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South Bend Redevelopment Commission <br />Special Meeting —March 28, 2002 <br />6. NEW BUSINESS (CONT.) <br />C. Tax Abatements <br />(1) continued... <br />1915 N. Bendix Drive in the Airport <br />Economic Development Area. <br />(Appletree Associates dba PEI <br />Genesis, Inc.) <br />Mr. O'Brien gave the staff report on the <br />project. Appletree Associates d/b /a PEI <br />Genesis, Inc. proposes to add an <br />additional 20,246 sq. ft. <br />warehouse /distribution facility to its <br />existing building. The building will be <br />constructed on 4.48 acres of land the <br />company presently owns. The petitioner <br />is also planning extensive renovations of <br />existing offices and the exterior of its <br />current building. The total cost for the <br />building and renovation is estimated at <br />$1,455,700. The additional space will <br />enable the petitioner to avoid leasing off - <br />site warehouse facilities and allow the <br />petitioner to remain in the City of South <br />Bend. The petitioner will be able to <br />expand existing sales and services. <br />Per the petition, it is estimated that this <br />project will create two new permanent <br />jobs within the first year, representing a <br />new annual payroll of $40,000 and will <br />maintain ninety existing permanent full - <br />time jobs with an annual payroll of <br />$2,600,000. A review of the tax <br />abatements previously granted finds that <br />the petitioner has not been granted any <br />previous tax abatements. <br />L 6 <br />