Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting - April 20, 2001 <br />6. NEW BUSINESS (CONT.) <br />c. continued... <br />within the first year, representing a new annual <br />payroll of $60,000 and will maintain thirteen <br />existing permanent full time jobs with an annual <br />payroll of $495,226. The petitioner has not been <br />granted any previous tax abatements. The <br />property is properly zoned for the proposed <br />project and is located in the Airport Economic <br />Development Area, which is a Tax Incremental <br />Allocation Area. A review of the Tax Abatement <br />Ordinance finds that the petitioner meets the <br />qualifications for a three year real property tax <br />abatement. <br />Without abatement, the taxes on the $450,000 <br />project would be approximately $71,711. With a <br />three -year abatement, the taxes will be <br />approximately $23,904. Therefore, the cost of <br />the abatement will be approximately $47,808 <br />over the three -year period. <br />Upon a motion by Mr. Caldwell, seconded by <br />Mr. Faccenda and unanimously carried, the <br />Commission approved Resolution No. 1836 <br />approving an application for real property tax <br />deduction for property located in the Airport <br />Economic Development Area. (Bee & Deb, LLC <br />(Tatay Drilling)) <br />d. Commission approval requested for <br />Resolution No. 1835 approving an application <br />for personal property tax deduction for <br />property located in the Airport Economic <br />Development Area. (Solvay Automotive <br />Plastics & Systems, Inc.) <br />-5- <br />COMMISSION APPROVED RESOLUTION <br />NO. 1836 APPROVING AN APPLICATION FOR <br />REAL PROPERTY TAX DEDUCTION FOR <br />PROPERTY LOCATED IN THE AIRPORT <br />ECONOMIC DEVELOPMENT AREA (BEE & <br />DEB, LLC (TATAY DRILLING)) <br />