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South Bend Redevelopment Commission <br />Regular Meeting— September 19, 2003 <br />(0�1 6. NEW BUSINESS <br />A <br />B. Tax Abatements <br />(1) continued... <br />Redevelopment Commission. A review of <br />the Tax Abatement Ordinance finds that the <br />petitioner meets the qualifications for a five <br />(5) year personal property tax abatement. <br />Based on a total equipment cost of <br />$1,026,000 the cost of the tax abatement is <br />as follows: <br />Mr. Beitzinger commented that the <br />Commissioners are familiar with General <br />Sheet Metal Works, Inc. General Sheet <br />Metal was before the Commission in July <br />2003, seeking real property abatement which <br />was approved by way of Resolution <br />No. 1985. Mr. Beitzinger added that <br />General Sheet Metal does meet the <br />qualifications for the personal property tax <br />abatement requested today. Mr. Beitzinger <br />then introduced Mr. John Axelberg to <br />update the Commission on the company's <br />renovations and to describe the new <br />equipment and how this equipment will <br />effect the company in the future. <br />Estimated taxes <br />over five (5) years <br />Without abatement <br />$175,267 <br />With 5 -year <br />abatement <br />$ 56,548 <br />Estimated cost of <br />5- year abatement <br />$118,718 <br />Mr. Beitzinger commented that the <br />Commissioners are familiar with General <br />Sheet Metal Works, Inc. General Sheet <br />Metal was before the Commission in July <br />2003, seeking real property abatement which <br />was approved by way of Resolution <br />No. 1985. Mr. Beitzinger added that <br />General Sheet Metal does meet the <br />qualifications for the personal property tax <br />abatement requested today. Mr. Beitzinger <br />then introduced Mr. John Axelberg to <br />update the Commission on the company's <br />renovations and to describe the new <br />equipment and how this equipment will <br />effect the company in the future. <br />