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South Bend Redevelopment Commission <br />Regular Meeting - September 17, 1999 <br />6. NEW BUSINESS (CONT.) <br />d. continued... <br />A review of the Tax Abatement Ordinance <br />finds that Lock Joint Tube, Inc. /KeyCorp <br />Capital Leasing /Steel Warehouse Co. <br />Inc. /LJT No. 1, LLC meets the <br />qualifications for a 10 -year real property <br />tax abatement under Industrial <br />Development Citywide and meets the <br />qualifications for a five -year personal <br />property tax abatement under Tangible <br />Personal Property Tax Abatement. <br />Using the estimated project cost of <br />$800,000, the taxes generated over the 10- <br />year period will be approximately <br />$403,602. Taxes abated over the 10 -year <br />period will be approximately $199,783. <br />Taxes still paid over the 10 -year period <br />will be approximately $203,819. <br />Upon a motion by Mr. Blake, seconded by <br />Mr. Donoho and unanimously carried, the <br />Commission adopted Resolution No. 1709 <br />approving an application for real property <br />tax deduction for property at 1215 South <br />Walnut Street in the Sample -Ewing <br />Development Area. (Steel Warehouse Co. <br />Inc. in care of Lock Joint Tube, Inc.) <br />e. Commission approval requested for <br />Resolution No. 1710 approving an <br />application for personal property tax <br />deduction for property at 1215 South <br />Walnut Street in the Sample -Ewing <br />Development Area. (Lock Joint Tube, <br />Inc./KeyCorp Capital Leasing /Steel <br />Warehouse Co. Inc./LJT No. 1, LLC) <br />-10- <br />COMMISSION ADOPTED RESOLUTION NO. 1709 <br />APPROVING AN APPLICATION FOR REAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY AT <br />1215 SOUTH WALNUT STREET IN THE SAMPLE - <br />EWING DEVELOPMENT AREA. (STEEL <br />WAREHOUSE CO. INC. IN CARE OF LOCK JOINT <br />TUBE, INC.) <br />