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South Bend Redevelopment Commission <br />Regular Meeting -April 21, 2006 <br />6. NEW BUSINESS (CONT.) <br />C. Tax Abatements <br />() continued... <br />proposed use. The property is in the Airport <br />Economic Development Area, a Tax <br />Increment Allocation Area; therefore the <br />abatement must first be approved by the <br />South Bend Redevelopment Commission. <br />The equipment purchase qualifies for afive- <br />yearpersonal property tax abatement under <br />the tax abatement ordinance. <br />The cost of the abatement is estimated as <br />follows: <br /> Estimated Taxes <br /> Over 5 Yrs <br />Without Abatement $174,130 <br />With 5 Yr <br />Abatement $59,599 <br />Estimated Cost of 5 <br />Yr Abatement $114,531 <br />Mr. Paul Hartz, owner of Mack Tool, <br />explained that Mack Tool supplies parts to <br />the aerospace industry across the U.S. and to <br />the medical industry, mostly in Warsaw, <br />Indiana. They have increased their <br />employees from 42 to 54 employees over the <br />last three years and payroll by $748,000. <br />Today's market for their products requires <br />that they be able to produce different <br />products almost daily. These machines will <br />enable that flexibility. <br />Upon a motion by Mr. Hojnacki, seconded <br />by Mr. Blake and unanimously carried, the <br />Commission approved Resolution No. 2239 <br />approving an application for personal <br />COMMISSION APPROVED RESOLUTION N0.2239 <br />APPROVING AN APPLICATION FOR PERSONAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY IN <br />THE AIRPORT ECONOMIC DEVELOPMENT AREA. <br />MACK TOOL & ENGINEERING, 2820 VIRIDIAN <br />11 <br />