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South Bend Redevelopment Commission <br />Regular Meeting— December 6, 2002 <br />6. NEW BUSINESS <br />B. Tax Abatements <br />(1) continued... <br />and plastic containers used primarily in the <br />cosmetics industry. The plastic holders are <br />designed to stabilize the containers during <br />the labeling, filling, and/or capping <br />processes. Advantage Puck is currently in <br />the process of purchasing the former <br />Canteen Services building located on North <br />Sheridan Avenue. The building will be <br />completely renovated and a 10,000 sft. <br />addition will be constructed. The total cost <br />of the building addition is estimated at <br />$270,000. <br />In addition to the building expansion project, <br />Advantage Puck will expand its production <br />capabilities with the purchase and/or lease of <br />two to three new injection molding <br />machines, and new grinders, lathes and <br />mills. The total cost for the new equipment <br />is estimated at $250,000, which makes the <br />total project cost approximately $520,000 <br />(not including the acquisition or renovation <br />of the existing building). <br />It is estimated that this project will create <br />between four and six new permanent jobs <br />within the first year, representing a new <br />annual payroll of between $120,000 and <br />$180,000. The project will also will <br />maintain twenty -one current jobs, <br />representing an annual payroll of $900,000 <br />(for an average salary of over $42,000). <br />A review of the tax abatements previously <br />granted, finds that the petitioner has not <br />11 <br />