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South Bend Redevelopment Commission <br />Regular Meeting - March 3, 2000 <br />6. NEW BUSINESS (CONT.) <br />d. continued... <br />A review of the designated South <br />Bend Redevelopment Areas finds that <br />the property is located in the South <br />Bend Central Development Area, <br />which is a Tax Allocation Area; <br />therefore the petition for personal <br />property tax abatement must first be <br />approved by the South Bend <br />Redevelopment Commission. <br />A review of the Tax Abatement <br />Ordinance finds that Curtis Products, <br />Inc. meets the qualifications for a <br />five -year personal property tax <br />abatement under Tangible Personal <br />Property Tax Abatement. <br />Using the estimated equipment cost of <br />$310,000, the taxes generated over <br />the five -year period will be <br />approximately $30,341. Taxes abated <br />over the five -year period will be <br />approximately $24,961. Taxes still <br />paid with the abatement over the five- <br />year period will be approximately <br />$5,380. <br />Upon a motion by Ms. Jones, <br />seconded by Mr. Faccenda and <br />unanimously carried, the Commission <br />adopted Resolution No. 1743 <br />approving an application for personal <br />property tax deduction for the <br />properties at 702 and 722 S. Carroll <br />Street. (Curtis Products, Inc.) <br />COMMISSION ADOPTED RESOLUTION <br />NO. 1743 APPROVING AN APPLICATION <br />FOR PERSONAL PROPERTY TAX <br />DEDUCTION FOR THE PROPERTIES AT <br />702 AND 722 S. CARROLL STREET. <br />(CURTIS PRODUCTS, INC.) <br />-7- <br />