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South Bend Redevelopment Commission <br />Regular Meeting - June 21, 1996 <br />6. NEW BUSINESS (Cont.) <br />b. continued.... <br />the property is located in the Airport <br />Economic Development Area, which <br />is a Tax Incremental Allocation Area, <br />therefore, the petition first requires <br />the approval of the South Bend <br />Redevelopment Commission. A <br />review of the Tax Abatement <br />Ordinance finds that Thomas E. <br />Lowe Ventures, Inc. meets the <br />qualifications for a three (3) year real <br />property tax abatement. <br />With a project cost of $900,000, <br />using a combined tax rate factoring <br />in the state replacement tax credit, <br />the taxes generated during the three <br />year period is approximately <br />$126,109. The estimated amount to <br />be abated is approximately $83,652, <br />and the taxes paid during the three <br />years of the abatement is $42,457. <br />Mr. Rick Snyder — Thomas Lowe's <br />attorney —noted that this is a rapidly <br />growing company that will probably <br />double in size next year. <br />Mrs. Kolata noted that this is a piece <br />of property that is located in the Toll <br />Road Industrial Park, immediately <br />west of Midwest Embroidery <br />-7- <br />