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South Bend Redevelopment Commission <br />Regular Meeting - September 2, 1994 <br />5. OLD BUSINESS (Cont.) <br />b. continued... <br />tax abatement on May 13, 1986 from the St. <br />Joseph County Council and a five year <br />personal property tax abatement on April 22, <br />1991 from the South Bend Common <br />Council. They were also granted a five year <br />personal property tax abatement and a 10 <br />year real property tax abatement on June 26, <br />1993. AE Piston is in compliance with the <br />reporting requirements for these abatements. <br />The property is properly zoned for the <br />proposed use. The property is not located in <br />an area presently designated as a Tax <br />Abatement Impact Area. The property is <br />located in the Toll Road Industrial Park <br />which is a Tax Incremental Financing <br />Allocation Area. The project qualifies for <br />five years of personal property tax <br />abatement under the Tax Abatement <br />Ordinance. <br />A review of the cost of the abatement shows <br />that, without abatement, the project will <br />generate approximately $1,922,384 in new <br />taxes over the five year period. With <br />abatement, the project will generate <br />approximately $340,876 in new taxes. <br />Therefore, the cost of the abatement will be <br />approximately $1,581,508 over the five year <br />period. <br />Mr. Monagle noted that they have already <br />started hiring for the new jobs. The project <br />is going very well. <br />-7- <br />