RM 05-22-92 - Laserfiche WebLink

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South Bend Redevelopment Commission .., Regular Meeting - May 22, 1992 6. NEW BUSINESS (Cont.) 1. continued... eight different varieties of grain, together with various flavorings, to produce a wide variety of grain -based food products. The machinery can be adjusted to produce a variety of products from low calorie food for the health conscious, to high protein foods, to snack food items, to products for teething infants. the total estimated cost of the new equipment is $1,500,000. The project will create forty (40) new permanent full -time jobs representing an annual payroll of $750,000 and will maintain zero (0) existing jobs. The property is properly zoned for the proposed use. The property is not located in a Tax Abatement Impact Area, but is located in a Tax Incremental Financing Allocation Area. The project qualifies for five years of personal property tax abatement under the Tax Abatement Ordinance. Without abatement the taxes on the project are estimated to be $136,843. With abatement, the taxes are estimated to be $24,265. Therefore, the cost of the abatement over the five year period is estimated to be $112,578. Upon a motion by Mr. Piasecki, seconded by Ms. Huddleston and unanimously carried, the Commission approved Resolution No. 1064 approving an application for personal property tax deduction for property located at 2603 Foundation Drive in the Airport Economic Development Area. (Ricasso, Inc.) Mr. Faccenda abstained. M. Commission approval requested for Resolution No. 1065 amending Resolution No. 1054 and amending the resolutions under which tax increment bonds are outstanding. -13- COMMISSION APPROVED RESOLUTION NO. 1064 APPROVING AN APPLICATION FOR PERSONAL PROPERTY TAX DEDUCTION FOR PROPERTY LOCATED AT 2603 FOUNDATION DRIVE IN THE AIRPORT ECONOMIC DEVELOPMENT AREA (RICASSO, INC.)