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South Bend Redevelopment Commission <br />Regular Meeting - October 17, 1997 <br />6. NEW BUSINESS (CONT.) <br />d. continued.... <br />A review of the tax abatements previously <br />granted finds that the Apollo Precision <br />Machining has been granted three previous <br />tax abatements. The first, a three year real <br />property abatement, was passed in August <br />1994. The second, a five year personal <br />property abatement, was passed in August <br />1994. The last abatement was a five year <br />personal property abatement passed in July <br />1997. Apollo Precision is in compliance with <br />the reporting requirements for the previous <br />abatements. <br />The building commissioner has reviewed the <br />petition and finds the property to be properly <br />zoned for the proposed project. A review of <br />the South Bend Redevelopment Areas finds <br />that the property is located in the Airport <br />Economic Development Area, which is a Tax <br />Incremental Allocation Area; therefore, the <br />petition for real property tax abatement must <br />first be approved by the South Bend <br />Redevelopment Commission. A review of <br />the Tax Abatement Ordinance finds that <br />Apollo Precision Machining meets the <br />qualifications for a three (3) year real <br />property tax abatement. <br />Using the estimated project cost of $230,000, <br />the taxes to be generated total approximately <br />$33,063. The taxes to be abated total <br />approximately $22,042. The taxes still paid <br />with the abatement will total approximately <br />$11,021. <br />H:\ HOME \CPHIPPS \WPDATA \COMMSM101797.MIN -21- <br />