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South Bend Redevelopment Commission <br />Regular Meeting - February 2, 1996 <br />6. NEW BUSINESS (Cont.) <br />b. continued... <br />located in an area presently designated <br />as a Tax Abatement Impact Area; <br />however, the property is located in the <br />Economic Development Target Area <br />and the Urban Enterprise Zone. <br />The property is located in the West <br />Washington - Chapin Development Area, <br />which is a Tax Incremental Allocation <br />Area; therefore, the petition first <br />requires the approval of the South Bend <br />Redevelopment Commission. <br />A review of the Tax Abatement <br />Ordinance finds that the petitioner meets <br />the qualifications for a five (5) year <br />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 />$10,520 in new taxes over the five year <br />period. With abatement, the project <br />will generate approximately $1,865. <br />Therefore, the cost of the abatement is <br />approximately $8,655 over the five year <br />period. <br />Mr. Wojtysiak explained that <br />Masterbilt's work is related to Allied <br />Signal. It is no longer feasible to store <br />up large amounts of inventory. They <br />need to respond quickly to demand. <br />This machine will enable them to do <br />that. <br />-7- <br />