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4 <br />South Bend Redevelopment Commission <br />Regular Meeting - August 21, 1998 <br />6. NEW BUSINESS (CONT.) <br />b. continued.... <br />Using the estimated project cost of <br />$800,000, the taxes generated over the ten - <br />year period will be approximately <br />$390,467. Taxes abated over the ten -year <br />period will be approximately $193,281. <br />Taxes still paid with the abatement over <br />the ten -year period will be approximately <br />$197,186. <br />Mike Wojtysiak stated that General Sheet <br />Metal is presently going through additional <br />expansion and needs to add on a 24,000 sf. <br />building to its existing building. <br />Mr. Donoho asked Jim Axelberg, owner of <br />Axelberg & Axelberg, if he's an installation <br />contractor. Mr. Axelberg stated that he is in <br />the stamping and fabricating business. <br />Upon a motion by Mr. Faccenda, seconded <br />by Mr. Blake and unanimously carried, the <br />Commission adopted Resolution No. 1631 <br />approving an application for real property <br />tax deduction for property at 1902 S. Main <br />Street in the Sample -Ewing Development <br />Area. ( Axelberg & Axelberg, LLC) <br />(General Sheet Metal, Inc.) <br />c. Commission approval requested for <br />Resolution No. 1632 related to acquisition <br />of property in the Sample -Ewing <br />Development Area by Eminent Domain. <br />Mrs. Kolata stated that this resolution <br />authorizes sending a purchase offer for nine <br />properties in the 700 block of East <br />Pennsylvania Street, consisting of six vacant <br />HAWPDATATOMMSM082198.MIN -10- <br />COMMISSION ADOPTED RESOLUTION NO. 1631 <br />APPROVING AN APPLICATION FOR REAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY AT <br />1902 S. MAIN STREET IN THE SAMPLE -EWING <br />DEVELOPMENT AREA. (AXELBERG & <br />AXELBERG, LLC) (GENERAL SHEET METAL, <br />INC.) <br />