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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting -August 26, 2009 <br />year on equipment taxes and another <br />$130,000 in real estate taxes. They <br />appreciate the assistance on this request. The <br />new projects will start in early 2010. <br />Mr. Jones noted that tax abatement does not <br />abate existing taxes, but taxes on new <br />equipment or new construction. She said it is <br />a misnomer that we call these tax <br />abatements. They should be called tax <br />phase-ins. <br />Mr. Downes said he has known Mr. Doshi <br />and Mr. Blenke for many years. He thanked <br />them for continuing to make top notch <br />investment in our community with the <br />resulting high paying jobs. <br />Upon a motion by Ms. King, seconded by <br />Mr. Downes and unanimously carried, the <br />Commission approved Resolution No. 2597 <br />approving an application for personal <br />property tax deduction for property located at <br />4701 Nimtz Parkway in the Airport <br />Economic Development Area (Schafer Gear <br />Works) <br />C. South Bend Central Development Area <br />(1) Agreement by and between the City of <br />South Bend Department of <br />Redevelopment and Fire Arts, Inc. (305 E. <br />Colfax) <br />Mr. Inks noted that this is a purchase <br />agreement selling the property at 305 E. <br />Colfax to Fire Arts, Inc. for $10. Fire Arts is <br />a group of local artists. They have been <br />leasing the building from the Commission <br />since 2004. They have made a number of <br />improvements over that time. The agreement <br />will allow them to own the property. There <br />COMMISSION APPROVED RESOLUTION NO. 2597 <br />APPROVING AN APPLICATION FOR PERSONAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED AT 4701 NIMTZ PARKWAY IN THE <br />AIRPORT ECONOMIC DEVELOPMENT AREA <br />(SCHAI'ER GEAR WORKS) <br />12 <br />