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South Bend Redevelopment Commission <br /> Regular Meeting—June 28, 2011 <br /> 6. NEW BUSINESS (CONT.) <br /> A. Tax Abatements <br /> (1) continued... <br /> Premier Bandag #3, a franchisee of Bandag <br /> and Bridgestone Commercial Services <br /> Group, recycles used truck tires by retreading <br /> them for reuse primarily for semi-trucks and <br /> buses. Premier Bandag #3 has operated in <br /> the area since 1989. With this project they <br /> will be relocating from a facility on Home <br /> Street in Mishawaka (operating since 1989) <br /> which involves the transfer of fifteen full <br /> time positions and one part-time position. <br /> The project is vital to the future growth of <br /> Premier Bandag #3 because it will enhance <br /> the Company's image and level of services it <br /> provides to its largest customer (Best One <br /> Tire) which will be located next door. <br /> The cost of the building addition is <br /> $1,500,000. Assuming a six-year abatement <br /> term is approved, the total taxes to be abated <br /> during that term are estimated at $185,279. <br /> Total taxes to be paid during the six-year <br /> term are estimated at $130,537. <br /> It is estimated that the project will create <br /> fifteen new, permanent full-time positions <br /> and one part-time position with total wages <br /> estimated at $450,000. <br /> GVW has been granted a previous ten-year <br /> real property tax abatement in 2000. The <br /> property is properly zoned for the proposed <br /> project. The property is located in the <br /> Airport Economic Area, which is a Tax <br /> Increment Allocation Area; therefore, the <br /> petition for real property tax deduction must <br /> 17 <br />