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South Bend Redevelopment Commission <br />Regular Meeting -October 20, 2006 <br />6. NEW BUSINESS (CONT.) <br />B. Tax Abatements <br />() continued... <br />annual payroll of $200,000. The project will <br />also maintain fourteen existing, permanent <br />full-time jobs representing an annual payroll <br />of $475,000. <br />Value Production has had two previous <br />personal property abatements. The CF-1 <br />dated 9/5/06 shows it met the projected costs <br />of the project, but two jobs have been lost <br />instead of four projected to be gained. The <br />property is properly zoned for the proposed <br />use. The project is in the Airport Economic <br />Development Area; therefore the petition for <br />personal property tax deduction must first be <br />approved by the South Bend Redevelopment <br />Commission. The project is qualified for <br />five years of personal property tax deduction <br />under the tax abatement ordinance. <br />Upon a motion by Mr. Downes, seconded by <br />Mr. Blake and unanimously carried, the <br />Commission approved Resolution No. 2273 <br />approving an application for personal <br />property tax deduction for property located at <br />2629 Foundation Drive in the Airport <br />Economic Development Area. (Value <br />Production) <br />(2) Commission approval requested for <br />Resolution No. 2274 approving an <br />application for personal property tax <br />deduction for property located at 3702 <br />Progress Drive in the Airport Economic <br />Development Area. (Parrish/Meyer <br />Machine} <br />COMMISSION APPROVED RESOLUTION N0.2273 <br />APPROVING AN APPLICATION FOR PERSONAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED AT 2629 FOUNDATION DRIVE IN THE <br />AIRPORT ECONOMIC DEVELOPMENT AREA. <br />(VALUE PRODUCTION <br />11 <br />