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South Bend Redevelopment Commission <br />Regular Meeting - July 2, 1999 <br />Abatement. <br />Using the estimated project cost of <br />$1,900,000, the taxes generated over <br />the ten -year period will be <br />approximately $160,864. Taxes abated <br />over the ten -year period will be <br />approximately $132,339. Taxes paid <br />over the ten -year period will be <br />approximately $28,524. <br />Upon a motion by Mr. Blake, <br />seconded by Mr. Donoho and carried, <br />the Commission adopted Resolution <br />No. 1696 approving an application for <br />real property tax deduction for <br />property at 4747 and 4775 Ameritech <br />Drive in the Airport Economic <br />Development Area. (South Bend <br />Redevelopment Commission on behalf <br />of Dynamics R.E.H.C., Inc.) Ms. <br />Schwartz and Mr. Faccenda abstained. <br />b. Commission approval requested for <br />Resolution No. 1697 approving an <br />application for personal property <br />tax deduction for property at 4747 <br />and 4775 Ameritech Drive. <br />(Dynamic Industries, Inc.) <br />Using the estimated equipment cost of <br />$1,650,000, the taxes generated over <br />the ten -year period will be <br />approximately $954,829. Taxes abated <br />over the ten -year period will be <br />approximately $472,640. Taxes still <br />paid with the abatement over the ten - <br />year period will be approximately <br />$482,188. <br />HAWPDATATOMMSM070299.MIN -5- <br />COMMISSION ADOPTED RESOLUTION NO. 1696 <br />APPROVING AN APPLICATION FOR REAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY AT <br />4747 AND 4775 AMERITECH DRIVE IN THE AIRPORT <br />ECONOMIC DEVELOPMENT AREA (SOUTH BEND <br />REDEVELOPMENT COMMISSION ON BEHALF OF <br />DYNAMICS R.E.H.C., INC.) <br />