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South Bend Redevelopment Commission <br />Regular Meeting - October 20, 1995 <br />6. NEW BUSINESS (Cont.) <br />e. continued... <br />The Building Commissioner has reviewed the <br />project and has found the property to be <br />properly zoned for the proposed use. <br />A review of the tax abatement area maps finds <br />that the property is not located in an area <br />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 this property is located in the <br />Sample -Ewing Development Area which is a <br />Tax Incremental Financing Allocation Area, <br />therefore, the petitions first require the <br />approval of the South Bend Redevelopment <br />Commission. <br />A review of the Tax Abatement Ordinance <br />finds that the petitioner meets the <br />qualifications for a ten (10) year real property <br />tax abatement and meets the qualifications for <br />a five (5) year personal property tax <br />abatement. <br />A review of the cost of the personal property <br />abatement finds that, with an estimated <br />equipment cost of $1,500,000, the taxes on the <br />equipment are expected to be approximately <br />$150,284 over the five year period, without <br />abatement. With abatement the taxes will be <br />approximately $26,648. Therefore the cost of <br />the five year personal property abatement will <br />be approximately $123,636. <br />0 <br />