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South Bend Redevelopment Commission <br />Regular Meeting - October 20, 1995 <br />6. NEW BUSINESS (Cont.) <br />g. continued... <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, with an eligible equipment cost of <br />$604,000, the new taxes are expected to be <br />$60,514 without abatement. With abatement <br />the taxes are expected to be approximately <br />$10,730. Therefore the cost of the five year <br />personal property abatement will be <br />approximately $49,784. <br />Peter Trybula, representing Absorbtech, noted <br />that this equipment is resource recovery <br />equipment. The reason the project cost is <br />$1,300,000 and only $600,000 is eligible for <br />tax abatement is because the company is not a <br />manufacturing facility. Only the resource <br />recovery portion of the equipment is eligible <br />for tax abatement. <br />Upon a motion by Mr. Hunt, seconded by <br />Mr. Donoho and unanimously carried, the <br />Commission approved Resolution No. 1379 <br />approving an application for personal property <br />tax deduction for property located at 3900 <br />William Richardson Drive in the Airport <br />Economic Development Area. (South Bend <br />Absorbtech) <br />-15- <br />COMMISSION APPROVED RESOLUTION <br />NO. 1379 APPROVING AN APPLICATION FOR <br />PERSONAL PROPERTY TAX DEDUCTION <br />FOR PROPERTY LOCATED AT 3900 WILLIAM <br />RICHARDSON DRIVE IN THE AIRPORT <br />ECONOMIC DEVELOPMENT AREA. (SOUTH <br />BEND ABSORBTECH) <br />