Laserfiche WebLink
CW1 South Bend Redevelopment Commission <br />Regular Meeting - January 21, 1994 <br />6. NEW BUSINESS (Cont.) <br />e. continued... <br />The property is properly zoned for the <br />proposed use. The property is not <br />located in an area designated as a Tax <br />Abatement Impact Area, but is located in <br />the Airport Economic Development <br />Area, which is a Tax Incremental <br />Financing Allocation Area. The project <br />qualifies for a five year personal <br />property tax abatement under the Tax <br />Abatement Ordinance. <br />Without abatement, the taxes on the <br />$3,146,000 worth of equipment would be <br />approximately $285,000. With <br />abatement, the taxes will be <br />approximately $50,594. Therefore, the <br />cost of the abatement will be <br />approximately $234,731 over the five <br />year period. <br />Paul Freshour, representing Automatic <br />Technologies, noted that the present <br />machinery is 10 - 12 years old. The <br />average life of such machines is 7 - 8 <br />years. The old machinery is not <br />efficient, causing a lot of scrap. <br />Automatic Technologies projected sales <br />is high, but that is based on installing <br />this new equipment. <br />Upon a motion by Mr. Donoho, <br />seconded by Mr. Piasecki and <br />unanimously carried, the Commission <br />approved Resolution No. 1217 approving <br />an application for personal property tax <br />deduction for property located at 3603 <br />U <br />COMMISSION APPROVED RESOLUTION <br />NO. 1217 APPROVING AN APPLICATION FOR <br />PERSONAL PROPERTY TAX DEDUCTION <br />FOR PROPERTY LOCATED AT 3603 <br />PROGRESS DRIVE IN THE AIRPORT <br />ECONOMIC DEVELOPMENT AREA. <br />(AUTOMATIC TECHNOLOGIES, INC.) <br />