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South Bend Redevelopment Commission <br />Regular Meeting - March 6, 1998 <br />6. NEW BUSINESS (CONT.) <br />c. continued... <br />that the property is located in the Airport <br />Economic Development Area, which is a <br />Tax Incremental Allocation Area, therefore, <br />the petition for 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 />Harrison Management Company d.b.a. <br />Container Service Corporation meets the <br />qualifications for a ten year real property tax <br />abatement and a five year personal property <br />tax abatement. <br />Using the estimated project cost of <br />$1,150,000, the real property taxes <br />generated over the ten -year period total <br />approximately $549,408. Taxes abated total <br />approximately $271,957. Taxes still paid <br />with the abatement total approximately <br />$277,451. <br />Using the total estimated equipment cost of <br />$1,604,394, the personal property taxes <br />generated over the five -year period total <br />approximately $148,701. Taxes abated total <br />$122,333. Taxes still paid with the <br />abatement total $26,368. <br />David Harrison stated that this is a family <br />business. The company had sales between <br />$5 - $6 million. Sales subsequently grew to <br />twice that amount. Fifteen to 20 percent of <br />sales revenue is the annual payroll. <br />Mrs. Kolata asked Mr. Harrison what the <br />current size of the building is. Mr. Harrison <br />-15- <br />