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'' l t <br />South Bend Redevelopment Commission <br />Regular Meeting - February 18, 2000 <br />6. NEW BUSINESS (CONT.) <br />c. continued... <br />petition for personal property tax <br />abatement must first be approved by <br />the South Bend Redevelopment <br />Commission. <br />A review of the Tax Abatement <br />Ordinance finds that General Sheet <br />Metal Works, Inc. 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 equipment cost <br />of $1,000,000, the taxes generated <br />over the five -year period will be <br />approximately $97,873. Taxes <br />abated over the five -year period will <br />be approximately $80,518. Taxes <br />still paid with the abatement over the <br />five -year period will be <br />approximately $17,355. <br />Upon a motion by Mr. Kahn, <br />seconded by Ms. Jones and <br />unanimously carried, the <br />Commission adopted Resolution No. <br />1742 approving an application for <br />personal property tax deduction for <br />property at 1902 S. Main Street in <br />the Sample -Ewing Development <br />Area. (General Sheet Metal Works, <br />Inc.) <br />COMMISSION ADOPTED RESOLUTION <br />NO. 1742 APPROVING AN APPLICATION <br />FOR PERSONAL PROPERTY TAX <br />DEDUCTION FOR PROPERTY AT 1902 S. <br />MAIN STREET IN THE SAMPLE -EWING <br />DEVELOPMENT AREA. (GENERAL <br />SHEET METAL WORKS, INC.) <br />-28- <br />