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South Bend Redevelopment Commission <br />Regular Meeting— September 6, 2002 <br />6. NEW BUSINESS (CONT.) <br />B. Tax Abatements <br />(1) continued... <br />conversion of pressure sensitive log rolls <br />through a series of converting machines <br />which slit the material to widths that vary <br />from 1/32 inch to 48 inches. FDC is <br />growing and needs more space to facilitate <br />increased production. RJR 1, LLC will <br />build a 13,000 sq ft addition and FDC will <br />purchase various new vinyl converting <br />machines. The cost of the building addition <br />is estimated at $425,000 and the new <br />equipment is estimated at $200,000. <br />It is estimated that this project will create <br />twelve new permanent jobs within the first <br />three years representing a new annual <br />payroll of $195,000. The project will also <br />maintain thirty-eight current jobs, <br />representing a payroll of $1,100,000. <br />A review of the tax abatements previously <br />granted, finds that the petitioners have been <br />granted several previous tax abatements. <br />The petitioners are in compliance with the <br />reporting requirements for each of the <br />previous abatements. The building <br />commissioner has reviewed the petitions and <br />finds the property to be properly zoned for <br />the proposed projects. The property is <br />located in the Airport Economic <br />Development Area, which is a Tax <br />Incremental Allocation Area; therefore, the <br />petitions for real and personal property tax <br />abatement must first be approved by the <br />South Bend Redevelopment Commission. A <br />review of the Tax Abatement Ordinance <br />C, 7 <br />