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South Bend Redevelopment Commission <br />Regular Meeting — October 21, 2005 <br />6. NEW BUSINESS (CONT.) <br />A. Tax Abatements <br />(1) continued... <br />company prints and lithographs high quality, <br />close tolerance, color brochures and inserts <br />for the medical products industry, annual and <br />quarterly statements for publicly held <br />companies, and a variety of printed material. <br />To maintain the high quality standard and <br />cost effectiveness, the company will be <br />purchasing and installing new manufacturing, <br />logistical distribution and IT equipment <br />including an offset printing press, <br />flexographic press, cutter, stitcher and related <br />equipment. The total cost of the new <br />equipment is estimated to be between <br />$5,500,000 and $6,500,000. <br />It is estimated that this project will create <br />four (4) new, permanent, full -time jobs <br />representing a new annual payroll of <br />approximately $166,000. The project will <br />also maintain one hundred and forty -two <br />(142) existing permanent, full time and part <br />time jobs representing an annual payroll of <br />$7,670,000. <br />The petitioner has been granted three <br />previous tax abatements which have all <br />expired. The petitioner was in compliance <br />with the reporting requirements for the <br />previous abatements. The property is <br />properly zoned for the proposed project. The <br />property is located in an area presently <br />designed as a Tax Abatement Impact Area by <br />the South Bend Common Council. The <br />property is located in the South Bend Central <br />Development Area, which is a Tax <br />Incremental Allocation Area; therefore, the <br />c, <br />4 <br />