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RM 05-20-94
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RM 05-20-94
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APN <br />South Bend Redevelopment Commission <br />Regular Meeting - May 20, 1994 <br />6. NEW BUSINESS (Cont.) <br />i. Continued... <br />five year personal property tax abatement <br />under the Tax Abatement Ordinance. <br />A review of the cost of the abatement <br />shows that, without abatement, the new <br />equipment would generate approximately <br />$288,357 in new taxes. With abatement, <br />the taxes generated will be approximately <br />$51,131. Therefore, the cost of the <br />abatement will be approximately $237,226 <br />over the five year period. <br />Mrs. Kolata noted that, although the <br />equipment to be purchased by Tbch Data <br />meets the guidelines for personal property <br />tax abatement under the Common Council <br />ordinance, the State Board of Tax <br />Commissioners will make the final <br />determination and may decide that this <br />equipment is not manufacturing equipment. <br />Upon a motion by Mr. Sharp, seconded by <br />Mr. Donoho and unanimously carried, the <br />Commission approved Resolution No. 1257 <br />approving an application for personal <br />property tax deduction for property located <br />at 3900 William Richardson Court in the <br />Airport Economic Development Area. <br />(Tbch Data Corporation) <br />-17- <br />COMMISSION APPROVED RESOLUTION <br />NO. 1257 APPROVING AN APPLICATION FOR <br />PERSONAL PROPERTY TAX DEDUCTION <br />FOR PROPERTY LOCATED AT 3900 WILLIAM <br />RICHARDSON COURT IN THE AIRPORT <br />ECONOMIC DEVELOPMENT AREA. (TECH <br />DATA CORPORATION) <br />
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