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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting –August 26, 2009 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />B. Tax Abatement <br /> <br />(1) continued… <br /> <br />Mr. Blenke noted that Schafer Gear Works <br />currently pays approximately $170,000 a <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 /> <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 /> <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 /> <br />CRN.2597 <br />Upon a motion by Ms. King, seconded by <br />OMMISSION APPROVED ESOLUTION O <br />APPROVING AN APPLICATION FOR PERSONAL <br />Mr. Downes and unanimously carried, the <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />Commission approved Resolution No. 2597 <br />4701NP <br />LOCATED AT IMTZ ARKWAY IN THE <br />approving an application for personal <br />AEDA <br />IRPORT CONOMIC EVELOPMENT REA <br />property tax deduction for property located at <br />(SGW) <br />CHAFER EAR ORKS <br />4701 Nimtz Parkway in the Airport <br />Economic Development Area (Schafer Gear <br />Works) <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> 13 <br /> <br />