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South Bend Redevelopment Commission <br />Regular Meeting - July 18, 1997 <br />6. NEW BUSINESS (CONT.) <br />d. Commission approval requested for <br />Resolution No. 1532 approving an <br />application for personal property tax <br />deduction for property located in the <br />Sample -Ewing Development Area. <br />(Steel Warehouse Co., Inc.) <br />With a project cost of $1 million for the <br />equipment, personal property taxes <br />generated over five (5) years total <br />approximately $92,958. Taxes abated <br />total approximately $76,475. Taxes still <br />paid with the abatement total <br />approximately $16,483. <br />Mike Beitzinger stated that if the project <br />cost reaches $2,000,000 for the <br />equipment, personal property taxes <br />generated over five (5) years total <br />approximately $185,9147. Taxes abated <br />over five (5) years total approximately <br />$32,967. Taxes still paid with the <br />abatement total approximately $152,950. <br />Upon a motion by Mr. Faccenda, <br />seconded by Mr. Donoho and <br />unanimously carried, the Commission <br />adopted Resolution No. 1532 approving <br />an application for personal property tax <br />deduction for property located in the <br />Sample -Ewing Development Area. (Steel <br />Warehouse Co., Inc.) <br />e. Public Hearing on Resolution No. 1516, <br />a resolution of the South Bend <br />Redevelopment Commission amending <br />the Airport Economic Development <br />Area Development Plan. <br />H:\ HOME\ CPHIPPS \WPDATA \COMMSN\071897.MIN -14- <br />COMMISSION ADOPTED RESOLUTION NO. 1532 <br />APPROVING AN APPLICATION FOR PERSONAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED IN THE SAMPLE -EWING DEVELOPMENT <br />AREA. (STEEL WAREHOUSE CO., INC.) <br />