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South Bend Redevelopment Commission <br />Regular Meeting - September 5, 1997 <br />6. NEW BUSINESS (CONT.) <br />a. continued.... <br />A review of the South Bend <br />Redevelopment Allocation areas finds that <br />the property is located in the Airport <br />Economic Development Area, which is a <br />Tax Incremental Financing Allocation <br />Area, therefore, the petition first requires <br />the approval of the South Bend <br />Redevelopment Commission. A review of <br />the Tax Abatement Ordinance finds that <br />Capitol Technologies, Inc. meets the <br />qualifications for a five (5) year personal <br />property tax abatement. <br />Using the estimated project cost of <br />$750,000, personal property taxes <br />generated total approximately $69,719. <br />Taxes abated over five years total <br />approximately $57,356. Taxes still paid <br />with the abatement total approximately <br />$12,363. <br />Upon a motion by Ms. Auburn, seconded <br />by Mr. Faccenda and unanimously carried, <br />the Commission adopted Resolution <br />No. 1537 approving an application for <br />personal property tax deduction for <br />property located at 3615 W. Voorde Drive <br />in the Airport Economic Development <br />Area. (Capitol Technologies, Inc.) <br />b. Staff report on disposition of property in <br />the South Bend Central Development <br />Area. <br />Ms. Kolata stated that this item relates to <br />the Center City Associates' building that is <br />H:\ HOME\ CPHIPPS \WPDATA \COMMSN\090597.MIN -10- <br />COMMISSION ADOPTED RESOLUTION NO. 1537 <br />APPROVING AN APPLICATION FOR PERSONAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED AT 3615 W. VOORDE DRIVE IN THE <br />AIRPORT ECONOMIC DEVELOPMENT AREA. <br />(CAPITOL TECHNOLOGIES, INC.) <br />