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03-28-02 Redevelopment Commission Minutes
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03-28-02 Redevelopment Commission Minutes
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South Bend Redevelopment Commission <br />Special Meeting —March 28, 2002 <br />6. NEW BUSINESS (CONT.) <br />C. Tax Abatements <br />(1) continued... <br />The property is properly zoned for the <br />proposed project. The property is located <br />in the Airport Economic Development <br />Area, which is a Tax Incremental <br />Allocation Area; therefore, the petition <br />for real property tax abatement must first <br />be approved by the South Bend <br />Redevelopment Commission. A review <br />of the Tax Abatement Ordinance finds <br />that the petitioner meets the <br />qualifications for a six year real property <br />tax abatement. <br />Based on a total project cost of <br />IL $1,455,700 the cost of the tax abatement <br />is as follows: <br />Mr. John Peddycord, counsel for PEI <br />Genesis, Inc., explained PEI Genesis, <br />Inc. is primarily a connector warehouse <br />operation with some assembly on site. <br />He noted the company has <br />approximately 90 employees, a very <br />diverse workforce, and would be a good <br />addition to the economic development of <br />South Bend. <br />7 <br />Estimated taxes <br />over 6 years <br />Without abatement <br />$347,968 <br />With 6 -yr abatement <br />$143,440 <br />Estimated cost of <br />6 -yr abatement <br />$204,528 <br />Mr. John Peddycord, counsel for PEI <br />Genesis, Inc., explained PEI Genesis, <br />Inc. is primarily a connector warehouse <br />operation with some assembly on site. <br />He noted the company has <br />approximately 90 employees, a very <br />diverse workforce, and would be a good <br />addition to the economic development of <br />South Bend. <br />7 <br />
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