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South Bend Redevelopment Commission <br />Regular Meeting - March 16, 2001 <br />6. NEW BUSINESS (CONT.) <br />g. continued... <br />include a 15,100 sq. ft. addition to the building. <br />The addition is necessary due to strong growth in <br />demand for package control rooms manufactured <br />by the Custom Controls Division. The total <br />estimated cost of the project is $700,000 and is to <br />be completed by September 2001. The project <br />will create approximately fifteen (15) new <br />permanent jobs within the first year and will <br />maintain two - hundred ninety -four (294) existing <br />permanent full -time jobs for an annual payroll of <br />$11,500,000. <br />The petitioner has been granted two previous tax <br />abatements. The building commissioner has <br />reviewed the petition and finds the property to be <br />properly zoned for the project. The property is <br />located in the Airport Economic Development <br />Area, which is a Tax Incremental Allocation <br />Area. The project qualifies for a three year real <br />property tax abatement under the Tax Abatement <br />Ordinance. <br />Without abatement, the taxes on the $700,000 <br />project would be approximately $112,025. With <br />a three -year abatement, the taxes paid will be <br />approximately $37,342. Therefore, the cost of <br />the abatement will be approximately $74,684 <br />over the three -year period. <br />Mr. Pfeil asked the Commission to consider this <br />new addition as an expansion of the last addition <br />and grant a six -year tax abatement instead of a <br />three -year abatement. He stated that this new <br />addition is being added within 10 months of the <br />last edition and that the total expansion is <br />approximately 25,000 sq. ft. <br />-7- <br />