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South Bend Redevelopment Commission <br />Regular Meeting - October 7, 1994 <br />6. NEW BUSINESS (Cont.) <br />C. continued... <br />Abatement Impact Area, but is located in the <br />Airport Economic Development Area. The <br />Project qualifies for ten years of real <br />property tax abatement under the tax <br />abatement ordinance. <br />A review of the cost of the abatement, <br />assuming a project cost of $3,000,000 and a <br />constant tax rate, shows that, without <br />abatement the project will generate <br />approximately $1,489,320 in new taxes. <br />With abatement, the project will generate <br />approximately $752,107 in new taxes. <br />Therefore, the cost of the abatement will be <br />approximately $737,213 over the ten year <br />period. <br />Mr. Perri stated that Tech Data has really <br />exceeded all expectations in deciding to <br />make this expansion so soon after <br />constructing their first building. They plan <br />to be in this new addition in the spring. <br />Upon a motion by Mr. Piasecki, seconded <br />by Mr. Sharp and unanimously carried, the <br />Commission approved Resolution No. 1291 <br />approving an application for real property <br />tax deduction for property located at Lot 2, <br />Toll Road Industrial Park Phase II, Section <br />2 in the Airport Economic Development <br />Area. (Toll Road Industrial Partners II, <br />L.P.) <br />d. Commission approval requested for <br />Resolution No. 1292 approving an <br />application for real property tax <br />COMMISSION APPROVED RESOLUTION NO. <br />1291 APPROVING AN APPLICATION FOR <br />REAL PROPERTY TAX DEDUCTION FOR <br />PROPERTY LOCATED AT LOT 2, TOLL ROAD <br />INDUSTRIAL PARK PHASE H, SECTION 2 IN <br />THE AIRPORT ECONOMIC DEVELOPMENT <br />AREA. (TOLL ROAD INDUSTRIAL PARTNERS <br />H, L.P.) <br />