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South Bend Redevelopment Commission <br />Regular Meeting - September 6, 1996 <br />6. NEW BUSINESS (Cont.) <br />e. continued.... <br />has reviewed the petitions and finds the <br />property to be properly zoned for the <br />proposed use. A review of the <br />Redevelopment designation areas finds <br />that the property is located in the Airport <br />Economic Development Area, which is a <br />Tax Incremental Allocation Area, <br />therefore, the petitions first require the <br />approval of the South Bend <br />Redevelopment Commission. A review of <br />the tax abatement finds that Nimet <br />Industuries, Inc. meets the qualifications <br />for a six (6) year real property tax <br />abatement and meets the qualifications for <br />a five (5) year personal property tax <br />abatement. <br />A review of the cost of the tax abatement <br />using an estimated project cost of <br />$1,000,000 shows the estimated amount <br />of taxes generated is approximately <br />$280,242. The estimated amount to be <br />abated is over six years is approximately <br />$164,409. Taxes generated under the <br />real property tax abatement are <br />approximately $115,833. <br />Review of the five year personal property <br />abatement schedule with an estimated <br />equipment cost of $750,000 results in <br />taxes over five years is approximately <br />$670,959. The estimated amount abated <br />over five years is approximately $55,909. <br />The taxes generated with the abatement <br />are approximately $12,050. <br />-17- <br />