RM 05-10-91 - Laserfiche WebLink

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