RM 10-20-00 - Laserfiche WebLink

Home Browse Search

South Bend Redevelopment Commission Regular Meeting - October 20, 2000 6. NEW BUSINESS (CONT.) c. Commission approval requested for Resolution No. 1800 approving an application for personal property tax deduction for property located at 2629 Foundation Dr. in the Airport Economic Development Area. (Value Tool & Engineering, Inc.) Ms. Moran reported that the petitioner proposes to purchase new manufacturing equipment in order to increase production. She noted that the estimated project cost is approximately $450,000 and it is estimated that this project will create ten (10) new permanent full -time jobs within the first year and will maintain twelve (12) full -time jobs for an annual payroll of $400,000. The petitioner has not been granted any previous tax abatements and that the property is properly zoned for the proposed use. The property is located in the Airport Economic Development Area which is a Tax Incremental Allocation Area. The project qualifies for a 5 -year personal property tax abatement under the Tax Abatement Ordinance Without abatement, the taxes on the $450,000 project would be approximately $43,356. With a five -year abatement, the taxes paid would be approximately $14,839. Therefore, the cost of the abatement is approximately $28,516 over the five -year period. Upon a motion by Mr. Caldwell, seconded by Ms. Jones and unanimously carried, the Commission approved Resolution No. 1800 approving an application for personal property tax deduction for property located at 2629 Foundation Drive in the Airport Economic Development Area. (Value Tool & Engineering, Inc.) Son COMMISSION APPROVED RESOLUTION NO. 1800 APPROVING AN APPLICATION FOR PERSONAL PROPERTY TAX DEDUCTION FOR PROPERTY LOCATED AT 2629 FOUNDATION DRIVE IN THE AIRPORT ECONOMIC DEVELOPMENT AREA (VALUE TOOL & ENGINEERING, INC.)