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South Bend Redevelopment Commission <br />Special Meeting - June 24, 1993 <br />5. OLD BUSINESS (Cont.) <br />a. continued... <br />Without abatement on the real property, real <br />property taxes are estimated to be <br />approximately $2,020,169. With abatement, <br />the taxes are estimated to be $1,020,185. <br />Therefore, the cost of the real property tax <br />abatement over the ten year period is estimated <br />to be approximately $999,983. <br />Mr. Monagle, General Manager of AE Piston, <br />explained that the personal property tax <br />abatement petition concerns two projects of <br />personal property. The first is a piston <br />prototype line. It will be housed in the <br />existing building and will employ twelve <br />people. The work was formerly done in <br />England. The second project is a piston skirt <br />coating line. This is an additional coating that <br />will be added to the skirt of the pistons. That <br />will be housed in a small part of the new <br />building to be built. That project is on a fast <br />track and must be built this summer. The <br />remainder of the new building, 56,000 square <br />feet, will be started this fall and will house <br />additional equipment which will not be <br />purchased until 1994. However, the tax <br />abatement is being sought in conjunction with <br />this fast -track project. <br />Upon a motion by Mr. Donoho, seconded by <br />Mr. Sharp and unanimously carried, the <br />Commission approved Resolution No. 1165 <br />approving an application for personal property <br />tax deduction for property located at 3605 <br />W. Cleveland Road in the Airport Economic <br />Development Area. (AE Piston) <br />W <br />COMMISSION APPROVED RESOLUTION <br />NO. 1165 APPROVING AN APPLICATION <br />FOR PERSONAL PROPERTY TAX <br />DEDUCTION FOR PROPERTY LOCATED <br />AT 3605 W. CLEVELAND ROAD IN THE <br />AIRPORT ECONOMIC DEVELOPMENT <br />AREA. (AE PISTON) <br />