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RM 04-15-94
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RM 04-15-94
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G <br />South Bend Redevelopment Commission <br />Regular Meeting - April 15, 1994 <br />6. NEW BUSINESS (Cont.) <br />i. Commission approval requested for <br />Resolution No. 1245 approving an <br />Mlication for personal property tax <br />deduction for property located at 1702 West <br />Washington Street in the West Washington- <br />Chapin Development Area. (Manufacturing <br />Technology. Inc.) <br />A summary of the cost of the personal <br />property tax abatement shows that, assuming <br />a constant tax rate and an estimated project <br />cost of $1,600,000, without abatement, the <br />improvements would generate approximately <br />$153,791 in new taxes over the five -year <br />period. With abatement, the taxes will be <br />approximately $27,270. Therefore, the cost <br />of the abatement will be approximately <br />$126,521 over the five -year period. <br />Upon a motion by Mr. Piasecki, seconded <br />by Mr. Sharp and unanimously carried, the <br />Commission approved Resolution No. 1245 <br />approving an application for personal <br />property tax deduction for personal property <br />located at 1702 West Washington Street in <br />the West Washington - Chapin Development <br />Area. (Manufacturing Technologies, Inc.) <br />Commission aDDroval reauested for <br />Resolution No. 1246 approving an <br />VDlication for real property tax deduction <br />for property located at the northeast corner <br />of Main Street and Broadway Street in the <br />Sample-Ewing Development Area <br />Mr. Beitzinger read the staff report on the <br />project. Richard Allen proposes to build a <br />new light industrial flex space at the <br />ILI -14- <br />COMMISSION APPROVED RESOLUTION <br />NO. 1245 APPROVING AN APPLICATION FOR <br />PERSONAL PROPERTY TAX DEDUCTION <br />FOR PERSONAL PROPERTY LOCATED AT <br />1702 WEST WASHINGTON STREET IN THE <br />WEST WASHINGTON - CHAPIN <br />DEVELOPMENT AREA. (MANUFACTURING <br />TECHNOLOGIES, INC.) <br />
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