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A <br />MOWN <br />14 <br />South Bend Redevelopment Commission <br />Regular Meeting —July 2, 2004 <br />6. NEW BUSINESS (CONT.) <br />B. Tax Abatements <br />(2) continued... <br />was available. Although the new <br />equipment will be a significant outlay for <br />them at approximately $15,000 per <br />month, the salaries for the four new <br />employees will be even more, totaling <br />$20,000 per month. Productivity should <br />increase three times on the new <br />equipment. <br />Mr. Hunt asked what the expected <br />productive life of the equipment is. Mr. <br />Mr. Hartz said that it should be <br />productive for at least twelve years. Mr. <br />Hunt noted that the tax abatement is for <br />five years, so there will be full taxes on <br />the equipment for approximately seven <br />years after that. <br />Upon a motion by Mr. Hunt, seconded <br />by Mr. Blake and unanimously carried, <br />the Commission approved Resolution <br />No. 2068 approving an application for <br />personal property tax deduction for <br />property located at 2820 Viridian Dr. in <br />the Airport Economic Development <br />Area. (Mack Tool & Engineering, Inc.) <br />(3) Commission approval requested for <br />Resolution No. 2069 approving an <br />application for personal property tax <br />deduction for property located at <br />702 and 722 South Carroll Street in <br />the South Bend Central Development <br />Area. (Curtis Products, Inc.) <br />13 <br />COMMISSION APPROVED RESOLUTION NO. 2068 <br />APPROVING AN APPLICATION FOR PERSONAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED AT 2820 VIRIDIAN DR. IN THE AIRPORT <br />ECONOMIC DEVELOPMENT AREA. (MACK TOOL <br />& ENGINEERING, INC.) <br />