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South Bend Redevelopment Commission <br />Regular Meeting - November 21, 1997 <br />6. NEW BUSINESS (CONT.) <br />j. continued.... <br />Development Area, which is a Tax <br />Incremental Allocation Area, therefore, the <br />petition for personal property tax <br />abatement must first be approved by the <br />South Bend Redevelopment Commission. <br />A review of the Tax Abatement Ordinance <br />finds that Eaton Corporation meets the <br />qualifications for a five year personal <br />property tax abatement. <br />Using the project cost of $3,800,000, the <br />taxes generated are $352,193. Taxes <br />abated total approximately $289,742. <br />Taxes still paid with the abatement total <br />approximately $62,451. <br />Jim Seaver of the Eaton Corporation stated <br />that they are in the growth state again. <br />Part of our "mother" plant in Ohio was <br />sold to Dana Corporation, so now we have <br />to take over a volume shift to support the <br />transmission business that Eaton <br />Corporation maintains. We also have an <br />opportunity to enhance our growth ability <br />with some new technology. Mr. Hunt <br />asked Mr. Seaver if he knows what the life <br />expectancy of the equipment is. <br />Mr. Seaver stated that the equipment can <br />last for a long time. <br />Upon a motion by Ms. Auburn, seconded <br />by Mr. Donoho and unanimously carried, <br />the Commission adopted Resolution <br />No. 1553 approving an application for <br />personal property tax deduction for <br />property located at 2930 Foundation Drive <br />H:\ HOME\ CPHIPPS \WPDATA \COMMSN\I12197.MIN -40- <br />