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South Bend Redevelopment Commission <br />Regular Meeting - September 2, 1994 <br />5. OLD BUSINESS (Cont.) <br />a. continued... <br />$380,240 and will maintain one hundred <br />thirty existing, permanent full-time jobs with <br />an annual payroll of $2,320,000. <br />South Bend Scrap & Processing has been <br />granted two previous real property tax <br />abatements (a 10 -year abatement in <br />November 1984 and a 3 -year abatement in <br />October 1988) and is in compliance with the <br />reporting requirements for those abatements. <br />The property is properly zoned for the <br />proposed use. The property is located in an <br />area presently designated as a Tax <br />Abatement Impact Area and is also located <br />in the Sample -Ewing Development Area, a <br />Tax Incremental Financing Allocation Area. <br />The project qualifies for five years of <br />personal property tax abatement under the <br />tax abatement ordinance. <br />A review of the cost of this abatement shows <br />that, with an estimated project cost of <br />$1,280,000 and a constant tax rate, the <br />property would generate approximately <br />$123,277 over the five year period without <br />abatement. With abatement, the project will <br />generate approximately $21,859. Therefore, <br />the cost of the abatement over the five year <br />period will be approximately $101,418. <br />Upon a motion by Mr. Donoho, seconded <br />by Mr. Faccenda and unanimously carried, <br />the Commission approved Resolution No. <br />1277 approving an application for personal <br />property tax deduction for property located <br />at 1145 -1305 Prairie Avenue in the Sample <br />-5- <br />COMMISSION APPROVED RESOLUTION NO. <br />1277 APPROVING AN APPLICATION FOR <br />PERSONAL PROPERTY TAX DEDUCTION <br />FOR PROPERTY LOCATED AT 1145 -1305 <br />PRAIRIE AVENUE IN THE SAMPLE -EWING <br />DEVELOPMENT AREA. (SOUTH BEND SCRAP <br />AND PROCESSING DIVISION) <br />