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South Bend Redevelopment Commission <br />Regular Meeting - October 7, 1994 <br />6. NEW BUSINESS (Cont.) <br />b. continued... <br />part-time jobs with an annual payroll of <br />$4,381,000. <br />Wells Electronics was granted a real and a <br />personal property tax abatement on October <br />11, 1984 and is in compliance with the <br />reporting requirements for the previous <br />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, but is located in the <br />Sample -Ewing Development Area which is a <br />Tax Increment 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 the abatement, with <br />an estimated equipment cost of $3,074,000 <br />and a constant tax rate, shows that, without <br />abatement the project would generate <br />approximately $296,054 in new taxes. With <br />abatement the project will generate <br />approximately $52,496. Therefore, the cost <br />of the abatement over the five year period <br />will be approximately $243,558. <br />Upon a motion by Mr. Donoho, seconded <br />by Mr. Sharp and unanimously carried, the <br />Commission approved Resolution No. 1290 <br />approving the application for personal <br />property tax deduction for property located <br />at 1701, 1801, 1818, and 1819 S. Main <br />Street in the Sample -Ewing Development <br />Area. (Wells Electronics) <br />0 <br />COMMISSION APPROVED RESOLUTION NO. <br />1290 APPROVING THE APPLICATION FOR <br />PERSONAL PROPERTY TAX DEDUCTION <br />FOR PROPERTY LOCATED AT 1701, 1801, <br />1818, AND 1819 S. MAIN STREET IN THE <br />SAMPLE -EWING DEVELOPMENT AREA. <br />(WELLS ELECTRONICS) <br />