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D <br />South Bend Redevelopment Commission <br />Regular Meeting - May 22, 1992 <br />6. NEW BUSINESS (Cont.) <br />i. continued... <br />The property is properly zoned for the <br />proposed use. The property is not <br />located in a Tax Abatement Impact Area; <br />it is located in a Tax Incremental <br />Financing Allocation Area. The <br />petitioner qualifies for 10 years of real <br />property tax abatement under the Tax <br />Abatement Ordinance. <br />Without abatement the estimated taxes to <br />be paid on the project are $329,175. <br />With abatement, the estimated taxes to be <br />paid on the project are $166,233. <br />Therefore the cost of the abatement over <br />the ten year period is approximately <br />$162,942. <br />Mrs. Kolata noted that Spin -Cast has an <br />attractive building in the Airport <br />Economic Development Area that is only a <br />few years. It is a good sign that they <br />are ready to expand. <br />Upon a motion by Mr. Piasecki, seconded <br />by Mr. Faccenda and unanimously carried, <br />the Commission approved Resolution <br />No. 1061 approving an application for <br />real property tax deduction for property <br />located at 3300 N. Kenmore Street in the <br />Airport Economic Development Area. <br />(Spin -Cast Plastics) <br />j. Commission approval requested for <br />Resolution No. 1062 approving an <br />application for real property tax <br />deduction for property located at 3333 N. <br />Kenmore Street in the Airport Economic <br />Development Area. (Dafir Realty) <br />Mrs. Kolata noted that items 6.j. and <br />6.k. are related as they are for real and <br />personal property tax abatement at the <br />same location. <br />Inez <br />COMMISSION APPROVED RESOLUTION <br />NO. 1061 APPROVING AN APPLICATION <br />FOR REAL PROPERTY TAX DEDUCTION <br />FOR PROPERTY LOCATED AT 3300 N. <br />KENMORE STREET IN THE AIRPORT <br />ECONOMIC DEVELOPMENT AREA <br />(SPIN -CAST PLASTICS) <br />