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South Bend Redevelopment Commission <br />Regular Meeting - April 7, 2000 <br />6. NEW BUSINESS (CONT.) <br />d. continued.... <br />Using the estimated equipment cost of <br />$324,000, the taxes generated over the <br />five -year period will be approximately <br />$31,711. Taxes abated over the five - <br />year period will be approximately <br />$26,088. The taxes still paid with the <br />abatement over the five -year period will <br />be approximately $5,623. <br />Upon a motion by Mr. Faccenda, <br />seconded by Mr. Kahn and unanimously <br />carried, the Commission adopted <br />Resolution No. 1750 approving an <br />application for personal property tax <br />deduction for property located at 3702 <br />West Progress Drive in the Airport <br />Economic Development Area. (Parrish <br />Machine, Inc. and Associates Leasing, <br />Inc.) <br />e. Staff report on acquisition of property <br />in the South Bend Central <br />Development Area. <br />Mrs. Kolata stated that a letter was <br />received from Bruce BonDurant, <br />attorney for the Ruth C. Lee and Robert <br />H. Waechter, special trustees of the <br />William E. Lee family trust. The <br />property owners have made a counter <br />offer of $57,250 for the property at 215 <br />S. Main Street. This is $5,000 more than <br />our original offer of $52,250. The staff <br />recommends accepting the counteroffer. <br />-10- <br />COMMISSION ADOPTED RESOLUTION NO. 1750 <br />APPROVING AN APPLICATION FOR PERSONAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED AT 3702 WEST PROGRESS DRIVE IN <br />THE AIRPORT ECONOMIC DEVELOPMENT AREA. <br />(PARRISH MACHINE, INC. AND ASSOCIATES <br />LEASING, INC.) <br />