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South Bend Redevelopment Commission <br />Regular Meeting - August 2, 1996 <br />6. NEW BUSINESS (Cont.) <br />b. continued.... <br />service and employment increases by 20 or <br />more jobs depending on customer demand. <br />A review of the tax abatements previously granted <br />finds that O -T -D Corporation was granted three <br />previous tax abatements: a three year real property <br />tax abatement in April 1993; a five year personal <br />property tax abatement in April 1993; a five year <br />personal property tax abatement in January 1996. <br />O -T -D Corporation is in compliance with the <br />reporting requirements for the previous <br />abatements. The property is properly zoned for <br />the proposed use. A review of the tax abatement <br />designation areas finds that the property is not <br />located in an area presently designated as a Tax <br />Abatement Impact Area, nor is the property <br />located in the Economic Development Target <br />Area. A review of the Redevelopment designation <br />areas finds that the property is located in the <br />Airport Economic Development Area, which is a <br />Tax Incremental Allocation Area, therefore, the <br />petition first requires the approval of the South <br />Bend Redevelopment Commission. A review of <br />the Tax Abatement Ordinance finds that O -T -D <br />meets the qualifications for a six (6) year real <br />property tax abatement. <br />Using an estimated project cost of $800,000 the <br />taxes expected to be generated by the proposed <br />project without abatement, will be approximately <br />$224,194. With a six year abatement the taxes are <br />estimated at, $92,667. The amount to be abated is <br />approximately $131,527. <br />William Horvath, manufacturing manager of <br />-5- <br />