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14 <br />South Bend Redevelopment Commission <br />Regular Meeting —July 19, 2002 <br />previous tax abatements. The property is <br />properly zoned for the proposed project. <br />The property is located in the Airport <br />Economic Development Area, which is a <br />Tax Incremental Allocation Area; therefore, <br />the petition for personal property tax <br />abatement must first be approved by the <br />South Bend Redevelopment Commission. A <br />review of the Tax Abatement Ordinance <br />finds that the petitioner meets the <br />qualifications for a five year personal <br />property tax abatement. <br />Based on a total equipment cost of $350,000 <br />the cost of the tax abatement is as follows: <br />Ms. Davis introduced Ms. Sheral Litell of <br />CB Richard Ellis representing Ely Chemical <br />Co., LTD. which is located in England. <br />Ms. Litell reported that there was a lot of <br />competition with Michigan and other sites <br />related to this project. Ely Chemical has a <br />company in Illinois which was also a <br />considered site. They produce de -icer for <br />airports and manufacturer gel used in <br />sonograms. Ely Chemical recognizes the <br />South Bend location as being second in the <br />7 <br />Estimated taxes <br />over 5 years <br />Without <br />$36,304 <br />abatement <br />With 5 -year <br />$12,426 <br />abatement <br />Estimated <br />$23,879 <br />cost of 5 -year <br />abatement <br />Ms. Davis introduced Ms. Sheral Litell of <br />CB Richard Ellis representing Ely Chemical <br />Co., LTD. which is located in England. <br />Ms. Litell reported that there was a lot of <br />competition with Michigan and other sites <br />related to this project. Ely Chemical has a <br />company in Illinois which was also a <br />considered site. They produce de -icer for <br />airports and manufacturer gel used in <br />sonograms. Ely Chemical recognizes the <br />South Bend location as being second in the <br />7 <br />