Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting - November 17, 2000 <br />6. NEW BUSINESS (CONT.) <br />k. continued... <br />petitioner has not been granted any previous tax <br />abatements. The property is properly zoned for <br />the proposed use. The property is located in the <br />Airport Economic Development Area, which is <br />a Tax Incremental Allocation Area. She noted <br />that a review of the Tax Abatement Ordinance <br />finds that the petitioner meets the qualifications <br />for a five (5) years personal property tax <br />abatement. <br />Without abatement, the taxes on the $750,000 <br />project would be approximately $72,260. With <br />a five -year abatement, the taxes paid would be <br />approximately $24,732. Therefore, the cost of <br />the abatement is approximately $47,528 over the <br />five -year period. <br />Upon a motion by Ms. Jones, seconded by <br />Mr. Caldwell and unanimously carried, the <br />Commission approved Resolution No. 1807 <br />approving an application for personal property <br />tax deduction for property located at 2629 <br />Foundation Drive in the Airport Economic <br />Development Area. (Value Production) <br />1. Commission approval requested for Loan <br />and Grant in connection with the Affordable <br />Loan Program for property located at 306 E. <br />Victoria. (Pam -Ella Mason) <br />Mr. Inks noted that the loan amount is $6,950 <br />and the grant amount is $6,776. <br />-10- <br />COMMISSION APPROVED RESOLUTION <br />NO. 1807 APPROVING AN APPLICATION FOR <br />PERSONAL PROPERTY TAX DEDUCTIONN <br />FOR PROPERTY LOCATED AT 2629 <br />FOUNDATION DRIVE IN THE AIRPORT <br />ECONOMIC DEVELOPMENT AREA (VALUE <br />PRODUCTION) <br />