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South Bend Redevelopment Commission <br />Regular Meeting -February 8, 201 1 <br />is expanding at a greater rate than was <br />originally thought. <br />McCormick and Company is requesting an <br />increase in the amount of the company's five <br />year personal property tax abatement <br />approved by the Redevelopment Commission <br />on July 9, 2010 and by the South Bend <br />Common Council on January 24, 2011. The <br />original amount approved was $1,362,173. <br />McCormick is planning to move an existing <br />brand of products from a co-packer to a <br />company owned facility at a cost of <br />$6,744,426. They are considering their <br />South Bend facility for that move. As a <br />result, they are asking that the amount of <br />their personal property abatement be <br />increased by $6,744,426 to a new total of <br />$8,136,599. <br />With this increase the total taxes to be abated <br />will increase from $10,073 to $125,205 and <br />the total amount of taxes to be paid will <br />increase from $103,084 to $550,707. It <br />should also be noted that the company had <br />planned to increase employment by five <br />positions under its current abatement. <br />However, it has already increased total <br />employment by 10 positions and total wages <br />have gone from $6,288,988 to $6,718,833 for <br />an increase of $429,845. With the proposed <br />move the company would add an additional <br />14 positions and increase wages by another <br />$483,101. <br />The Redevelopment Commission is <br />requested to approve Resolution No. 2845 <br />increasing the personal property abatement <br />from $6,774,426 to $8,136,599. <br />Upon a motion by Mr. Downes, seconded by <br />Mr. Varner and unanimously carried, the <br />COMMISSION APPROVED RESOLUTION NO. '?845 <br />APPROVING AN APPLICATION FOR AN INCREASE <br />IN PERSONAL PROPERTY TAX DEDUCTION <br />19 <br />