Laserfiche WebLink
South Bend Redevelopment Commission <br />IL Regular Meeting —April 5, 2002 <br />6. NEW BUSINESS (CONT.) <br />A. Tax Abatements <br />(1) continued... <br />G <br />Ed Fain, Plant Manager of Federal <br />Mogul, stated that the tax abatement <br />benefit to Federal Mogul positions them <br />not only for current growth, but for <br />future growth. The company has taken <br />on business where a coating is applied <br />to pistons manufactured by General <br />Motors. At some point in the future, it <br />is anticipated that GM will exit the <br />manufacture of pistons which would <br />then put Federal Mogul in a key <br />position for expansion. <br />Upon a motion by Mr. Kahn, seconded <br />by Ms. Jones and unanimously carried, <br />the Commission approved Substitute <br />Resolution No. 1881 approving an <br />application for real property tax <br />deduction for property located at 3605 <br />West Cleveland Road in the Airport <br />Economic Development Area. (Federal <br />Mogul Powertrain, Inc.) <br />11 <br />COMMISSION APPROVED SUBSTITUTE <br />RESOLUTION NO. 1881 APPROVING AN <br />APPLICATION FOR REAL PROPERTY TAX <br />DEDUCTION. (FEDERAL MOGUL POWERTRAIN, <br />INC.) <br />Estimated taxes <br />over 3 years <br />Without <br />$77,091 <br />abatement <br />With 3 -yr <br />$25,722 <br />abatement <br />Estimated cost of <br />$51,367 <br />3 -yr abatement <br />Ed Fain, Plant Manager of Federal <br />Mogul, stated that the tax abatement <br />benefit to Federal Mogul positions them <br />not only for current growth, but for <br />future growth. The company has taken <br />on business where a coating is applied <br />to pistons manufactured by General <br />Motors. At some point in the future, it <br />is anticipated that GM will exit the <br />manufacture of pistons which would <br />then put Federal Mogul in a key <br />position for expansion. <br />Upon a motion by Mr. Kahn, seconded <br />by Ms. Jones and unanimously carried, <br />the Commission approved Substitute <br />Resolution No. 1881 approving an <br />application for real property tax <br />deduction for property located at 3605 <br />West Cleveland Road in the Airport <br />Economic Development Area. (Federal <br />Mogul Powertrain, Inc.) <br />11 <br />COMMISSION APPROVED SUBSTITUTE <br />RESOLUTION NO. 1881 APPROVING AN <br />APPLICATION FOR REAL PROPERTY TAX <br />DEDUCTION. (FEDERAL MOGUL POWERTRAIN, <br />INC.) <br />