Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting - April 6, 2001 <br />6. NEW BUSINESS (CONT.) <br />b. Commission approval requested for <br />Resolution No. 1832 approving an application <br />for personal property tax deduction for <br />property located in the Sample -Ewing <br />Development Area. (Mossberg & Company, <br />Inc.) <br />Ms. Moran reported that Mossberg & Company, <br />Inc. is engaged in the lithography and printing <br />industry. The company prints and lithographs <br />high quality, close tolerance, color brochures and <br />inserts for the medical products industry, annual <br />and quarterly statements for publicly held <br />companies and a variety of printing material, <br />particularly for companies with needs for high <br />quality, close tolerance printing. To maintain the <br />high quality standard and cost effectiveness, the <br />company will be purchasing one (1) new offset <br />printing press and two (2) new bindery machines. <br />The total cost of the new equipment is estimated <br />at $3,150,000. It is estimated that this project <br />will create between three and four new, <br />permanent, full -time jobs representing a new <br />annual payroll of between $150,000 and <br />$200,000. The project will also maintain one <br />hundred and thirty (13 0) existing permanent full - <br />time and part-time jobs representing an annual <br />payroll of $6,750,000. The petitioner has been <br />granted previous tax abatements and was in <br />compliance for all previous abatements, all of <br />which have now expired. The property is <br />properly zoned for the proposed project; and the <br />property is located in the Sample -Ewing <br />Development Area, which is a Tax Incremental <br />Allocation Area and qualifies for a five -year tax <br />abatement. <br />Without abatement, the taxes on the $3,150,000 <br />project would be approximately $325,993. With <br />a five -year abatement, the taxes paid will be <br />Ell <br />