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South Bend Redevelopment Commission <br />Regular Meeting - June 5, 1998 <br />6. NEW BUSINESS (CONT.) <br />b. continued.... <br />Tangible Personal Property Tax <br />Abatement. <br />Using the estimated equipment cost of <br />$328,300, the taxes generated over the <br />five -year period will be approximately <br />$31,087. Taxes abated over the five - <br />year period will be approximately <br />$25,575. Taxes still paid over the five - <br />year period will be approximately <br />$5,512. <br />Randy Sowers, Controller of Syscon <br />International, Inc., stated that Syscon <br />International, Inc. felt that purchasing <br />the new equipment would allow Syscon <br />International, Inc. to bring new <br />technology into its marketplace and to <br />expand its business sufficiently for a <br />company of its size. <br />Upon a motion by Mr. Donoho, COMMISSION ADOPTED RESOLUTION NO. 1606 <br />seconded by Mr. Blake and APPROVING AN APPLICATION FOR PERSONAL <br />unanimously carried, the Commission PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED IN THE SAMPLE -EWING DEVELOPMENT <br />adopted Resolution No. 1606 approving AREA (SYSCON INTERNATIONAL, INC.) <br />an application for personal property tax <br />deduction for property located in the <br />Sample -Ewing Development Area. <br />( Syscon International, Inc.) <br />c. Commission approval requested for <br />Resolution No. 1607 approving an <br />application for real property tax <br />deduction for property located in the <br />Airport Economic Development <br />Area. (SGW Realty, LLC) <br />-16- <br />