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South Bend Redevelopment Commission <br />Regular Meeting - May 20, 1994 <br />6. NEW BUSINESS (Cont.) <br />h. Continued... <br />year real property tax abatement under the <br />Tax Abatement Ordinance. <br />A review of the cost of the tax abatement <br />shows that without abatement the project <br />would generate approximately $397,152 in <br />new taxes over the ten year period. With <br />abatement, the project will generate <br />approximately $200,562. Therefore, the <br />cost of the abatement will be <br />approximately $196,590. <br />Mr. Blenke noted that the cost of the <br />expansion amounts to about $45 per sq. ft. <br />which will make it a first class facility. <br />Schafer Gear has increased sales <br />pproximately four times since 1988. <br />Business has been very good. They expect <br />to break ground in early July and complete <br />the project in early November. <br />Ms. Auburn congratulated Mr. Blenke and <br />Mr. Doshi on the success of Schafer Gear. <br />They have done an excellent job of turning <br />the company around since they acquired it. <br />Upon a motion by Mr. Sharp, seconded by <br />Mr. Donoho and unanimously carried, the <br />Commission approved Resolution No. 1256 <br />approving an application for real property <br />tax deduction for property located at 814 <br />S. Main Street in the Sample -Ewing <br />Development Area. <br />-15- <br />COMMISSION APPROVED RESOLUTION <br />NO. 1256 APPROVING AN APPLICATION FOR <br />REAL PROPERTY TAX DEDUCTION FOR <br />PROPERTY LOCATED AT 814 S. MAIN <br />STREET IN THE SAMPLE -EWING <br />DEVELOPMENT AREA <br />