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11. Steel Warehouse <br />Ted Lerman, owner and CFO represented the company. Under review by the <br />Council are 3 separate 5-year personal property abatements. In each case the dollar value <br />of the investment was in compliance. At issue are employment levels. For one <br />abatement the projected new hires was projected to be 10; but is actually 3. In another <br />the projected 7; but turned out to be 11. Overall, employment appears to be about 450. <br />12. Cequent Consumer Products - <br />Cequent was unable to attend a review session, but at the request of Roland Kelly <br />a written explanation was sent and is on file. The letter was sent by Ron Dill, <br />Distribution Center Manager. Under review is asix-year real property abatement <br />granted in April of'04 for the rehab of a distribution facility. Community & Economic <br />Development claimed non-compliance because the estimated investment was projected to <br />be $860,000 and turned out to be $520,000. Employment was supposed to be 83 but is <br />actually 55. In response, Cequent claims over a million dollar investment since '04. <br />Regarding employment, Cequent re-structuring transferred 25 positions to Goshen, but <br />added 15 positions from a Pennsylvania facility. Counting temporary employees total <br />payroll exceeded expectations by over half a million dollars. <br />There being no further business to come before the Committee, Council Member Kelly <br />adjourned the meeting. <br />Respectfully submitted, <br />~~ _r ~ QzP <br />Councilmember Roland Kelly, Chairperson <br />Community and Economic Development Committee <br />JV:mbw <br />4 <br />