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RM 05-20-94
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RM 05-20-94
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South Bend Redevelopment Commission <br />Regular Meeting - May 20, 1994 <br />6. NEW BUSINESS (Cont.) <br />f. Continued... <br />proposed use. The property is not located <br />in an area presently designated as a Tax <br />Abatement Impact Area, but is located in <br />the Sample -Ewing Development Area, <br />which is a Tax Incremental Financing <br />Allocation Area. The project meets the <br />qualifications for a ten year real property <br />tax abatement and for a five year personal <br />property tax abatement under the Tax <br />Abatement Ordinance. <br />A review of the cost of the real property <br />tax abatement shows that without <br />abatement the project would generate <br />approximately $595,728 in new taxes over <br />the ten year period. With abatement the <br />project will generate approximately <br />$300,843. Therefore, the cost of the real <br />property tax abatement would be <br />approximately $294,885. <br />A review of the cost of the personal <br />property tax abatement shows that without <br />abatement the new equipment would <br />generate approximately $124,603 in new <br />taxes. With abatement the taxes would be <br />approximately $22,095. Therefore, the <br />cost of the real property tax abatement will <br />be approximately $102,508 over the five <br />year period. Mrs. Kolata noted that state <br />law stipulates that personal property tax <br />abatement can only be obtained for <br />manufacturing equipment. The state tax <br />board will make the ultimate decision <br />whether this equipment qualifies as <br />manufacturing equipment. The use <br />qualifies under the City Council ordinance. <br />-12- <br />
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