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South Bend Redevelopment Commission <br />Regular Meeting - June 5, 1998 <br />6. NEW BUSINESS (CONT.) <br />c. continued.... <br />Commission. A review of the Tax <br />Abatement Ordinance finds that SGW <br />Realty, LLC meets the qualifications <br />for a ten (10) year real property tax <br />abatement under Industrial <br />Development City -Wide General <br />Standards. <br />Using the estimated project cost of <br />$4,200,000, the taxes generated over <br />the ten -year period will be <br />approximately $2,041,659. Taxes <br />abated over the ten -year period will be <br />approximately $1,010,621. Taxes still <br />to be paid over the ten -year period total <br />approximately $1,031,038. <br />Ms. Schwartz asked Eric Johnson when <br />SGW Realty, LLC plans to relocate to <br />its new facility, and what SGW Realty, <br />LLC plans for its current facility. Mr. <br />Johnson stated that SGW Realty, LLC <br />plans to relocate to its new facility in <br />the second quarter of 1999. He also <br />stated that there are no immediate plans <br />for its current facility. <br />Upon a motion by Ms. Schwartz, <br />seconded by Mr. Blake and <br />unanimously carried, the Commission <br />adopted Resolution No. 1607 approving <br />an application for real property tax <br />deduction for property located in the <br />Airport Economic Development Area. <br />(SGW Realty, LLC) <br />-19- <br />COMMISSION ADOPTED RESOLUTION NO. 1607 <br />APPROVING AN APPLICATION FOR REAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED IN THE AIRPORT ECONOMIC <br />DEVELOPMENT AREA (SGW REALTY, LLC) <br />