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South Bend Redevelopment Commission <br />Regular Meeting - November 7, 1997 <br />6. NEW BUSINESS (CONT.) <br />e. continued.... <br />is a Tax Incremental Allocation Area, <br />therefore, the petition for personal <br />property tax abatement must first be <br />approved by the South Bend <br />Redevelopment Commission. <br />A review of the Tax Abatement Ordinance <br />finds that South Bend Form Tool <br />Company, Inc. meets the qualifications for <br />a five (5) year personal property tax <br />abatement. <br />Using the project cost of $713,000, the <br />taxes to be generated total approximately <br />$66,280. Taxes abated total <br />approximately $54,527. Taxes still paid <br />total approximately $11,753. <br />Mike Wojtysiak, representing South Bend <br />Form Tool Company, Inc., stated that <br />South Bend Form Tool has been in South <br />Bend since 1952. In the last four years, <br />South Bend Form Tool Company has <br />added over $550,000 of personal property <br />for which tax abatement consideration was <br />not requested. Mr. Wojtysiak presented to <br />the Commissioners brochures of the <br />equipment South Bend Form Tool is <br />proposing to purchase. <br />Mr. Hunt asked where South Bend Form <br />Tool Company ships most of its products. <br />Mr. Wojtysiak responded that South Bend <br />Form Tool Company ships most of its <br />products to local businesses. Ms. Auburn <br />asked what the life expectency of the <br />H:\ HOME\ CPHIPPS \WPDATA \COMMSN\I10797.MIN -13- <br />