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02-06-09 Redevelopment Commission Minutes
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02-06-09 Redevelopment Commission Minutes
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South Bend Redevelopment Commission <br />Regular Meeting –February 6, 2009 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />B. Tax Abatements <br /> <br />(1) continued… <br /> <br /> Washington-Chapin Development Area. <br />(Royal Holdings, dba Royal Adhesives) <br /> <br />Mr. Mathia gave a combined staff report on <br />the project. Royal Adhesives is a maker of <br />specialty adhesives for use in industrial and <br />commercial settings. Royal Adhesives <br />proposes to (1) demolish the old O’Brien <br />Paint building and replace it with an 8,294 sft <br />factory; (2) equip that building with state of <br />the art specialty adhesive mixing operation <br />and (3) add a 22,125 warehouse to support <br />the operation. Total cost of construction is <br />expected to be $1,127,543. The equipment <br />to be purchased includes mixers, raw <br />materials storage tanks, and various pilot <br />mixers. Some of the equipment may be <br />purchased used, but will come from outside <br />the State of Indiana. The equipment has a <br />total estimated cost of $3,168,075. <br /> <br />Royal Holdings is in the early stages of the <br />construction contracting process. Therefore, <br />it does not have a firm list of contractors. <br />Based on current information it is estimated <br />that the applicant will qualify for a three-year <br />abatement. The length of this period could <br />increase depending on the final selection of <br />the contractors. However, it is not expected <br />to exceed five years. <br /> <br />In the case of real property, total taxes to be <br />abated during a three-year abatement period <br />are estimated at $28,556. Total additional <br />taxes to be paid as a result of the project <br />during the three-year abatement period are <br /> 6 <br /> <br />
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