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REGULAR MEETING SEPTEMBER 24, 2007 <br />operations, the company takes substantial positions in steel and steel products for the <br />future sale and marketing of the same to its customers. Mr. Lerman stated that the <br />property at 2722 W. Tucker involves the acquisition of equipment for manufacturing, <br />servicing, processing and material handling of steel and steel products, having a total cost <br />expected to be from #2,500,000 to $5,000,000. The acquisition will enable the company <br />to add capacity to and to modernize its existing manufacturing equipment and facilities at <br />this location. The property at 1400 W. Riverside is for the acquisition of equipment for <br />manufacturing, servicing and processing equipment having a total cost between <br />$1,500,000 and $$3,500,000. The acquisition will enable the company to add capacity to <br />plasma and laser cutting manufacturing equipment at the Riverside location. The <br />property at 1217 and 1215 S. Walnut involves the acquisition of manufacturing <br />equipment having a total cost expected to be from $400,000 to $2,500,000. The <br />acquisition will permit the company to add capacity to its tool steel operations. The total <br />investment for the three projects is estimated to be between $4,400,000 and $11,000,000. <br />The amount of the final investment will depend on a number of factors including trends <br />in the demand for Steel Warehouse's products and the cost and availability of needed <br />equipment. It is estimated that the projects will create up to five (5) new permanent full <br />time jobs at the Tucker location, four (4) to twelve (12) at the Riverside location and <br />from five (5) to twenty-five (25) jobs at the Walnut location representing new annual <br />payrolls of $156,000, $130,400 to $391,200 and $156,000 to $780,000 respectively at the <br />three facilities. The project is also expected to retain a total of four hundred and eight- <br />one (481) full-time jobs, representing an annual payroll of $22,707,500 at the facilities. <br />A Public Hearing was held on the Resolution at this time. <br />There being no one present wishing to speak to the Council either in favor of or in <br />opposition to these Resolutions. <br />Councilmember Varner made a motion to adopt Resolution No. 07-105. Councilmember <br />Kelly seconded the motion which carried and the Resolution was adopted by a roll call <br />vote of seven (7) ayes. <br />Councilmember Varner made a motion to adopt Resolution No. 07-106. Councilmember <br />Kuspa seconded the motion which carried and the Resolution was adopted by a roll call <br />vote of seven (7) ayes. <br />Councilmember Dieter made a motion to adopt Resolution No. 07-107. Councilmember <br />Kelly seconded the motion which carried and the Resolution was adopted by a roll call <br />vote of seven (7) ayes. <br />RESOLUTION NO. 3794-07 A RESOLUTION CONFIRMING THE <br />ADOPTION OF A DECLARATORY <br />RESOLUTION DESIGNATING CERTAIN <br />AREAS WITHIN THE CITY OF SOUTH BEND, <br />INDIANA, COMMONLY KNOWN AS 3722 <br />FOUNDATION COURT AS AN ECONOMIC <br />REVITALIZATION AREA FOR PURPOSES OF <br />A FIVE (5) YEAR PERSONAL PROPERTY TAX <br />ABATEMENT FOR IMAGINEERING <br />ENTERPRISES, INC. <br />WHEREAS, the Common Council of the City of South Bend, Indiana, has <br />adopted a Declaratory Resolution designating certain areas within the City as Economic <br />Revitalization Areas for the purpose of tax abatement consideration; and <br />WHEREAS, a Declaratory Resolution designated the area commonly known as <br />3722 Foundation Court, South Bend, Indiana, and which is more particularly described as <br />follows: <br />25 <br />