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South Bend Redevelopment Commission <br />Regular Meeting— August 1, 2003 <br />6. NEW BUSINESS <br />A. Tax Abatements <br />(1) continued... <br />A review of the tax abatements previously <br />granted, finds that the petitioner has been <br />associated with or granted three (3) previous <br />personal property abatements. <br />The building commissioner has reviewed the <br />petition and finds the property to be properly <br />zoned for the proposed use. <br />A review of the South Bend Redevelopment <br />designation areas finds that the property is <br />located in the Airport Economic <br />Development Area, which is a Tax <br />Incremental Allocation Area; therefore, the <br />petition for personal property tax abatement <br />must first be approved by the South Bend <br />Redevelopment Commission. <br />The petitioner meets the qualifications for a <br />five (5) year personal property tax abatement <br />under the tax abatement ordinance. <br />Based on a total estimated equipment cost of <br />$2,600,000 the cost of the tax abatement is <br />as follows: <br />c. <br />Estimated taxes <br />over five (5) yrs. <br />Without abatement <br />$444,145 <br />With 5 year abatement <br />$143,300 <br />Estimated cost of five <br />(5) year abatement <br />$300,845 <br />c. <br />