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South Bend Redevelopment Commission <br />Regular Meeting —July 6, 2001 <br />6. NEW BUSINESS (CONT.) <br />L (Continued...) <br />and Livonia, Michigan into this new facility. <br />Although this is a consolidation of operations, <br />no current positions will be lost. Existing <br />employees at the other facilities will be <br />transferred to other operations or facilities. <br />The South Bend operation will specialize in the <br />manufacture of graphite planks. The project <br />calls for the acquisition and installation of <br />several new grinders, a mill, an air compressor <br />and dust collection system. The total projected <br />cost of the new equipment is $175,000. <br />Per the petition, it is estimated that this project <br />will create four (4) new, permanent, full -time <br />jobs representing a new annual payroll of <br />$140,220 (an average of $35,055). The project <br />will also maintain two (2) existing permanent <br />full time jobs representing an annual payroll of <br />$85,000 (an average of $42,500). <br />The petitioner has not been granted any previous <br />tax abatements and the property is properly <br />zoned for the proposed project. The property is <br />located in the Airport Economic Development <br />Area, which is a Tax Incremental Allocation <br />Area; therefore, the petition for real property tax <br />abatement must first be approved by the South <br />Bend Redevelopment Commission. The <br />petitioner meets the qualifications for a five (5) <br />year personal property tax abatement under the <br />Tax Abatement Ordinance. <br />Based on a projected project cost of $175,000 <br />the total estimated taxes on the project, <br />Cl <br />