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09-17-10 Redevelopment Commission Minutes
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09-17-10 Redevelopment Commission Minutes
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South Bend Redevelopment Commission <br />Regular Meeting –September 17, 2010 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />B. Tax Abatement <br /> <br />(1) continued… <br /> <br />Steel Warehouse has had twenty-four real <br />and personal property tax abatements since <br />1984. Those that are still active are in <br />compliance with reporting requirements. <br />The property is properly zoned for the <br />proposed use. The property is located in the <br />Airport Economic Development Area, a tax <br />increment allocation area. Therefore, the <br />petition for personal property tax abatement <br />must first be approved by the South Bend <br />Redevelopment Commission. The project <br />qualifies for five years of personal property <br />tax deduction under the tax abatement <br />ordinance. <br /> <br />Mr. Lerman noted that the new equipment <br />will replace equipment that is undersized for <br />the jobs it was installed for years ago. This <br />will give Steel Warehouse another edge in <br />the market. The equipment will cost between <br />$700,000 - $800,000, plus other equipment <br />that comes with it that will bring the cost to <br />over a million dollars. Over a period of five <br />years he expects there will be additional <br />equipment needed for the same operation that <br />will increase the cost to over two million <br />dollars. Mr. Lerman noted that the estimate <br />of the number of jobs is based on the addition <br />of one shift to current operations. There may <br />be as many as three shifts added. If Steel <br />Warehouse is successful at reaching the <br />intended markets the number of jobs will be <br />at least seven new jobs. To protect the <br />markets Steel Warehouse has, they have to <br />continue to invest and maintain state of the <br />art equipment. That’s what they hope to do <br /> 7 <br /> <br />
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