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South Bend Redevelopment Commission <br />Regular Meeting -January 3, 2006 <br />6. NEW BUSINESS (CONT.) <br />A. Tax Abatements <br />() continued... <br />tax abatement is as follows: <br /> Estimated Taxes <br /> Over 8 Yrs <br />Without Abatement $259,672 <br />With 8 Yr <br />Abatement $112,957 <br />Estimated Cost of 8 <br />Yr Abatement $146,715 <br /> Estimated Taxes <br /> Over 5 Yrs <br />Without Abatement $69,652 <br />With 5 Yr <br />Abatement $23,839 <br />Estimated Cost of 5 <br />Yr Abatement $45,813 <br />Upon a motion by Mr. King, seconded by <br />Mr. Downes and unanimously carried, the <br />Commission approved Resolution No. 2203 <br />approving real property tax deduction for <br />property in the Airport Economic <br />Development Area. (Enzyme Research <br />Laboratories.) <br />(2) Commission approval requested for <br />Resolution No. 2204 approving personal <br />property tax deduction for property in the <br />Airport Economic Development Area. <br />(Enzyme Research Assoc.) <br />Upon a motion by Mr. King, seconded by <br />Mr. Downes and unanimously carried, the <br />Commission approved Resolution No. 2204 <br />approving personal property tax deduction <br />COMMISSION APPROVED RESOLUTION N0.2203 <br />APPROVING REAL PROPERTY TAX DEDUCTION <br />FOR PROPERTY IN THE AIRPORT ECONOMIC <br />DEVELOPMENT AREA. (ENZYME RESEARCH <br />LABORATORIES. <br />COMMISSION APPROVED RESOLUTION N0.2204 <br />APPROVING PERSONAL PROPERTY TAX <br />DEDUCTION FOR PROPERTY IN THE AIRPORT <br />ECONOMIC DEVELOPMENT AREA. (ENZYME <br />RESEARCH ASSOC. <br />6 <br />