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South Bend Redevelopment Commission <br />Regular Meeting —June 28, 2011 <br />the Company's image and level of services it <br />provides to its largest customer (Best One <br />Tire) which will be located next door. <br />The cost of the building addition is <br />$1,500,000. Assuming a six -year abatement <br />term is approved, the total taxes to be abated <br />during that term are estimated at $185,279. <br />Total taxes to be paid during the six -year <br />term are estimated at $130,537. <br />It is estimated that the project will create <br />fifteen new, permanent full -time positions <br />and one part-time position with total wages <br />estimated at $450,000. <br />GVW has been granted a previous ten -year <br />real property tax abatement in 2000. The <br />property is properly zoned for the proposed <br />project. The property is located in the <br />Airport Economic Area, which is a Tax <br />Increment Allocation Area; therefore, the <br />petition for real property tax deduction must <br />first be approved by the South Bend <br />Redevelopment Commission; the project <br />meets the qualifications for up to a six -year <br />real property tax abatement under the tax <br />abatement ordinance. <br />Mr. Deahl, Barnes & Thornburg, noted that <br />this is a proposed investment by GVW <br />Realty, LLC to nearly double the size of a <br />facility on Quality Drive in South Bend. <br />Currently the facility is Best One Tire, an <br />affiliate of GVW, and next door will be <br />Premier's largest customer. Premier does all <br />the retreading work for Best One Tire so this <br />will create more efficiency for Premier to cut <br />down on delivery costs, turn- around time and <br />to help Best One promote its business which <br />in turn helps grow Premier's business as <br />well. Ultimately, it will be a relocation of the <br />Wo <br />