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South Bend Redevelopment Commission <br />Special Meeting - October 9, 1998 <br />2. OLD BUSINESS <br />a. continued.... <br />The staff investigated the site and visually <br />confirmed that no concrete work or <br />construction has begun. <br />The staff also confirmed with the Building <br />Department that no building permit has <br />been issued. <br />The staff has reviewed the Tax Abatement <br />Ordinance and finds that Federal -Mogul <br />South Bend, Inc. still meets the <br />qualifications for a six -year real property <br />tax abatement under Industrial <br />Development Citywide because no <br />building permit has been issued. <br />CW Additionally, Federal-Mogul South Bend, <br />Inc. meets the qualifications for a five -year <br />personal property tax abatement under <br />Tangible Personal Property Tax <br />Abatement. <br />Using the estimated project cost of <br />$1,300,000, the taxes generated over the <br />six -year period will be approximately <br />$379,165. Taxes abated over the six -year <br />period will be approximately $222,865. <br />Taxes still paid with the abatement over <br />the six -year period will be approximately <br />$156,300. <br />Ms. Schwartz stated that she voted against <br />this resolution at the last meeting because <br />she did believe there is a difference <br />between a foundation permit and a <br />building permit, and by obtaining the <br />foundation permit, Federal -Mogul had <br />HAWPDATA \C0MMSN\100998.MIN -4- <br />