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South Bend Redevelopment Commission <br />Regular Meeting - July 16, 1999 <br />6. NEW BUSINESS (CONT.) <br />1. continued... <br />A review of the designated South Bend <br />Redevelopment areas finds that the <br />property is located in the Airport <br />Economic Development Area, which is a <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 <br />Ordinance finds that Haldex <br />Garphyttan meets the qualifications <br />for a five -year personal property <br />tax abatement under Tangible <br />Personal Property Tax Abatement. <br />Using the estimated project cost of <br />$1,300,000, the taxes generated <br />over the five -year period will be <br />approximately $126,742. Taxes <br />abated over the five -year period <br />will be approximately $104,268. <br />Taxes still paid with the abatement <br />over the five -year period will be <br />approximately $22,474. <br />Upon a motion by Mr. Faccenda, seconded <br />by Mr. Blake and unanimously carried, the <br />Commission adopted Resolution No. 1703 <br />approving an application for personal <br />property tax deduction for property at <br />4404 Nimtz Parkway in the Airport <br />Economic Development Area. ( Haldex <br />Garphyttan Corporation) <br />H: \WPDATA \COMMSN\071699 Minutes.wpd -16- <br />COMMISSION ADOPTED RESOLUTION NO. 1703 <br />APPROVING AN APPLICATION FOR PERSONAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY AT <br />4404 NIMTZ PARKWAY IN THE AIRPORT <br />ECONOMIC DEVELOPMENT AREA. (HALDEX <br />GARPHYTTAN CORPORATION) <br />