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South Bend Redevelopment Commission <br />Regular Meeting of February 6, 1998 <br />6. NEW BUSINESS (CONT.) <br />f. continued.... <br />therefore, the petition first requires the <br />approval of the South Bend <br />Redevelopment Commission. A review of <br />the Tax Abatement Ordinance finds that <br />Expanded Metal Company meets the <br />qualifications for a five (5) year personal <br />property tax abatement. <br />Using the estimated project cost of <br />$875,000, the taxes generated over the <br />term of the abatement total $81,339. <br />Taxes abated total $66,916. The taxes still <br />paid with the abatement total $14,423. <br />Gerald Lerman stated that this project <br />Ask began out of the operations of Steel <br />Warehouse. This expansion represents <br />another opportunity for down - streaming <br />the products that Expanded Metal <br />Company sells and by utilizing some of <br />the equipment that is already in -house <br />along with the expander machine, which is <br />also known as a press machine. <br />Upon a motion by Ms. Schwartz, seconded <br />by Ms. Auburn and unanimously carried, <br />the Commission adopted Resolution No. <br />1577 approving an application for personal <br />property tax deduction for property located <br />in the Sample -Ewing Development Area. <br />(Expanded Metal Company of Indiana <br />LLC) <br />g. Notification to Commission from South <br />Bend Leased Housing Associates <br />Limited Partnership of intent to <br />-13- <br />COMMISSION ADOPTED RESOLUTION NO. 1577 <br />APPROVING AN APPLICATION FOR PERSONAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED IN THE SAMPLE -EWING DEVELOPMENT <br />AREA. (EXPANDED METAL COMPANY OF INDIANA <br />LLC) <br />