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MK South Bend Redevelopment Commission <br />Regular Meeting - June 16, 1995 <br />6. NEW BUSINESS (Cont.) <br />e. continued... <br />The property is located in the Airport <br />Economic Development Area, which is a <br />Tax Incremental Financing Allocation <br />Area, therefore, the petition for personal <br />property tax abatement first requires the <br />approval of the South Bend <br />Redevelopment Commission. <br />A review of the Tax Abatement <br />Ordinance finds that the petitioner meets <br />the qualifications for a five (5) year <br />personal property tax abatement. <br />A review of the cost of the tax abatement <br />shows that, assuming an equipment cost <br />of $740,000 and a constant tax rate, the <br />project will generate approximately <br />$72,310 in new taxes over the five year <br />period without abatement. With <br />abatement, the project will generate <br />approximately $12,822 in new taxes. <br />Therefore, the cost of the abatement will <br />be approximately $59,488 over the five <br />year period. <br />Mr. Harrison, representing Container <br />Service Corp., noted that the purchase of <br />this equipment will enable the company <br />to add approximately $5,000,000 in <br />sales. <br />Upon a motion by Mr. Hcjnacld, <br />seconded by Ms. Auburn and <br />unanimously carried, the Commission <br />approved Resolution No. 1350 approving <br />an application for personal property tax <br />deduction for property located at 2811 <br />Viridian Drive in the Airport Economic <br />-8- <br />COMMISSION APPROVED RESOLUTION <br />NO. 1350 APPROVING AN APPLICATION FOR <br />PERSONAL PROPERTY TAX DEDUCTION <br />FOR PROPERTY LOCATED AT 2811 VIRIDIAN <br />DRIVE IN THE AIRPORT ECONOMIC <br />DEVELOPMENT AREA. (CONTAINER <br />SERVICE CORPORATION) <br />