Laserfiche WebLink
l <br />Redevelopment Commission Meeting <br />Regular Meeting — September 3, 2004 <br />6. NEW BUSINESS (CONT.) <br />A. Tax Abatements <br />(1) continued... <br />project. He noted that items 6.A. (1) and (2) <br />are for the same project. The report covers <br />both the real and personal property <br />abatements. <br />Steel Warehouse Co. Inc. is a steel service <br />center specializing in flat rolled, low carbon <br />steel. The company is proposing to construct <br />a building addition of 12,800 sq. ft. at the <br />Tucker Drive location for expanded <br />manufacturing, warehousing, and related <br />uses. The estimated cost of the building <br />addition is $638,000. The project also <br />involves the acquisition of new <br />manufacturing material handling equipment <br />for processing and handling steel and steel <br />products. This equipment will be installed at <br />two different locations, 2722 W. Tucker <br />Drive and 1400 Riverside Drive. The total <br />cost of the equipment is estimated to be <br />between $2.2 and $4 million. <br />It is estimated that the projects will create <br />nine new permanent jobs within the first <br />year, representing a new annual payroll of <br />$250,660. The project is also expected to <br />retain four hundred thirty -nine full -time jobs, <br />representing an annual payroll of <br />$19,315,000. The projected average annual <br />salary for each new position to be created is <br />$27,851. <br />A review of the tax abatements previously <br />granted finds that the petitioner has been <br />granted seventeen previous tax abatements <br />since 1984. The petitioner is in compliance <br />G <br />