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South Bend Redevelopment Commission <br />Regular Meeting -August 15, 2008 <br />6. NEW BUSINESS (CONT.) <br />A. Tax Abatements <br />(1) continued... <br />abatement ordinance. <br />Based on a project cost of $2,000,000, the <br />total taxes to be abated during the five year <br />abatement period are estimated at $18,329. <br />New tax revenue resulting from the project is <br />estimated to total $122,922 over the five year <br />abatement term, while total taxes to be paid <br />during the abatement period are estimated at <br />$585,294. <br />Upon a motion by Mr. Blake, seconded by <br />Mr. Downes and unanimously carried, the <br />Commission approved Resolution No. 2488 <br />approving an application for personal <br />property tax deduction for property located at <br />1827 North Bendix Drive in the Airport <br />Economic Development Area. (Mann + <br />Hummel USA) <br />(2) Commission approval requested for <br />Resolution No. 2493 approving an <br />application for real property tax deduction <br />for property located at Edison Road <br />adjoining Twyckenham Drive extension on <br />State Road 23 in the Northeast <br />Neighborhood Development Area. <br />(University of Notre Dame Innovation <br />Park at Notre Dame, Inc.) <br />Mr. Mathia noted that after packets were <br />distributed, the University of Notre Dame <br />submitted new information with which they <br />could qualify for ten years of tax abatement, <br />so a substitute resolution was presented <br />requesting ten years of abatement. However <br />COMMISSION APPROVED RESOLUTION NO. 2488 <br />APPROVING AN APPLICATION FOR PERSONAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED AT 1827 NORTH BENDIX DRIVE IN THE <br />AIRPORT ECONOMIC DEVELOPMENT UREA. <br />(MANN + HUMMEL USA) <br />