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South Bend Redevelopment Commission <br />Regular Meeting –December 3, 2010 <br /> <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />B. Tax Abatements <br /> <br /> <br />(1) Resolution No. 2811 approving an <br />application for personal property tax <br />deduction for property located at 6879 <br />Enterprise Drive in the Airport Economic <br />Development Area. (G.H.S. Corporation <br />d/b/a/ GHS Strings) <br /> <br />Mr. Mathia noted that G.H.S. Corporation is <br />one of the largest domestic manufacturers of <br />strings for fretted instruments, including for <br />example, strings of classic, acoustic and <br />electric guitars, bass instruments, mandolins, <br />banjos, fiddles and many other instruments. <br />G.H.S. Corporation is proposing to relocate <br />its primary string manufacturing operations <br />to South Bend in a phased transition process <br />to ramp up production and commence <br />production during 2011. The project consists <br />of the installation of string manufacturing <br />equipment including, without limitation, <br />automated ball-end machines, and computer <br />monitored string tension and winding <br />equipment. G. H. S. Corporation will be <br />transferring or purchasing and installing new <br />and used equipment. All of the used <br />equipment will come from outside the State <br />of Indiana. The estimated cost of the project <br />is $600,000 to $1,000,000. <br /> <br />At a cost amount of $600,000 total taxes to <br />be abated during the five-year abatement <br />period are estimated at $26,096. Total taxes <br />to be paid during the five-year abatement <br />period are estimated at $23,746. At a cost of <br />$1,000,000 total taxes to be abated during the <br />five-year abatement period are estimated at <br />$43,494. Total taxes to be paid during the <br />five-year abatement period are estimated at <br />$39,577. <br /> 4 <br /> <br />