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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting -July 9, 2010 <br />5. OLD BUSINESS (CONT.) <br />A. Tax Abatement <br />(1) continued... <br />practice to count women as a minority. <br />Ms. Jones noted that McCormick and <br />Company will pay $342,000 in taxes in 2011, <br />increasing to $500,000 in 2015. The total. <br />additional taxes to be paid as a result of this <br />expansion will be about $1,000,000 over six <br />years. She noted that the term tax abatement <br />is a misnomer. It should be called a tax <br />phase-in. <br />Ms. King asked if McCormick and Company <br />has made its decision yet to centralize its <br />operations in South Bend. Mr. Calhoun said <br />it has not. The tax abatement incentive will <br />be a factor in the decision. <br />Upon a motion by Ms. King, seconded by <br />Mr. Alford and unanimously carried, the <br />Commission approved Resolution No. 2676 <br />approving an application for real property tax <br />deduction for property located at 3425 W. <br />Lathrop (McCormick and Company) <br />(2) Resolution No. 2677 approving an <br />application for personal property tax <br />deduction for property located at 3425 W. <br />Lathrop (McCormick Foods) <br />Mr. Mathia noted that the cost of the personal <br />tax abatement over the five year period is <br />expected to be $6,471. <br />Upon a motion by Ms. King, seconded by <br />Mr. Alford and unanimously carried, the <br />Commission approved Resolution No. 2677 <br />approving an application for personal <br />7 <br />COMMISSION APPROVED RESOLUTION NO.2676 <br />APPROVING AN APPLICATION FOR REAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED AT 3425 W. LATHROP (MCCORMICK <br />AND COMPANY) <br />COMMISSION APPROVED RESOLUTION NO.2677 <br />APPROVING AN APPLICATION FOR PERSONAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED AT 3425 W. LATHROP (MCCORMICK <br />FOODS) <br />