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South Bend Redevelopment Commission <br />Regular Meeting - September 20, 1996 <br />6. NEW BUSINESS (Cont.) <br />b. continued.... <br />has reviewed the petition and finds that <br />the property is 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 petition first requires the <br />approval of the South Bend <br />Redevelopment Commission. A review <br />of the Tax Abatement Ordinance finds <br />that Elumatec USA meets the <br />qualifications for a three year real <br />property tax abatement. <br />Using an estimated project cost of <br />$550,000 the taxes generated over three <br />years is approximately $77,067. The <br />amount to be abated is approximately <br />$51,121 and the taxes generated with the <br />abatement is approximately $25,946. <br />Upon a motion by Mr. Donoho, seconded <br />by Mr. Hojnacki and unanimously carried, <br />the Commission adopted Resolution <br />No. 1460 Approving an Application for <br />Tax Deduction for property located at <br />4320 Ralph Jones Court in the Airport <br />Economic Development Area. <br />d. Commission approval requested for <br />Resolution No. 1462, a Resolution of <br />the South Bend Redevelopment <br />Commission Approving the Execution <br />of an Addendum to the Lease Dated as <br />of September 11, 1996, Between the <br />South Bend Redevelopment <br />-10- <br />COI bMSSION ADOPTED RESOLUTION NO. 1460 <br />APPROVING AN APPLICATION FOR TAX <br />DEDUCTION FOR PROPERTY LOCATED AT 4320 <br />RALPH JONES COURT IN THE AIRPORT <br />ECONOMIC DEVELOPMENT AREA <br />