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South Bend Redevelopment Commission <br />Regular Meeting —April 5, 2002 <br />6. NEW BUSINESS (CONT.) <br />A. Tax Abatements <br />(2) Commission approval requested for <br />Resolution No.1882 approving an <br />application for personal property tax <br />deduction for property located at <br />3605 West Cleveland Road in the <br />Airport Economic Development <br />Area. (Federal Mogul Powertrain, <br />Inc.) <br />Federal Mogul Powertrain, Inc. <br />proposes to purchase $1,020,000 of <br />anodizing equipment and $2,230,000 of <br />coating equipment for its existing <br />manufacturing. This project will allow <br />Federal Mogul to anodize and apply a <br />friction coating to pistons for GM and <br />ILI Ford. The Equipment will be built into <br />their existing property at 3605 West <br />Cleveland Road, South Bend Indiana. <br />11 <br />A review of the Tax Abatement <br />Ordinance finds that the petitioner <br />meets the qualifications for a five year <br />personal property tax abatement. <br />Based on a total estimated Equipment <br />Cost of $3,250,000 the cost of the tax <br />abatement is as follows: <br />12 <br />Estimated taxes <br />over 5 years <br />Without <br />$336,343 <br />abatement <br />With 5 -yr <br />$115,120 <br />abatement <br />Estimated cost of <br />$221,223 <br />6 -yr abatement <br />12 <br />