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South Bend Redevelopment Commission <br />Aok Regular Meeting - December 15, 1995 <br />6. NEW BUSINFSS (Cont.) <br />C. continued... <br />A review of the Tax Abatement <br />Ordinance finds that the petitioner <br />meets the qualifications for a five (5) <br />year personal property tax abatement. <br />A review of the cost of the abatement <br />shows that, without abatement, the <br />project will generate approximately <br />$248,470 in new taxes over the five <br />year period. With abatement, the <br />project will generate approximately <br />$44,059. Therefore, the cost of the <br />abatement is approximately $204,411 <br />over the five year period. <br />Upon a motion by Ms. Auburn, <br />seconded by Mr. Donoho and <br />unanimously carried, the Commission <br />approved Resolution No. 1401 <br />approving an application for personal <br />property tax deduction for property <br />located at 1215 South Walnut Street <br />in the Sample -Ewing Development <br />Area. (Lock Joint Inc.) <br />d. Commission approval requested for <br />Resolution No. 1402 approving an <br />application for personal property <br />tax deduction for property located <br />at 3722 Foundation Court and 4207 <br />Mayflower Road in the Airport <br />Economic Development Area. (O- <br />T D Corporation). <br />Mike Beitzinger read the staff report <br />on the project. O -T -D Corporation <br />is in the business of manufacturing, <br />selling and leasing, and servicing <br />containers for use in the petro <br />D� <br />-12- <br />COMMISSION APPROVED RESOLUTION NO. 1401 <br />APPROVING AN APPLICATION FOR PERSONAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED AT 1215 SOUTH WALNUT STREET IN THE <br />SAMPLE -EWING DEVELOPMENT AREA. (LOCK <br />JOINT INC.) <br />