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South Bend Redevelopment Commission <br />Inv <br />gular Meeting - April 21, 1995 <br />6. NEW BUSINESS (Cont.) <br />in <br />C. continued ... <br />Allocation Area, therefore, the petition <br />for personal property tax abatement first <br />requires the approval of the South Bend <br />Redevelopment Commission. The <br />project qualifies for five years of <br />personal property tax deduction under <br />the Tax Abatement Ordinance. <br />Without abatement, the project would <br />generate taxes of approximately $58,768. <br />With abatement, the taxes will be <br />approximately $10,421. Therefore, the <br />cost of the abatement will be <br />approximately $48,347 over the five year <br />period. <br />Mel Hartz, owner of Mack Tool, noted <br />that they began operation in May 1988. <br />They have grown and expanded several <br />times since then. They have three <br />major, diversified customers. <br />Upon a motion by Mr. Donoho, <br />seconded by Mr. Hojnacki and <br />unanimously carried, the Commission <br />approved Resolution No. 1349 approving <br />an application for personal property tax <br />deduction for property located at 2820 <br />Viridian Drive in the Airport Economic <br />Development Area. (Mack Tool & <br />Engineering) <br />d. Commission approval requested for <br />Resolution No. 1340 approving an <br />application for real property tax <br />deduction for property located in the <br />-12- <br />COMMISSION APPROVED RESOLUTION <br />NO. 1349 APPROVING AN APPLICATION FOR <br />PERSONAL PROPERTY TAX DEDUCTION <br />FOR PROPERTY LOCATED AT 2820 VIRIDIAN <br />DRIVE IN THE AIRPORT ECONOMIC <br />DEVELOPMENT AREA. (MACK TOOL & <br />ENGINEERING) <br />