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RM 11-19-99
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RM 11-19-99
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South Bend Redevelopment Commission <br />Regular Meeting - November 19, 1999 <br />6. NEW BUSINESS (CONT.) <br />b. continued... <br />A review of the tax abatements previously <br />granted finds that the petitioner has been <br />granted one previous tax abatement. A <br />personal property tax abatement was granted. <br />The building commissioner has reviewed the <br />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 property is <br />located in the West Washington/Chapin <br />Development Area, which is a Tax <br />Incremental Allocation Area; therefore, the <br />petition for personal property tax <br />abatement must first be approved by the South <br />Bend Redevelopment Commission. <br />A review of the Tax Abatement Ordinance <br />finds that Uniroyal Technology Corporation <br />meets the qualifications for a ten -year real <br />property tax abatement under Industrial <br />Development in Urban Enterprise Zone and <br />Redevelopment Blighted Areas. <br />Using the estimated project cost of $396,250, <br />the taxes generated over the 10 -year period will <br />be approximately $199,909. Taxes abated over <br />the ten -year period will be approximately <br />$98,955. Taxes still paid with the abatement <br />over the ten -year period will be approximately <br />$100,954. <br />-8- <br />
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