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South Bend Redevelopment Commission <br />Regular Meeting - May 21, 1999 <br />6. NEW BUSINESS (CONT.) <br />a. continued.... <br />Using the estimated project cost of $1.4 <br />million (excluding land), the taxes <br />generated will be $9,581.33 over the <br />five -year period, per unit. Taxes abated <br />over the five -year period will be <br />approximately $7,130.29, per unit. <br />Taxes still paid with the abatement over <br />the five -year period will be <br />approximately $2,451.04, per unit. <br />Ms. Schwartz asked if the Board of <br />Works had approved the transfer of the <br />land to American Home Dreams. Mr. <br />Mariani stated that had not yet taken <br />place. Ms. Schwartz said that she did <br />not want to act on this resolution until <br />the Board of Works authorized the <br />transfer. <br />Upon a motion by Ms. Schwartz, <br />seconded by Mr. Donoho and carried, <br />the Commission tabled Resolution <br />No. 1683 until the Booard of Works has <br />authorized the transfer of the land to <br />American Home Dreams, Inc. <br />b. Commission approval requested for <br />Resolution No. 1684 approving an <br />application for personal property tax <br />deduction for property at 3601 <br />Gagnon in the Airport Economic <br />Development Area. (Journeyman <br />Tool & Mold, Inc.) <br />ILH: \WPDATA \C0MMSN\052199.MIN -7- <br />COMMISSION TABLED RESOLUTION NO. 1683 <br />UNTIL THE BOOARD OF WORKS HAS AUTHORIZED <br />THE TRANSFER OF THE LAND TO AMERICAN <br />HOME DREAMS, INC. <br />