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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting -August 25, 2006 <br />6. NEW BUSINESS (CONT.) <br />B. Tax Abatements <br />continue ... <br />Federal Mogul has received nine previous <br />personal and two previous real property tax <br />abatements. It is incompliance with all <br />reporting requirements for those abatements. <br />The property is properly zoned for the <br />proposed project. The property is located in <br />the Airport Economic Development Area, <br />which is a tax increment allocation area; <br />therefore, the petition for personal property <br />tax deduction must first be approved by the <br />South Bend Redevelopment Commission. <br />The project qualifies for afive-year personal <br />property tax abatement under the tax <br />abatement ordinance. <br />The estimated cost of the five-year abatement <br />is as follows: <br /> Estimated Taxes <br /> Over 5 Yrs <br />Without Abatement $442,675 <br />With 5 Yr <br />Abatement $151,513 <br />Estimated Cost of 5 <br />Yr Abatement $291,161 <br />Upon a motion by Mr. Hojnacki, seconded <br />by Mr. Blake and unanimously carried, the <br />Commission approved Resolution No. 2265 <br />approving an application for five years of <br />personal property tax deduction for property <br />located at 3605 West Cleveland Road in the <br />Airport Economic Development Area. <br />(Federal Mogul Powertrain) <br />COMMISSION APPROVED RESOLUTION N0.2265 <br />APPROVING AN APPLICATION FOR FIVE YEARS OF <br />PERSONAL PROPERTY TAX DEDUCTION FOR <br />PROPERTY LOCATED AT 36OS WEST CLEVELAND <br />ROAD IN THE AIRPORT ECONOMIC <br />DEVELOPMENT AREA. (FEDERAL MOGUL <br />POWERTRAIN) <br />59 <br />