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02-06-04 Redevelopment Commission Minutes
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02-06-04 Redevelopment Commission Minutes
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G <br />C� <br />IL <br />South Bend Redevelopment Commission <br />Regular Meeting — February 6, 2004 <br />6. NEW BUSINESS <br />B. Tax Abatements <br />(1) continued... <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 <br />personal property tax abatement. <br />Based on a total project cost of <br />$250,000 the estimated tax abatement is <br />as follows: <br />Mr. Nevin Siquera, controller of Value <br />Production, Inc., thanked the <br />Commission for hearing the tax <br />abatement petition. The new equipment <br />is needed to deliver quality tooling and <br />increase production of their products. <br />A favorable decision is appreciated by <br />the company. <br />Mr. O'Brien noted a correction for the <br />record. The Project Summary Report <br />distributed to the Commission states <br />Estimated taxes over <br />five (5) years <br />Without <br />$42,507 <br />abatement <br />With 5 -yr <br />$13,715 <br />abatement <br />Estimated <br />cost of 5 -yr <br />$28,792 <br />abatement <br />Mr. Nevin Siquera, controller of Value <br />Production, Inc., thanked the <br />Commission for hearing the tax <br />abatement petition. The new equipment <br />is needed to deliver quality tooling and <br />increase production of their products. <br />A favorable decision is appreciated by <br />the company. <br />Mr. O'Brien noted a correction for the <br />record. The Project Summary Report <br />distributed to the Commission states <br />
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