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South Bend Redevelopment Commission <br />Regular Meeting - November 15, 1996 <br />6. NEW BUSINESS (Cont.) <br />a. continued.... <br />Using an estimated project cost of <br />$863,000, the total taxes generated are <br />approximately $78,449. The estimated <br />amount to be abated is approximately <br />$64,538. The taxes still paid with the <br />abatement are $13,911. <br />Gunther Jordan stated that Exacto, Inc. has <br />been in the Studebaker Corridor for <br />twenty -five years. He stated that Exacto, <br />Inc. was taken over by himself in January <br />1989 with a lot of old equipment. Mr. <br />Jordan stated that due to the depreciation <br />and wear -and -tear of the old equipment, <br />his company was forced to replace some of <br />the old equipment in order to maintain a <br />twenty -four hour operating business. <br />Upon a motion by Mr. Faccenda, seconded <br />by Mr. Hcjnacki and unanimously carried, <br />the Commission adopted Resolution <br />No. 1475 approving an application for <br />personal property tax deduction for <br />property located at 1137 S. Lafayette. <br />( Exacto, Inc.) <br />b. Commission approval requested for <br />Resolution No. 1476 related to <br />acquisition of property in the Sample - <br />Ewing Development Area by Eminent <br />Domain. <br />Mrs. Kolata noted that this resolution <br />authorizes the staff to send one purchase <br />offer for a property at 713 E. Keasey. <br />H :\HOME\CPHIPPS \WPDATA \COMMSM1I1 59614IN -5- <br />CONMSSION ADOPTED RESOLUTION NO. 1475 <br />APPROVING AN APPLICATION FOR PERSONAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED AT 1137 S. LAFAYETTE (EXACTO, INC.) <br />