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South Bend Redevelopment Commission <br />Regular Meeting - March 17, 1995 <br />6. NEW BUSINESS (Cont.) <br />d. continued... <br />not located in an area presently designated <br />as a Tax Abatement Impact Area by the <br />South Bend Common Council but is located <br />in the Airport Economic Development Area, <br />which is a Tax Incremental Financing <br />Allocation Area, therefore, the petition for <br />real property tax abatement consideration <br />must first be approved by the South Bend <br />Redevelopment Commission. A review of <br />the tax abatement ordinance finds that the <br />petitioner meets the qualifications for a three <br />(3) year real property tax abatement. <br />A review of the cost of the tax abatement <br />shows that, assuming a project cost of <br />$1,232,000 and a constant tax rate, the <br />project will generate approximately <br />$183,122 in new taxes over the three year <br />period without abatement. With abatement, <br />the project will generate approximately <br />$61,651 in new taxes. Therefore, the cost <br />of the abatement will be approximately <br />$121,471 over the three year period. <br />Mr. Thompson noted that Communication <br />Test Design began operation in 1975 by <br />three family members. It has grown into <br />three branch offices in the United States and <br />two internationally. Over 950 people are <br />employed by the company at this time. It <br />relocated from the Chicago area to South <br />Bend in April 1989 because of the <br />Ameritech distribution center located here. <br />Business has grown here since they <br />relocated and they are currently leasing two <br />other sites locally. They would like to get <br />-11- <br />