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South Bend Redevelopment Commission <br />Regular Meeting - September 17, 1999 <br />6. NEW BUSINESS (CONT.) <br />b. continued... <br />Taxes still paid with the abatement over <br />the 10 -year period will be approximately <br />$482,188. <br />Frank Perri stated that Adapto has been <br />operating in South Bend since 1947. <br />Upon a motion by Mr. Blake, seconded by COMMISSION ADOPTED RESOLUTION NO. 1707 <br />Mr. Donoho and unanimously carried, the <br />APPROVING AN APPLICATION FOR REAL <br />Commission adopted Resolution No. 1707 <br />PROPERTY TAX DEDUCTION FOR PROPERTY ON <br />approving an application for real property <br />WEST CLEVELAND ROAD (AS MORE <br />PARTICULARLY DESCRIBED ON THE LEGAL <br />tax deduction for property on West <br />DESCRIPTION AND BUILDING SITE PLAN) IN THE <br />Cleveland Road (as more particularly <br />AIRPORT ECONOMIC DEVELOPMENT AREA. <br />described on the Legal Description and <br />(CLEVELAND PARTNERS, L.P.) <br />Building Site Plan) in the Airport <br />Economic Development Area. (Cleveland <br />Partners, L.P.) <br />c. Commission approval requested for <br />Resolution No. 1708 approving an <br />application for personal property tax <br />deduction for property on West <br />Cleveland Road (as more particularly <br />described on the Legal Description and <br />Building Site Plan) in the Airport <br />Economic Development Area. (Adapto- <br />Indiana, Inc.) <br />Using the estimated equipment cost of <br />$500,000, the taxes generated over the <br />five -year period will be approximately <br />$48,747. Taxes abated over the five -year <br />period will be approximately $40,103. <br />Taxes still paid with the abatement over <br />the five -year period will be approximately <br />$8,644. <br />-7- <br />