Laserfiche WebLink
South Bend Redevelopment Commission <br />Rescheduled Regular Meeting -June 9, 2006 <br />6. NEW BUSINESS (CONT.) <br />A. Tax Abatements <br />() continued... <br />which is a tax increment allocation area; <br />therefore, the petition for real property tax <br />abatement must first be approved by the <br />South Bend Redevelopment Commission. <br />The project qualifies for athree-year real <br />property tax abatement under the tax <br />abatement ordinance. <br />Based on a project cost of $250,000, the cost <br />of the abatement is estimated as follows: <br /> Estimated Taxes <br /> Over 3 Yrs <br />Without Abatement $24,342 <br />With 3 Yr <br />Abatement $8,195 <br />Estimated Cost of 3 <br />Yr Abatement $16,147 <br />Mr. Shoemaker indicated that Precision <br />Millworks anticipates increased business due <br />especially to the number of medical office <br />buildings that are being constructed in the <br />area. They want to be prepared for the <br />increased business. <br />Upon a motion by Mr. King, seconded by Mr. <br />Downes and unanimously carried, the <br />Commission approved Resolution No. 2247 <br />approving an application for real property tax <br />deduction for property located at 3311 <br />William Richardson Court in the Airport <br />Economic Development Area. (Precision <br />Millwork & Plastics, Inc.) <br />COMMISSION APPROVED RESOLUTION N0.2247 <br />APPROVING AN APPLICATION FOR REAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED AT 3311 WILLIAM RICHARDSON <br />COURT IN THE AIRPORT ECONOMIC <br />DEVELOPMENT AREA. (PRECISION MILLWORK <br />& PLASTICS, INC.) <br />4 <br />