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Other Items <br />1. The property is properly zoned for the proposed use. A copy of <br />the report from the Building Commissioner is attached. <br />2. The property is not located in an area designated as a Tax <br />Abatement Impact Area by the South Bend Common Council. <br />3. The property is not located in a Tax Incremental Financing <br />Allocation Area. Therefore, no action is required on behalf of <br />the Redevelopment Commission. <br />4. The petitioner does qualify for five (5) years of personal <br />property tax abatement under Section 2 -84.2 of the Tax <br />Abatement Ordinance, Tangible Personal Property Tax Abatement. <br />5. The petitioner does not qualify for real property tax abatement <br />under Sec. 2 -82, Industrial Development City -Wide General, of <br />the Tax Abatement Ordinance. The minimum 3 -year requirement is <br />that new development be not less than 10,000 square feet. <br />In order to illustrate the cost of the abatement, the following <br />estimates are provided: <br />Personal Property <br />Abatement Schedule <br />Total <br />estimated Equipment Cost $40,000 <br />Year <br />TCV% TCV Assessed <br />100% Tax <br />Tax <br />Tax <br />(5 -8 yr) <br />Rate <br />Abated <br />Paid <br />1 <br />40 $ 16,000 $ 5,333 <br />$ 772 <br />$ 772 <br />$ <br />-0- <br />2 <br />40 16,000 5,333 <br />772 <br />733 <br />39 <br />3 <br />56 22,400 7,467 <br />1,081 <br />865 <br />216 <br />4 <br />42 16,800 5,600 <br />811 <br />527 <br />284 <br />5 <br />32 12,800 4,267 <br />618 <br />309 <br />309 <br />$ 4,054 <br />$ 3,206 <br />$ <br />848 <br />Without Abatement: $ <br />4,054 <br />With Abatement: <br />848 <br />Amount Abated: <br />3,206 <br />If constant tax rate of (14.4762, <br />S.B. Centre) <br />for five <br />(5) years. <br />