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South Bend Redevelopment Commission <br />Regular Meeting -June 2, 2000 <br />6. NEW BUSINESS (CONT.) <br />a. continued... <br />maintain fifty -eight (58) full -time and two (2) <br />part-time jobs, representing an annual payroll of <br />$2,145,716. <br />A review of the tax abatements previously <br />granted finds that Total Industries, Ltd. has been <br />granted two previous personal property <br />abatements. The building commissioner has <br />reviewed the petition and finds the property to be <br />properly zoned for the proposed use. A review <br />of the designated Redevelopment areas finds that <br />the property is located in the Airport Economic <br />Development Area, which is a Tax Incremental <br />Allocation Area, therefore, the petition first <br />requires the approval of the South Bend <br />Redevelopment Commission. A review of the <br />Tax Abatement Ordinance finds that the <br />petitioner meets the qualifications for a five (5) <br />year personal property tax abatement. <br />The tax abatement schedule supplied with the <br />report had a schedule for 10 years of real <br />property abatement instead of 5 years of personal <br />property tax abatement. A new schedule will be <br />supplied for the Common Council and <br />Commission. <br />Without tax abatement the new machinery would <br />generate approximately $48,747 in new taxes. <br />With abatement, the new machinery will generate <br />approximately $8,644 in taxes. Therefore, the <br />cost of the abatement will be $40,103 over the 5 <br />year period. <br />Mr. Jack Long, President, Total Industries, <br />explained that this is the third expansion of Total <br />Industries in four years. The industry is growing <br />and they need to keep up with the latest <br />-4- <br />