />properly zoned for the proposed project. <br />A review of the South Bend <br />Redevelopment designation areas finds <br />that the property is located in the Airport <br />Economic Development Area, which is a <br />Tax Increment Allocation Area; <br />therefore, the abatement must first be <br />approved by the South Bend <br />Redevelopment Commission. <br />A review of the Tax Abatement <br />Ordinance finds that the petitioner meets <br />the qualifications for a five (5) year <br />personal property tax abatement. <br />Paul Hartz noted that Mack Tool has <br />spent over $1,500,000 in the last 18 <br />months on new equipment. That new <br />equipment did not receive tax abatement <br />because the company did not realize it <br />12 <br />Estimated taxes <br />over five (5) years <br />Without abatement <br />$81,343 <br />With 5 year abatement <br />$27,841 <br />Estimated cost of <br />5 year abatement <br />$53,502 <br />Paul Hartz noted that Mack Tool has <br />spent over $1,500,000 in the last 18 <br />months on new equipment. That new <br />equipment did not receive tax abatement <br />because the company did not realize it <br />12 <br />