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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 />d. Continued... <br />Harbor Metal has been granted several <br />previous real and personal property tax <br />abatements and is in compliance with the <br />reporting requirements for those <br />abatements. The property is properly <br />zoned for the proposed use. The property <br />is located in an area presently designated <br />as a Tax Abatement Impact Area by the <br />South Bend Common Council. The <br />property is also located in the South Bend <br />Central Development Area which is a Tax <br />Incremental Financing Allocation Area. <br />The project meets the qualifications for a <br />three year real property tax abatement and <br />a five year personal property tax abatement <br />under the Tax Abatement Ordinance. A <br />review of the cost of the personal property <br />tax abatement shows that, without <br />abatement, the new machinery will <br />generate approximately $64,528 in new <br />taxes over the five year period. With <br />abatement the equipment will generate <br />approximately $11,442. Therefore, the <br />cost of the personal property tax abatement <br />will be approximately $53,086 over the <br />five year period. <br />Upon a motion by Mr. Sharp, seconded by <br />Mr. Donoho and unanimously carried, the <br />Commission approved Resolution No. 1252 <br />approving an application for personal <br />property tax deduction for property located <br />at 802 S. Fellows Street in the South Bend <br />Central Development Area. (Harbor Metal <br />Treating of Indiana, Inc.) <br />In <br />COMMISSION APPROVED RESOLUTION <br />NO. 1252 APPROVING AN APPLICATION FOR <br />PERSONAL PROPERTY TAX DEDUCTION <br />FOR PROPERTY LOCATED AT 802 S. <br />FELLOWS STREET IN THE SOUTH BEND <br />CENTRAL DEVELOPMENT AREA. (HARBOR <br />METAL TREATING OF INDIANA, INC.) <br />
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