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South Bend Redevelopment Commission <br />Regular Meeting - February 20, 1998 <br />6. NEW BUSINESS (CONT.) <br />c. continued.... <br />property is located in the Airport <br />Economic Development Area, which is a <br />Tax Incremental Allocation Area, <br />therefore, the petition for real 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 Michiana Industrial Supply <br />meets the qualifications for a three (3) year <br />real property tax abatement. <br />Using the estimated project cost of <br />$350,000, the taxes generated during the <br />three -year period total approximately <br />$50,163. Taxes abated total <br />approximately $33,422. Taxes paid with <br />the abatement total $16,721. <br />Steven Kubsch, the owner of Michiana <br />Industrial Supply stated that he started in <br />1986 as a part-time business. In 1992, the <br />business grew into full -time. Since 1992 <br />to the present, eight new jobs have been <br />added to Michiana Industrial Supply. <br />With the expansion of Michiana Industrial <br />Supply, another three jobs will be created. <br />Michiana Industrial Supply imports chains <br />from Germany and light manufacturing. <br />Mr. Kubsch stated that the expansion of <br />his business will help him locally and <br />nationally. It is anticipated that the project <br />will be completed by the end of 1998. <br />-14- <br />