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South Bend Redevelopment Commission <br />Regular Meeting - September 15, 1995 <br />6. NEW BUSINESS (Cont.) <br />c. continued... <br />A review of the Redevelopment Allocation <br />Areas finds that the property is located in the <br />Sample -Ewing Development Area, which is a <br />Tax Incremental Financing Allocation Area; <br />therefore, the petition for personal property <br />tax abatement must first be approved by the <br />South Bend Redevelopment Commission. <br />A review of the Tax Abatement Ordinance <br />finds that the petitioner meets the <br />qualifications for a five (5) year personal <br />property tax abatement. <br />Mr. Kinney noted that the purchase of this <br />equipment is the first phase of expansion at <br />ew their site. In approximately six months they <br />hope to expand the plant itself. As a result <br />of their new capability, they expect their <br />business to increase by 25 % - 30 % over the <br />next two years. <br />A review of the cost of the abatement shows <br />that, without abatement, the new equipment <br />will generate approximately $18,313 in new <br />taxes over the five year period. With <br />abatement, the new taxes will be <br />approximately $3,247. Therefore, the cost of <br />the tax abatement will be approximately <br />$15,066 over the five year period. <br />Upon a motion by Ms. Auburn, seconded by <br />Mr. Donoho and unanimously carried, the <br />Commission approved Resolution No. 1371 <br />approving an application for personal <br />property tax deduction for property located at <br />411 W. Indiana Avenue. (Keener Printing) <br />-5- <br />