RM 10-20-95 - Laserfiche WebLink

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South Bend Redevelopment Commission Regular Meeting - October 20, 1995 6. NEW BUSINFSS (Cont.) e. continued... Upon a motion by Mr. Hunt, seconded by Mr. Donoho and unanimously carried, the Commission approved Resolution No. 1377 approving an application for personal property tax deduction for property located at 1545 South Olive Street in the Sample -Ewing Development Area. (Interplastic Corporation, Molding Products Division) e. Commission approval requested for Resolution No. 1378 approving an application for Real Property Tax Deduction for property located at 1545 South Olive Street in the Sample -Ewing Development Area. (Interplastic Corporation, Molding Products Division) A review of the cost of the real property tax abatement finds that, with an estimated project cost of $1,000,000, the new taxes on the project are estimated to be approximately $516,440 over the ten year period, without abatement. With abatement the taxes are expected to be approximately $260,000. Therefore, the cost of the 10 year real property tax abatement will be approximately $255,638. Upon a motion by Mr. Hunt, seconded by Mr, Donoho and unanimously carried, the Commission approved Resolution No. 1377 approving an application for real property tax deduction for property located at 1545 South Olive Street in the Sample -Ewing Development Area. (Interplastic Corporation, Molding Products Division) -7- COMMISSION APPROVED RESOLUTION NO. 1377 APPROVING AN APPLICATION FOR PERSONAL PROPERTY TAX DEDUCTION FOR PROPERTY LOCATED AT 1545 SOUTH OLIVE STREET IN THE SAMPLE -EWING DEVELOPMENT AREA. (INTERPLASTIC CORPORATION, MOLDING PRODUCTS DIVISION) COMMISSION APPROVED RESOLUTION NO. 1377 APPROVING AN APPLICATION FOR REAL PROPERTY TAX DEDUCTION FOR PROPERTY LOCATED AT 1545 SOUTH OLIVE STREET IN THE SAMPLE -EWING DEVELOPMENT AREA. (INTERPLASTIC CORPORATION, MOLDING PRODUCTS DIVISION)