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South Bend Redevelopment Commission <br />Regular Meeting - May 1, 1998 <br />6. NEW BUSINESS (CONT.) <br />a. continued.... <br />Personal Property Tax Abatement. <br />Using the estimated equipment cost of <br />$2,200,000, the taxes to be generated over <br />the five -year abatement period will total <br />approximately $207,472. Taxes to be <br />abated over the five -year period will total <br />approximately $170,683. Taxes still to be <br />paid over the five -year period will total <br />approximately $36,789. <br />Upon a motion by Ms. Schwartz, seconded <br />by Mr. Donoho and unanimously carried, <br />the Commission adopted Resolution <br />No. 1600 approving an application for <br />personal property tax deduction for <br />property located in the Airport Economic <br />Development Area. (Key Plastics, Inc.) <br />b. Commission approval requested for <br />Resolution No. 1601 approving an <br />application for real property tax <br />deduction for property located in the <br />Airport Economic Development Area. <br />(Enterprise Centre Partners L.P.) <br />The following staff report was provided to <br />the Commission regarding the proposed <br />tax abatement. <br />Enterprise Centre Partners proposes to <br />construct two new buildings of 80,000 sf <br />each on 10 acres in the Ameriplex <br />Industrial Park. Each building will contain <br />modern efficient manufacturing and <br />warehousing/distribution space. The new <br />� -6- <br />COMMISSION ADOPTED RESOLUTION NO. 1600 <br />APPROVING AN APPLICATION FOR PERSONAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED IN THE AIRPORT ECONOMIC <br />DEVELOPMENT AREA. (KEY PLASTICS, INC.) <br />