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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting -June 23, 2006 <br />6. NEW BUSINESS <br />A. Tax Abatements <br />() continued... <br />proposed project. The property is in the <br />Airport Economic Development Area, which <br />is a tax increment allocation area; therefore, <br />the petition for real property tax abatement <br />must first be approved by the South Bend <br />Redevelopment Commission. The project <br />qualifies for eight years of real property <br />abatement and afive-year personal property <br />abatement under the tax abatement <br />ordinance. <br />Mr. Schalliol noted that the cost of the 8-yr. <br />real property abatement on the $7,250,000 <br />project is estimated as follows: <br /> Estimated Taxes <br /> Over 8 Yrs <br />Without Abatement $1,882,592 <br />With 8 Yr <br />Abatement $818,928 <br />Estimated Cost of 8 <br />Yr Abatement $1,063,664 <br />Mr. Panzica, architect for the project, noted <br />that they have worked for PEI on its previous <br />expansion project three and one-half years <br />ago. For this expansion, they looked at sites <br />in Pennsylvania, in the general Midwest, <br />New Carlisle, South Bend, and Mishawaka. <br />The West Cleveland Road property best fits <br />PEI's needs. This facility will be their major <br />manufacturing facility. They have another <br />one in England which they do not intend to <br />relocate. The West Cleveland Road site is a <br />20-acre parcel. PEI intends for this to be <br />their last move. The building to be <br />