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South Bend Redevelopment Commission <br />Regular Meeting - December 15, 1995 <br />6. NEW BUSINESS (Cont.) <br />d. continued... <br />which is a Tax Incremental Financing <br />Allocation Area. Therefore, the <br />petition first requires the approval of <br />the South Bend Redevelopment <br />Commission. <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 />$107,563 in new taxes over the five <br />year period. With abatement, the <br />project will generate approximately <br />$19,073. Therefore, the cost of the <br />abatement is approximately $88,490 <br />over the five year period. <br />Upon a motion by Mr. Donoho, <br />seconded by Mr. Hojnacki and <br />unanimously carried, the Commission <br />approved Resolution No. 1402 <br />approving an application for real <br />property tax deduction for property <br />located at 3722 Foundation Court and <br />4207 Mayflower Road in the Airport <br />Economic Development Area. (O -T- <br />D Corporation) <br />e. Commission approval requested for <br />Resolution No. 1403 approving an <br />application for personal property <br />tax deduction for property located <br />at 2303 North Bendix Drive in the <br />Airport Economic Development <br />Area. (Midwest Windows & Doors, <br />Inc.) -14- <br />COMMISSION APPROVED RESOLUTION NO. 1402 <br />APPROVING AN APPLICATION FOR REAL PROPERTY <br />TAX DEDUCTION FOR PROPERTY LOCATED AT 3722 <br />FOUNDATION COURT AND 4207 MAYFLOWER ROAD <br />IN THE AIRPORT ECONOMIC DEVELOPMENT AREA. <br />(O -T -D CORPORATION) <br />