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South Bend Redevelopment Commission <br />Regular Meeting - September 15, 1995 <br />6. NEW BUSINESS (Cont.) <br />c. continued... <br />The petitioner is in compliance with the <br />reporting requirements for each of the <br />previous abatements. <br />The building commissioner has reviewed this <br />project and has found the property to be <br />properly zoned for the proposed use. <br />A review of the tax abatement designation <br />maps finds that the property is located in an <br />area presently designated as a Tax Abatement <br />Impact Area by the South Bend Common <br />Council. <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 />A review of the cost of the abatement shows <br />that, without abatement, the new equipment <br />will generate approximately $67,627 in new <br />taxes over the five year period. With <br />abatement, the new taxes will be <br />approximately $11,992. There-fore, the cost <br />of the tax abatement will be approximately <br />$55,636 over the five year period. <br />-7- <br />