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South Bend Redevelopment Commission <br />Regular Meeting— December 5, 2003 <br />6. NEW BUSINESS <br />A. Tax Abatements <br />(1) continued... <br />Mr. Tom Dockery, Divisional Manager of <br />Adapto - Indiana, Inc., explained that the <br />market is extremely competitive and <br />pressures from overseas are being realized. <br />The new equipment will help to maintain <br />current business and is considered <br />imperative in gaining future market share. <br />Mr. Hunt referenced the delinquencies on <br />prior taxes and asked if those taxes were <br />abated. <br />Mr. Jeff McGowan, tax representative for <br />Adapto - Indiana, Inc., addressed the <br />Commission. Personal property taxes are <br />currently paid in full. There have been <br />delinquencies on past taxes stemming from <br />the economic downturn in early 2000. Prior <br />to 2000, Adapto - Indiana, Inc. has never had <br />a delinquency. <br />Mr. Hunt noted that Adapto has been in the <br />community for 55 years and is strongly <br />encouraged to continue its business; <br />however, the responsibility of Adapto to pay <br />G 6 <br />Estimated taxes <br />over 5 years <br />Without abatement <br />$212,004 <br />With 5 -year abatement <br />$ 68,401 <br />Estimated cost of <br />5 -year abatement <br />$143,603 <br />Mr. Tom Dockery, Divisional Manager of <br />Adapto - Indiana, Inc., explained that the <br />market is extremely competitive and <br />pressures from overseas are being realized. <br />The new equipment will help to maintain <br />current business and is considered <br />imperative in gaining future market share. <br />Mr. Hunt referenced the delinquencies on <br />prior taxes and asked if those taxes were <br />abated. <br />Mr. Jeff McGowan, tax representative for <br />Adapto - Indiana, Inc., addressed the <br />Commission. Personal property taxes are <br />currently paid in full. There have been <br />delinquencies on past taxes stemming from <br />the economic downturn in early 2000. Prior <br />to 2000, Adapto - Indiana, Inc. has never had <br />a delinquency. <br />Mr. Hunt noted that Adapto has been in the <br />community for 55 years and is strongly <br />encouraged to continue its business; <br />however, the responsibility of Adapto to pay <br />G 6 <br />