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South Bend Redevelopment Commission <br /> Regular Meeting—February 22, 2010 <br /> 6. NEW BUSINESS (CONT.) <br /> A. Tax Abatement <br /> (1) continued... <br /> Dylan Drive in the Airport Economic <br /> Development Area (Global Parts Network, <br /> LLC) <br /> Mr. Mathia gave the staff report on the <br /> project. Global Parts Network is proposing to <br /> set up a new manufacturing/distribution <br /> facility that will manufacture/distribute brake <br /> shoes and other parts for the heavy duty truck <br /> industry. The project will acquire several <br /> pieces of equipment including a press, press <br /> washers,blasters, paint line, packaging <br /> machines, forklifts, riveters and derivaters as <br /> well as computer hardware and peripheral <br /> equipment. The Petitioner plans to lease a <br /> portion of the Huron Building managed by <br /> Holladay Properties to house the new facility. <br /> The company is considering the South Bend <br /> location as well as sites in Illinois and <br /> Kentucky. <br /> The estimated cost of the project is <br /> $2,075,000. Based on that project cost, the <br /> total taxes to be abated during the five-year <br /> abatement period are estimated at $90,250. <br /> Total taxes to be paid during the five-year <br /> abatement period are estimated at $82,121. <br /> It is estimated that the total project will <br /> create 22 new, permanent, full-time jobs in <br /> the first year of production representing a <br /> new annual payroll of approximately <br /> $565,000. Global Parts Network has <br /> estimated that there will be a total of 30 <br /> permanent, full-time jobs by the end of <br /> fourth year of the project. Because the <br /> 5 <br />� <br />