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South Bend Redevelopment Commission <br />Special Meeting - January 8, 1999 <br />6. NEW BUSINESS (CONT.) <br />f. continued.... <br />Tax Incremental Allocation Area; <br />therefore, the petition for personal <br />property tax abatement must first be <br />approved by the South Bend <br />Redevelopment Commission. <br />A review of the Tax Abatement Ordinance <br />finds that Eaton Corporation meets the <br />qualifications for a five -year personal <br />property tax abatement under Tangible <br />Personal Property Tax Abatement. <br />Using the estimated project cost of <br />$2,300,000, the taxes generated over the <br />five -year period will be approximately <br />$216,901. Taxes abated over the five -year <br />period will be approximately $178,441. <br />Taxes still paid with the abatement over <br />the five -year period will be approximately <br />$38,461. <br />Upon a motion by Mr. Faccenda, seconded <br />by Mr. Donoho and unanimously carried, <br />the Commission adopted Resolution No. <br />1663 approving an application for personal <br />property tax deduction for property at <br />2930 Foundation Drive in the Airport <br />Economic Development Area. (Eaton <br />Corporation) <br />g. Commission approval requested for <br />Resolution No. 1664 approving the Fair <br />Re -Use Value of Property in the South <br />Bend Central Development Area. <br />HAWPDATA \C0MMSN\010899.MIN -11- <br />COMMISSION ADOPTED RESOLUTION NO. 1663 <br />APPROVING AN APPLICATION FOR PERSONAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY AT <br />2930 FOUNDATION DRIVE IN THE AIRPORT <br />ECONOMIC DEVELOPMENT AREA (EATON <br />CORPORATION) <br />