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RM 05-10-91
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RM 05-10-91
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South Bend redevelopment Ccmi.ssion <br />Regular Mee ing - May 10, 1991 <br />6. NEW BUSINESS (Cont.) <br />i. continued... <br />nal property tax abatement under <br />S ion 2 -84.2 of the Tax Abatement <br />O . The amount of taxes to be <br />pa' over the five year period is <br />est ted to be $10,145. Without <br />aba ement the estimated taxes for the <br />f'v year period would be $48,530. <br />Th efore, the amount of taxes to be <br />aba is estimated at $38,385. <br />Mr. Stan Blenke, Schafer Gear, noted that <br />they have owned Schafer Gear for three <br />and one half years. They have made <br />approximately $500,000 per year <br />investment in the company. Sales have <br />increase 60% during that time. In order <br />to be competitive in the market, <br />e3qxxience has shown that they need to <br />have the latest equipment. They have <br />recently acquired a new customer whose <br />wor will require this new equipment. <br />Upon a motion by Mr. Donoho, seconded by <br />Mr. Combs and unanimously carried, the <br />Com.ussion approved Resolution No. 995 <br />approving an application for personal <br />property tax deduction for property <br />1 ted at 814 S. Main in the Studebaker <br />Co idor Development Area. <br />Mrs <br />pre <br />of . <br />Cen <br />rew <br />Was: <br />Stu <br />the <br />Kolata noted that the Commission <br />iously adopted a Policy of Management <br />cqaired Property for the South Bend <br />xal Development Area. We have <br />itten the policy to include the West <br />ington-Chapin Development Area, the <br />ebaker Corridor Development Area, and <br />Airport Economic Development Area. <br />:her change is that tenants will begin <br />rent to the Commission the month <br />wing acquisition instead of the 60 <br />allowed owner - occupants. The sixty <br />rent free was a disincentive to <br />r finding another place to live. The <br />-21- <br />U folk, <br />•• •�I• • r� M <br />••••P <br />• 1 • •. .44.214 • m A <br />O •" ••' • .91 •' 1.91 <br />
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