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C+ <br />14 <br />South Bend Redevelopment Commission <br />Regular Meeting— September 6, 2002 <br />6. NEW BUSINESS (CONT.) <br />B. Tax Abatements <br />(1) continued... <br />finds that RJR 1, LLC meets the <br />qualifications for a three year real property <br />tax abatement and FDC Graphic Films, Inc. <br />meets the qualifications for a five year <br />personal property tax abatement. <br />Based on a total estimated project cost of <br />$425,000 the cost of the real property tax <br />abatement is as follows: <br />Based on a total estimated equipment cost of <br />$200,000 the cost of the personal property tax <br />abatement is as follows: <br />Estimated taxes <br />over three years <br />Without abatement <br />$68,171 <br />With 3 -yr abatement <br />$ 22,724 <br />Estimated cost of 3 -yr <br />abatement <br />$ 45,447 <br />Based on a total estimated equipment cost of <br />$200,000 the cost of the personal property tax <br />abatement is as follows: <br />8 <br />Estimated taxes <br />over five years <br />Without abatement <br />$34,006 <br />With 5 -yr abatement <br />$10,972 <br />Estimated cost of 5 -yr <br />abatement <br />$23,034 <br />8 <br />