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C <br />South Bend Redevelopment Commission <br />Regular Meeting - April 15, 1994 <br />6. NEW BUSINESS (Cont.) <br />h. continued... <br />Urban Enterprise Zone and the West <br />Washington - Chapin Development Area. <br />MTI meets the qualifications for a ten -year <br />real property tax abatement and a five -year <br />personal property tax abatement under the <br />Tax Abatement Ordinance. <br />A summary of the cost of the abatement <br />shows that, assuming a constant tax rate and <br />an estimated project cost of $600,000, <br />without abatement, the improvements would <br />generate approximately $297,864 in new real <br />property taxes over a ten year period of the <br />real property abatement. With abatement, <br />the taxes will be approximately $150,421. <br />Ic Therefore, the cost of the abatement will be <br />approximately $147,443 over the ten year <br />period. <br />Mr. Szarwark explained that in inertia <br />welding, one of the items to be welded is <br />spun at a high rate of speed so that it will <br />weld into the other item. The method <br />produces a superior bond between the two <br />items. There are only five manufacturers of <br />this type of technology in the world at this <br />time. <br />Upon a motion by Mr. Piasecki, seconded <br />by Mr. Sharp and unanimously carried, the <br />Commission approved Resolution No. 1244 <br />approving an application for real property <br />tax deduction for property located at 1702 <br />West Washington Street in the West <br />Washington - Chapin Development Area. <br />(Manufacturing Technologies Inc.) <br />ILI -13- <br />COMMISSION APPROVED RESOLUTION <br />NO. 1244 APPROVING AN APPLICATION FOR <br />REAL PROPERTY TAX DEDUCTION FOR <br />PROPERTY LOCATED AT 1702 WEST <br />WASHINGTON STREET IN THE WEST <br />WASHINGTON - CHAPIN DEVELOPMENT <br />AREA. (MANUFACTURING TECHNOLOGIES <br />INC.) <br />