My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
RM 09-06-96
sbend
>
Public
>
Redevelopment Commission
>
Minutes
>
1990-1999
>
1996
>
RM 09-06-96
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
11/2/2012 3:32:20 PM
Creation date
10/8/2012 3:43:02 PM
Metadata
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
28
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
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 />
The URL can be used to link to this page
Your browser does not support the video tag.