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South Bend Redevelopment Commission <br />Regular Meeting —March 19, 2004 <br />r� <br />L <br />6. NEW BUSINESS <br />A. Tax Abatements <br />(1) continued... <br />TriNet Essential Facilities X, the owner of <br />the building, along with Cequent Towing <br />Products, Inc., propose to rehabilitate the <br />building located at 3310 William <br />Richardson Court. The facility will be <br />leased to Cequent Towing Products. <br />Cequent Towing Products is part of Cequent <br />Transportation Accessories Group which is a <br />leading designer and manufacturer of a <br />broad range of accessories for light trucks, <br />SUVs, recreation vehicles, passenger cars <br />and trailers. Its manufacturing operations <br />are located in Goshen and Elkhart. The new <br />South Bend distribution center is part of the <br />company's business strategy to consolidate <br />manufacturing functions and distribution <br />functions into separate facilities. Cequent <br />proposes to renovate the facility and the total <br />renovation project cost is estimated to be <br />$860,366. The company will be transferring <br />some employees from Goshen. In addition, <br />it is estimated that this project will create <br />eighty -three (83) new permanent jobs within <br />the first year, representing a new annual <br />payroll of $1,959,198. <br />A review of the tax abatements previously <br />granted, finds that neither TriNet Essential <br />Facilities nor Cequent Towing Products <br />have previously been granted any tax <br />abatements; however the building, which <br />was originally constructed by Toll Road <br />Industrial Partners II, L.P., was approved for <br />a ten (10) year real property tax abatement in <br />October 1994. That tax abatement <br />G <br />