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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting —July 3, 2003 <br />6. NEW BUSINESS <br />A. Tax Abatements <br />(1) continued... <br />Mr. O'Brien introduced Mr. Axelberg to the <br />Commission. <br />IL Mr. Axelberg first thanked the Commission <br />and the City for all the help they have been <br />in the past on expansion projects. <br />Mr. Axelberg then expressed that they like <br />their neighborhood and they are delighted to <br />be able to stay on South Main Street as they <br />continue to grow. <br />The first year, Axelberg & Axelberg <br />anticipates at least ten (10) new positions in <br />the building. They are currently at 115 <br />employees. Their five (5) year plan is to go <br />from $16M in sales to about $30M and <br />diversify their customer base, thereby <br />making the business not so seasonal. <br />Mr. Hunt inquired if this is the property <br />directly south of their current building. <br />6 <br />Estimated taxes <br />over ten (10) years <br />Without abatement <br />$128,925 <br />With ten (10 year <br />$ 65,107 <br />abatement <br />Estimated cost of <br />$ 63,818 <br />ten (10) year <br />abatement <br />Mr. O'Brien introduced Mr. Axelberg to the <br />Commission. <br />IL Mr. Axelberg first thanked the Commission <br />and the City for all the help they have been <br />in the past on expansion projects. <br />Mr. Axelberg then expressed that they like <br />their neighborhood and they are delighted to <br />be able to stay on South Main Street as they <br />continue to grow. <br />The first year, Axelberg & Axelberg <br />anticipates at least ten (10) new positions in <br />the building. They are currently at 115 <br />employees. Their five (5) year plan is to go <br />from $16M in sales to about $30M and <br />diversify their customer base, thereby <br />making the business not so seasonal. <br />Mr. Hunt inquired if this is the property <br />directly south of their current building. <br />6 <br />