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South Bend Redevelopment Commission <br />Regular Meeting— August 4, 2000 <br />6. NEW BUSINESS (Cont.) <br />g. continued... <br />Without abatement, based on an estimated <br />project cost of $1,400,000 and a constant tax <br />rate, the taxes to be paid over the six -year period <br />would be approximately $417,170. With <br />abatement, the taxes paid over the six -year period <br />are estimated to be approximately $171,967. <br />Therefore, the cost of the abatement would be <br />approximately $245,203. <br />Upon a motion by Mr. Caldwell, seconded by <br />Mr. Kahn and unanimously carried, the <br />Commission approved Resolution No. 1786 <br />approving an application for real property tax <br />deduction for property located at 3815 Ralph <br />Jones Dr. in the Airport Economic Development <br />Area. (Ralph Jones Partners L.P.) <br />h. Commission approval requested for <br />Resolution No. 1787 approving an application <br />for personal property tax deduction for <br />property located at 1217 S. Walnut St. in the <br />Sample -Ewing Development Area. ( Kokoko <br />Wire Industries Corp.) <br />Ms. Moran presented the staff report on the <br />project. Kokoku Wire Industries Corporation <br />proposes to purchase new multi - functional <br />machinery and equipment with dry drawing wire, <br />pay -off, dead block coil, descaler, and pointing <br />capabilities. The machinery will increase <br />production and produce a wider variety of <br />products. This purchase will allow the company <br />to increase their competitive position. The <br />estimated cost of the equipment is between <br />$430,000 - 530,000. <br />Per the petition, it is estimated that this project <br />will not create any new jobs; however, the <br />In <br />COMMISSION APPROVED RESOLUTION NO. 1786 <br />APPROVING AN APPLICATION FOR REAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED AT 3815 RALPH JONES DR. IN THE <br />AIRPORT ECONOMIC DEVELOPMENT AREA. <br />(RALPH JONES PARTNERS L.P.) <br />