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South Bend Redevelopment Commission <br />Regular Meeting - November 6, 1992 <br />6. NEW BUSINESS (Cont.) <br />c. continued... <br />existing permanent full time jobs with an <br />annual payroll of $712,625. <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 the Airport Economic <br />Development Area. It is also located in <br />a Tax Incremental Financing Allocation <br />Area. The project qualifies for five <br />years of personal property tax abatement <br />under the Tax Abatement Ordinance. <br />Mack Tool was granted a real property <br />abatement and a personal property <br />abatement on February 12, 1990. <br />Without abatement, the estimated taxes on <br />the new equipment would be $41,783. With <br />abatement, the taxes are estimated to be <br />$7,409. Therefore, the cost of the <br />abatement is approximately $34,374 over <br />the five years of abatement. <br />Mr. Beitzinger noted that two of the <br />three new employees have already been <br />hired and they anticipate being able to <br />hire more than the three projected new <br />employees. <br />Mr. Hartz noted that Mack Tool does very <br />high tech work for the medical industry <br />for a region extending from Kalamazoo to <br />Warsaw. <br />Upon a motion by Mr. Faccenda, seconded <br />by Ms. Huddleston and unanimously <br />carried, the Commission approved <br />Resolution No. 1113 approving an <br />application for personal property tax <br />deduction for property located at 2820 <br />Viridian Drive in the Airport Economic <br />Development Area (Mack Tool and <br />Engineering, Inc.) <br />-6- <br />COMMISSION APPROVED RESOLUTION <br />NO. 1113 APPROVING AN APPLICATION <br />FOR PERSONAL PROPERTY TAX <br />DEDUCTION FOR PROPERTY LOCATED AT <br />2820 VIRIDIAN DRIVE IN THE <br />AIRPORT ECONOMIC DEVELOPMENT AREA <br />(MACK TOOL AND ENGINEERING, INC.) <br />