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South Bend Redevelopment Commission <br />Regular Meeting - August 6, 1993 <br />6. NEW BUSINESS (Cont.) <br />b. continued... <br />With an equipment cost of $155,000 and a <br />constant tax rate of 14.3955, the estimated <br />taxes on the new equipment would be <br />approximately $14,429, without abatement. <br />With abatement the taxes are estimated to be <br />approximately $2,559. Therefore the cost of <br />the abatement is approximately $11,870 over <br />the five year period. <br />Mr. Jordan noted that Exacto was on the <br />brink of losing a valued customer if he could <br />not increase production. Purchase of this <br />equipment allows him to keep this <br />customer's $700,000 worth of business per <br />year and acquire an additional $500,000 <br />worth of business. Although this <br />opportunity has come at a financially <br />difficult time for Exacto, it will be worth it <br />in the long run. <br />Upon a motion by Mr. Donoho, seconded <br />by Mr. Sharp and unanimously carried, the <br />Commission approved Resolution No. 1183 <br />approving an application for personal <br />property tax deduction for property located <br />at 1137 S. Lafayette Boulevard in the <br />Sample -Ewing Development Area. ( Exacto, <br />Inc.) <br />C. Commission approval requested for <br />Resolution No. 1184 approving _an <br />application for real property tax deduction <br />for property located at 400 West Sample <br />Street in the Sample -Ewing Development <br />Area. (Turnmaster, Corp. d.b.a. South <br />Bend Lathe) <br />Mr. Beitzinger gave the staff report on this <br />project. South Bend Lathe is a manufacturer <br />fI <br />COMMISSION APPROVAL REQUESTED <br />FOR RESOLUTION NO. 1183 APPROVING <br />AN APPLICATION FOR PERSONAL <br />PROPERTY TAX DEDUCTION FOR <br />PROPERTY LOCATED AT 1137 SOUTH <br />LAFAYETTE STREET IN THE SAMPLE - <br />EWING DEVELOPMENT AREA. (EXACTO, <br />INC.) <br />