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South Bend Redevelopment Commission <br />Regular Meeting - June 21, 1996 <br />6. NEW BUSINESS (Cont.) <br />a. continued.... <br />ten (10) year real property tax <br />abatement. <br />With a project cost estimated at <br />$6,000,000, using a combined tax <br />rate factoring in the state replacement <br />tax credit, total taxes are estimated to <br />be $2,811,440. The estimated <br />amount to be abated is $1,391,663, <br />and the estimated amount of taxes <br />paid during the 10 years of the <br />abatement is $1,419,777. <br />IL Upon a motion by Mr. Hojnacki, <br />seconded by Mr. Donoho and <br />unanimously carried, the Commission <br />approved Resolution No. 1437 <br />Approving an Application for Real <br />Property Tax Deduction for property <br />located at 211 -213 South Michigan <br />Street in the South Bend Central <br />Development Area. (Robertson's <br />Building) <br />b. Commission approval requested for <br />Resolution No. 1438 Approving an <br />Application for Real Property Tax <br />Deduction for Lot 14, Toll Road <br />Industrial Park in the Airport <br />Economic Development Area. <br />(Thomas E. Lowe) <br />Mr. Beitzinger noted that Thomas <br />Lowe Ventures, Inc. is a rapidly <br />growing distributor of miniature <br />-5- <br />COMMISSION APPROVED RESOLUTION NO. <br />1437 APPROVING AN APPLICATION FOR <br />REAL PROPERTY TAX DEDUCTION FOR <br />PROPERTY LOCATED AT 211 -213 SOUTH <br />MICHIGAN STREET IN THE SOUTH BEND <br />CENTRAL DEVELOPMENT AREA <br />(ROBERTSON'S BUILDING) <br />