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South Bend Redevelopment Commission <br /> Regular Meeting—February 8, 2011 <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 COMMISSION APPROVED RESOLUTION No.2845 <br /> Mr. Varner and unanimously carried, the APPROVING AN APPLICATION FOR AN INCREASE <br /> IN PERSONAL PROPERTY TAX DEDUCTION <br /> 19 <br />