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South Bend Redevelopment Commission <br />Regular Meeting -February 8, 2011 <br />Company Incorporated. The new building <br />will have a total of approximately 40,800 <br />square feet. It will be apre-engineered steel <br />facility with a masonry wainscot or facade. <br />The building will be of high quality and will <br />match the character of the surrounding <br />industrial uses in close proximity to the <br />property. The estimated cost of the building <br />is $1,750,000. <br />ABC Supply Company is a distributor of <br />exterior housing products. They are a <br />primary supplier to the construction industry <br />similar to other uses found within Oliver <br />Plow Industrial Park. <br />Oliver Plow Partners has just begun <br />collecting information on potential suppliers <br />and contractors for the project. For this <br />reason they were unable to answer the <br />questions related to suppliers of construction <br />materials and construction contractors. They <br />intend to submit this infornation prior to the <br />Common Council meeting to consider its <br />confirming resolution. At that time final <br />points will be awarded and the length of the <br />abatement term set. Based on current <br />information, Oliver Plow Partners will score <br />sufficient points for a four year term. If <br />they score all of the points for construction <br />they would have enough points for aseven- <br />year abatement. For purposes of <br />consideration of the Declaratory Resolution <br />we are estimating the terns at eight years to <br />allow for the maximum amount. Anything <br />less will result in a reduction in the amount <br />of taxes abated. <br />Assuming an eight year abatement term is <br />approved at the Confirming Resolution, the <br />total taxes to be abated during that tern are <br />estimated at $ 192,799. Total taxes to be <br />l6 <br />