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South Bend Redevelopment Commission <br />Regular Meeting -April 17, 1998 <br />6. NEW BUSINESS (Cont.) <br />a. continued... <br />properly zoned for the proposed use. A <br />review of the Redevelopment area maps <br />finds that the property is located in the <br />Airport Economic Development Area, <br />which is a Tax Incremental Financing <br />Allocation Area; therefore, this petition <br />first requires the approval of the South <br />Bend Redevelopment Commission. A <br />review of the Tax Abatement Ordinance <br />finds that O -T -D Corporation meets the <br />qualifications for a five (5) year personal <br />property tax abatement under Tangible <br />Personal Property Tax Abatement. <br />Using the estimated equipment cost of <br />$200,000, the taxes to be generated over <br />the five -year period will total <br />approximately $82,852. Taxes to be <br />abated will total approximately $68,161. <br />Taxes still to be paid will total <br />approximately $14,691. <br />Mike Beitzinger stated that O -T -D <br />Corporation does meet the requirements <br />for the five -year personal property tax <br />abatement. Mr. Quinn, Chief Operating <br />Officer of O -T -D Corporation, stated that <br />O -T -D Corporation is a rapidly growing <br />manufacturer of collapsible aluminum <br />shipping containers. O -T -D's project calls <br />for an improved method for attaching the <br />sheet to the frames for the sides and ends <br />of the containers. O -T -D Corporation's <br />primary customer is the synthetic rubber <br />industry. <br />am <br />