No. 1379 approving an application for personal property tax deduction (South Bend Absorbtech, LLC, 3900 William Richardson Dr.)

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Redevelopment Commission Absorbtech L.L.C. October 16, 1995 Page 2 This petition for tax abatement deals with the machinery and equipment to be installed at the new facility. The total estimated cost of new machinery and equipment is now at $1.3 million, while it is expected that $674,000 will be eligible for tax abatement. As indicated on Absorbtech's real property tax abatement petition, it is estimated that the project will create twenty three (23) new permanent jobs within the first year representing a new annual payroll of $530,000. 1. A review of the tax abatements previously granted finds that the petitioner was granted a six year real property tax abatement through resolution no. 2251 -95 passed on June 12, 1995. 2. The building commissioner has reviewed the project and has found the property to be properly zoned for the proposed use. 3. A review of the tax abatement maps finds that the property is not located in an area presently designated as a Tax Abatement Impact Area by the South Bend Common Council. 4. A review of the Redevelopment Allocation areas finds that the property is located in the Airport Economic Development Area, which is a Tax Incremental Financing Allocation Area, therefore, the petition must first be approved by the South Bend Redevelopment Commission. 5. A review of the Tax Abatement Ordinance (No. 8065 -90) finds that the petitioner meets the qualifications for a five (5) year personal property tax abatement under section 2 -84.2 (Tangible Personal Property Tax Abatement).