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South Bend Redevelopment Commission <br />Special Meeting - January 8, 1999 <br />6. NEW BUSINESS (CONT.) <br />a. continued.... <br />A review of the Tax Abatement Ordinance <br />finds that Bludot, Inc. meets the <br />qualifications for a three -year real property <br />tax abatement under Industrial <br />Development Citywide General Standards. <br />Using the estimated project cost of <br />$800,000, the taxes generated over the <br />three -year period will be approximately <br />$116,666. Taxes abated over the three - <br />year period will be approximately <br />$77,777. Taxes still paid with the <br />abatement over the three -year period will <br />be approximately $38,889. <br />Upon a motion by Mr. Faccenda, seconded <br />by Mr. Donoho and unanimously carried, <br />the Commission adopted Resolution No. <br />1653 approving an application for real <br />property tax deduction for property at <br />4335 Meghan Beeler Dr. North in the <br />Airport Economic Development Area. <br />(JABCO Limited Liability Company <br />( Bludot, Inc.)) <br />b. Commission approval requested for <br />Resolution No. 1655 of the South Bend <br />Redevelopment Commission <br />determining its intent to pay certain <br />expenses incurred for local public <br />improvements in or serving the Airport <br />Economic Development Area <br />(Allocation Area No. 1) from the <br />Airport Economic Development Area <br />(Allocation Area No. 1) Special Fund. <br />HAWPDATA \C0MMSN\010899.MIN -5- <br />COMMISSION ADOPTED RESOLUTION NO. 1653 <br />APPROVING AN APPLICATION FOR REAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY AT <br />4335 MEGHAN BEELER DR. NORTH IN THE AIRPORT <br />ECONOMIC DEVELOPMENT AREA (JABCO LIMITED <br />LIABILITY COMPANY (BLUDOT, INC.)) <br />