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RM 02-19-82
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RM 02-19-82
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South Bend Redevelopment Commission <br />Regular Meeting - February 19, 1982 <br />7. NEW BUSIINESS <br />a. Commission approval requested for Resolution No. <br />654, confirmin Resolution No. 650 with respect <br />to the Rum Village Industrial Park. <br />idered at the end of public hearing. <br />b. Commission consideration requested for a tax at <br />ment request for personal property for South "BE <br />To v. Inc.. located at 404 lest Samole Street. <br />Mr. McMahon stated that we have received a request <br />for tax abatement from South Bend Toy, Inc., located <br />in the Studebaker Corridor at 404 West Sample Street. <br />We have reviewed their petition and found that it <br />qualifies for tangible personal property tax abate- <br />ment. This relates to machinery and equipment. We <br />found that the existing facility is technologically <br />and economically obsolete and the obsolescence may <br />lead to a decline in employment and tax revenues. <br />The tangible personal property is to be used in the <br />direct production of other tangible personal property. <br />We have no:ted.that South Bend Toy is the oldest manu- <br />facturing business in the community and it intends <br />to purchase manufacturing equipment in order to pro- <br />duce croquet lawn games. This will enable them to <br />continue employment and business activity in the <br />loc 1 area. <br />The site of the facility is located in the Stude- <br />baker Corridor, which has previously been declared <br />a tax abatement impact area by the Redevlopment Com- <br />mission and the Common Council. The administrative <br />staff will initially be five persons and will grow <br />as the demand increases; the direct manufacturing <br />group will consist of some 17 or 18 people at the <br />first and second year operating levels, and even- <br />tually the company expects to employ approximately <br />28 to 30 people in the South Bend community. <br />We have listed what the effects of the tax abate- <br />ment will be. This is a little bit different <br />schedule than you have seen in respect to property <br />tax abatement in that one has to take into con- <br />sideration the depreciation of tangible personal <br />.property per the tax laws that we operate under <br />in the State of Indiana. The abated taxes will be <br />$6,808.00 as estimated by our office, taxes paid <br />
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