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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting -June 23, 2006 <br />6. NEW BUSINESS <br />A. Tax Abatements <br />continue ... <br />Development Area. (Tuliptree Associates, <br />LLP/PEI-Genesis, Inc.) <br />Mr. Schalliol noted that the $3,500,000 <br />request for personal property abatement is <br />broken down into two categories: <br />$2,300,000 for manufacturing equipment, <br />which is permitted by city ordinance, and <br />$1,200,000 for logistical, distribution and <br />information technology equipment. That <br />category is allowed under State of Indiana <br />law, but the South Bend ordinance has not <br />been updated to reflect that type of use. So <br />PEI-Genesis will be requesting a special <br />exemption. <br />Mr. Schalliol noted that the cost of the <br />personal property abatement based on the <br />$3,500,000 project is estimated as follows: <br /> Estimated Taxes <br /> Over 5 Yrs <br />Without Abatement $304,727 <br />With 5 Yr <br />Abatement $104,298 <br />Estimated Cost of 5 <br />Yr Abatement $200,428 <br />Upon a motion by Mr. Hojnacki, seconded <br />by Mr. King and unanimously carried, the <br />Commission approved Resolution No. 2255 <br />approving an application for personal <br />property tax deduction for property located at <br />4747 VU. Cleveland Road in the Airport <br />Economic Development Area. (Tuliptree <br />Associates, LLP/PEI-Genesis, Inc.) <br />COMMISSION APPROVED RESOLUTION N0.2255 <br />APPROVING AN APPLICATION FOR PERSONAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED AT 4747 W. CLEVELAND ROAD IN THE <br />AIRPORT ECONOMIC DEVELOPMENT AREA. <br />(TULIPTREE ASSOCIATES, LLP/PEI-GENESIS, <br />INC.) <br />7 <br />