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South Bend Redevelopment Commission <br />Regular Meeting - October 2, 1992 <br />6. NEW BUSINESS (Cont.) <br />e. continued... <br />The petitioner has not applied for any <br />previous tax abatement consideration. <br />The property is properly zoned for the <br />proposed use. The property is not <br />located in an area presently designated <br />as a Tax Abatement Impact Area, but is <br />located in a Tax Incremental Financing <br />Allocation Area. The project qualifies <br />for five years of personal property tax <br />abatement under the Tax Abatement <br />Ordinance. <br />Without abatement, the improvements would <br />generate approximately $228,071 in new <br />taxes. With abatement, the taxes will be <br />approximately $40,441. Therefore, the <br />cost of the abatement will be <br />approximately $187,630. <br />Mrs. Kolata noted that personal property <br />taxes are not included in our tax <br />increment, so the taxes to be paid will <br />be available to the the other taxing <br />juristictions. <br />Upon a motion by Mr. Piasecki, seconded <br />by Mr. Donoho and unanimously carried, <br />the Commission approved Resolution <br />No. 1103 approving an application for <br />personaly property tax deduction for <br />property located at 2930 Foundation Drive <br />in the Airport Economic Development Area. <br />(Eaton Corporation) Mr. Donoho <br />abstained. Ms. Auburn voted to make a <br />majority vote. <br />f. Commission approval requested for <br />Subordination Agreement with Society <br />Bank. <br />Mr. Leverman explained that the property <br />at 115 E. South Street was rehabilitated <br />by Timothy D. Hancz who now desires to <br />turn his construction financing into a <br />mortgage. Society Bank requires that <br />their mortgage be in first postion, so <br />the Rental Rehab Loan will be in second <br />-7- <br />COMMISSION APPROVED RESOLUTION <br />NO. 1103 APPROVING AN APPLICATION <br />FOR PERSONAL PROPERTY TAX <br />DEDUCTION FOR PROPERTY LOCATED AT <br />2930 FOUNDATION DRIVE IN THE <br />AIRPORT ECONOMIC DEVELOPMENT AREA <br />