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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting - June 25, 1999 <br />6. NEW BUSINESS (CONT.) <br />b. continued... <br />The building commissioner has <br />reviewed the petition and finds the <br />Property to be properly zoned for the <br />proposed project. <br />The property is located in an area <br />presently designated as a Tax <br />Abatement Impact Area by the South <br />Bend Common Council. <br />A review of the designated South Bend <br />Redevelopment areas finds that the <br />property is located in the Sample -Ewing <br />Development Area, which is a Tax <br />Incremental Allocation Area; therefore, <br />the petition for personal property tax <br />abatement must first be approved by the <br />South Bend Redevelopment <br />Commission. <br />A review of the Tax Abatement finds <br />that Exacto meets the qualifications for <br />a five -year personal property tax <br />abatement under Tangible Personal <br />Property Tax Abatement. <br />Using the estimated project cost of <br />$760,000, the taxes generated over the <br />five -year period will be approximately <br />$74,384. Taxes abated over the five - <br />year period will be approximately <br />$61,194. Taxes still paid with the <br />abatement over the five -year period will <br />be approximately $13,190. <br />H: \WPDATA \COMMSN\062599.MIN 8 <br />