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South Bend Redevelopment Commission <br />Regular Meeting - August 20, 1993 <br />6. NEW BUSINESS (Cont.) <br />C. 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 in the Airport Economic <br />Development Area and in a Tax <br />Incremental Financing Allocation Area. <br />The project qualifies for five years of <br />personal property tax abatement under <br />the Tax Abatement Ordinance. <br />American Tool & Die was granted a five <br />year personal property tax abatement on <br />June 25, 1984 and a three year real <br />property tax abatement on May 22, 1989 <br />and is in compliance with the reporting <br />requirements for those abatements. <br />Without abatement the new equipment <br />would generate approximately $22,854 in <br />new taxes over the five year period. <br />With abatement the new taxes would be <br />approximately $4,052. Therefore, the <br />cost of the abatement would be <br />approximately $18,802 over the five year <br />period. <br />Mr. Knepp, representing American Tool <br />and Die, noted that American Tool and <br />Die moved to the Airport Industrial Park <br />with eight employees with a payroll of <br />about $200,000. They now have 33 <br />employees and a payroll approaching <br />$1,400,000. They have been a very <br />stable, growing company. Their success <br />is due in part to the Commission <br />allowing tax abatements in the past. The <br />-10- <br />