Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting December 4, 2009 <br />6. NEW BUSINESS (CONT.) <br />B. Tax Abatement <br />(1) continued... <br />etc.) of their competitor located in Missouri. <br />This additional equipment will allow <br />increased production to accommodate their <br />increased customer base. It will also position <br />Hoosier Tank to be the leader in their <br />industry and to be ready for the economic <br />upturn ahead. <br />The equipment to be purchased is made up of <br />various metal forming and metal working <br />machines including lathes and band welders, <br />resistance and robot welders and seamers, <br />testers, a powder paint system as well as <br />various head and bracket dies. The <br />equipment is used and all of it will come <br />from outside the State of Indiana. The total <br />estimated cost of the equipment is $375,000. <br />Total taxes to be abated during the (5) tive- <br />year abatement period are estimated at <br />$2,621. Total additional taxes to be paid as a <br />result of the project during the five-year <br />abatement period are estimated at $23,189. <br />It is estimated that the project will create <br />eight to twelve new, pei7nanent full-time <br />positions with an annual payroll between <br />$240,000 and $360,000. The project will <br />also maintain thirty-seven existing permanent <br />full-time positions with a total annual payroll <br />of $1,500,000. <br />Mr. Mathia noted that Hoosier Tank and <br />Manufacturing has had three tax abatements, <br />including a real property abatement and a <br />personal property abatement which are still <br />