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South Bend Redevelopment Commission <br />Regular Meeting - June 2, 1995 <br />6. NEW BUSEWSS (Cont.) <br />C. continued... <br />area presently designated as a Tax <br />Abatement Impact Area and is also located <br />in the Sample /Ewing Development Area <br />which is a Tax Incremental Financing <br />Allocation Area, therefore, the petition first <br />requires the approval of the South Bend <br />Redevelopment Commission. The project <br />qualifies for a six (6) year real property tax <br />abatement under the tax abatement <br />ordinance. <br />A review of the cost of the tax abatement <br />shows that, assuming a project cost of <br />$265,000 and a constant tax rate, the project <br />will generate approximately $82,114 in new <br />taxes over the 6 year period without <br />abatement. With abatement, the project will <br />generate approximately $33,940 in new <br />taxes. Therefore, the cost of the abatement <br />will be approximately $48,174 over the 6 <br />year period. <br />Upon a motion by Mr. Hojnacki, seconded <br />by Mr. Hunt and unanimously carried, the <br />Commission approved Resolution No. 1348 <br />approving an application for real property <br />tax deduction. (Midwest Machine Products) <br />d. Staff report on acquisition of property in <br />the Sample -Ewing Development Area. <br />There was no report. <br />-6- <br />COMMISSION APPROVED RESOLUTION <br />NO. 1348 APPROVING AN APPLICATION FOR <br />REAL PROPERTY TAX DEDUCTION. <br />(MIDWEST MACHINE PRODUCTS) <br />THERE WAS NO REPORT <br />