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South Bend Redevelopment Commission <br />Regular Meeting —May 2, 2003 <br />6. NEW BUSINESS <br />A. Tax Abatements <br />(2) continued... <br />new 20 strand slitter /oscillator, a 4 strand <br />edger /oscillator and a Gorbel crane. The <br />total cost of the new equipment is estimated <br />at $1,000,000. <br />Per the petition, it is estimated that this <br />project will create four new, permanent, full - <br />time jobs representing a new annual payroll <br />of $200,000. The project will also maintain <br />forty-three existing permanent full time jobs <br />representing an annual payroll of $1,800,000 <br />(an average of over $41,800). <br />Gibbs Wire was granted a previous (10 -year) <br />ILI tax abatement in November 2000. They are <br />in compliance with the reporting <br />requirements for that abatement. The <br />property is properly zoned for the proposed <br />project. The property is located in the <br />Airport Economic Development Area, which <br />is a Tax Increment Allocation Area; <br />therefore, the petition for real property tax <br />abatement must first be approved by the <br />South Bend Redevelopment Commission. <br />The petitioner meets the qualifications for a <br />five (5) year personal property tax abatement <br />under the tax abatement ordinance. <br />Total project cost: $1,000,000. <br />IL <br />