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South Bend Redevelopment Commissioll <br />Regular Meeting --August 3, 2007 <br />Walnut Street. They are installing new <br />equipment at each of these locations. The <br />total estimated cost of equipment for all three <br />locations will range from $4,400,000 to <br />$11,000,000. Depending on the exact <br />amount of the investment, taxes to be abated <br />during the five years of abatement are <br />expected to range from $268,000 to <br />$672,000. Taxes to be paid during that time <br />are estimated to range from $149,000 to <br />,o. The reason for the wide range is <br />that there is a two year time period for <br />installing the new equipment, Depending on <br />the market and the cost of equipment, t, they <br />aren't sure how much equip�ent they will <br />purchase during that time. Asking for tine <br />range allows them to be flexible and not have <br />to conic back for additional abatement during <br />that time. <br />The project is expected to create up to five <br />n.cw full -time jobs at the Tucker St. location, <br />and five to tweet -five jobs at the walnut St. <br />location and to retain 481 full time jobs with <br />an. annual payroll of $22..7 ��nil.lio at all. three <br />facilities. <br />Mr. hale noted that he will abstain from the <br />vote on the Steel warehouse tax abatements <br />as his company does business with Steel <br />'Warehouse. He noted that Steel warehouse <br />makes a point of trying to use minority <br />businesses. <br />Mr. King made a motion to approve <br />Resolution No. 2360 approving an <br />application for personal property tax <br />deduction for property located at 2722 W. <br />Tucker Ir. in the Airport Economic <br />Development. Area. Mr. Downes seconded <br />the motion. The motion passed on a vote of <br />three to one with Mr. Peclowsli opposed. <br />12 <br />COMMISSION APPROVED E OLI` TI N No. 2360 <br />APPROVING AN APPLICATION FOR PERSONAL <br />PROPERTY T TAX DEDUCTION FO PROPERTY <br />LOCATED AT 2722 w. TUCKER i. IN "I "H E <br />AIRPORT T C'ONOM.IC DEVELOPME T AR-F.-A. <br />(STEEL WAREHOUSE) <br />OUSE <br />