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South Bend Redevelopment Commission <br />Regular Meeting - July 16, 1999 <br />6. NEW BUSINESS (CONT.) <br />m. 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 />A review of the designated South <br />Bend Redevelopment areas finds <br />that the property is located in the <br />Airport Economic Development <br />Area, which is a Tax Incremental <br />Allocation Area; therefore, the <br />petition for personal property tax <br />abatement must first be approved <br />by the South Bend Redevelopment <br />Commission. <br />A review of the Tax Abatement <br />Ordinance finds that JRS <br />Enterprise, LLC meets the <br />qualifications for a five -year <br />personal property tax abatement <br />under Tangible Personal Property <br />Tax Abatement. <br />Using the estimated project cost of <br />$191,000, the taxes generated over <br />the five -year period will be <br />approximately $18,621. Taxes <br />abated over the five -year period <br />will be approximately $15,319. <br />Taxes still paid with the abatement <br />over the five -year period will be <br />approximately $3,302. <br />H: \WPDATA \COMMSN \071699 Minutes.wpd -18- <br />