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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 />dressing, etc.) for major restaurant chains. <br />The company is weighing where to locate <br />this distribution operation. Sites in <br />Michigan, Illinois and other states where <br />McCormick has manufacturing/distribution <br />facilities are also being considered. <br />Construction of the addition is estimated to <br />cost $5,010,913. <br />The equipment to be purchased includes fork <br />lifts, coolers, racking, computers, and <br />furniture and fixtures. The estimated cost of <br />the equipment is $875,173. A personal <br />property tax abatement application is being <br />submitted as part of the total project. The <br />total project cost is estimated to be <br />$5,886,086. <br />McCormick and Company is in the early <br />stages of its decision making process. <br />Therefore, it does not have a firm list of <br />construction contractors. Based on current <br />information it is estimated that the applicant <br />will qualify for asix-year abatement term. <br />The length of the term could increase <br />depending on the final selection of the <br />contractors. However, it is not expected to <br />exceed nine years. <br />For the real property portion of the project, <br />total taxes to be abated during asix-year <br />abatement period are estimated at $509,442. <br />Total additional taxes to be paid as a result of <br />the project during asix-year abatement <br />period are estimated at $544,383. Total taxes <br />to be abated during anine-year abatement <br />