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South Bend Redevelopment Commission <br />egular Meeting - July 10, 1992 <br />lqbw <br />6. NEW BUSINESS (Cont.) <br />j. 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 />but is located in a tax incremental <br />financing allocation area, the Rum <br />Village Industrial Park. The petitioner <br />qualifies for 10 years of real property <br />tax abatement and 5 years of personal <br />property tax abatement under the tax <br />abatement ordinance. <br />Without abatement the real property taxes <br />on the project are estimated to be <br />$471,000. With abatement, taxes are <br />estimated to be $238,000. Therefore the <br />total cost of the real property abatement <br />over the ten year period would be <br />approximately $233,000. <br />ow Without abatement the personal property <br />taxes on the project are estimated to be <br />$279,000. With abatement the taxes <br />received would be approximately $50,000. <br />Therefore the cost of the personal <br />property abatement over the five year <br />period would be approximately $229,000. <br />Mr. Lerman stated that this is an <br />opportunity to take a position in a <br />growing area of the steel industry. The <br />Chicago and Detroit area competition has <br />not gotten into this area yet. <br />Upon a motion by Mr. Piasecki, seconded <br />by Mr. Donoho and unanimously carried, <br />the Commission approved Resolution No. <br />1078 approving an application for real <br />property tax deduction for property <br />located at 2722 Tucker Drive in the Rum <br />Village Industrial Park. (Steel Warehouse <br />Co., Inc.) <br />-7- <br />COMMISSION APPROVED RESOLUTION <br />NO. 1078 APPROVING AN APPLICATION <br />FOR REAL PROPERTY TAX DEDUCTION <br />FOR PROPERTY LOCATED AT 2722 <br />TUCKER DRIVE IN THE RUM VILLAGE <br />INDUSTRIAL PARK (STEEL WAREHOUSE <br />CO., INC.) <br />