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RM 09-17-99
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RM 09-17-99
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South Bend Redevelopment Commission <br />Regular Meeting - September 17, 1999 <br />6. NEW BUSINESS (CONT.) <br />b. continued... <br />abatements. Additionally, Adapto, Inc. <br />has been granted real and personal <br />property tax abatement through the St. <br />Joseph County Council. <br />The building commissioner has reviewed <br />the petition and finds the property to be <br />properly zoned for the proposed project. <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 petitions for real and <br />personal property tax abatements must <br />first be approved by the South Bend <br />Redevelopment Commission. <br />A review of the Tax Abatement Ordinance <br />finds that Cleveland Partners (for the <br />benefit of Adapto- Indiana, Inc.) meets the <br />qualifications for a 10 -year real property <br />tax abatement under Industrial <br />Development Citywide and the review <br />further finds that Adapto- Indiana, Inc. <br />meets the qualifications for a five -year <br />personal property tax abatement under <br />Tangible Personal Property Tax <br />Abatement. <br />Using the estimated project cost of <br />$1,900,000, the taxes generated over the <br />10 -year period will be approximately <br />$954,829. Taxes abated over the 10 -year <br />period will be approximately $472,640. <br />I Me <br />
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