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South Bend Redevelopment Commission <br />Regular Meeting —July 2, 2004 <br />6. NEW BUSINESS (CONT.) <br />B. Tax Abatements <br />(3) continued... <br />Bend Central Development Area, which <br />is a Tax Increment Allocation Area; <br />therefore, the abatement must first be <br />approved by the South Bend <br />Redevelopment Commission. A review <br />of the Tax Abatement Ordinance finds <br />that the petitioner meets the <br />qualifications for a five (5) year personal <br />property tax abatement. <br />Mr. Jeff McGowan, CPA for Krugel <br />Lawton, noted that Curtis Products <br />started business in 1959. These two <br />machines will help them with a new <br />project for John Deere and to maintain a <br />project for Meyers Stamping. The <br />company lost approximately 35% of its <br />business in the late 1990s, but has <br />rebounded in the last few years. During <br />the abatement period approximately <br />$17,000 will be abated. However, <br />during that same time they will pay <br />about $11,500 on the new equipment. <br />The life of the new equipment will <br />extend well beyond the period of <br />15 <br />Estimated taxes <br />over five (5) years <br />Without abatement <br />$29,153 <br />With 5 year abatement <br />$ 9,978 <br />Estimated cost of <br />5 year abatement <br />$19,175 <br />Mr. Jeff McGowan, CPA for Krugel <br />Lawton, noted that Curtis Products <br />started business in 1959. These two <br />machines will help them with a new <br />project for John Deere and to maintain a <br />project for Meyers Stamping. The <br />company lost approximately 35% of its <br />business in the late 1990s, but has <br />rebounded in the last few years. During <br />the abatement period approximately <br />$17,000 will be abated. However, <br />during that same time they will pay <br />about $11,500 on the new equipment. <br />The life of the new equipment will <br />extend well beyond the period of <br />15 <br />