Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting —April 24, 2012 <br />6. NEW BUSINESS <br />A. Tax Abatements <br />(1) Resolution No. 3031 approving an <br />application for personal property tax <br />deduction for property located at 1801 <br />Commerce Drive in the Airport Economic <br />Development Area (R2 Diagnostics, Inc.). <br />Ms. Hahn noted that R2 Diagnostics, Inc., <br />(R2D) manufacturers and sells clot based <br />diagnostic kits that test for bleeding and <br />clotting disorders. R21) uses proteins from <br />Enzyme Research Laboratories (ERL) to <br />insure the highest quality final products with <br />no lot -to -lot variation. ERL is the primary <br />supplier of coagulation and fibrinolytic <br />proteins for the research community. The <br />company's products are distributed <br />worldwide to researchers and pharmaceutical <br />companies to aid in the development of novel <br />therapeutic compounds and assays to <br />diagnose and treat coagulation/hemostatis <br />disorders. R21) intends to purchase <br />equipment in the amount of $459,500 to <br />complement current equipment in order to <br />support client demands and higher volume. <br />Two of the property's tax key numbers are in <br />Portage Township and two are in German <br />Township. Using tax rates for Portage <br />Township results in $18,317 of taxes being <br />abated and using tax rates for German <br />Township results in $18,421 of taxes to be <br />abated. <br />Total taxes to be paid using Portage <br />Township tax rates during a five -year <br />abatement period are estimated at $28,964. <br />Per the petition, it is estimated that the total <br />7 <br />