Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting -May 19, 2006 <br />6. NEW BUSINESS (CONT.) <br />B. Tax Abatements <br />() continued... <br />The cost of the abatement for the <br />$14,900,000 project is estimated as follows: <br /> Estimated Taxes <br /> Over 5 Yrs <br />Without Abatement $1,217,958 <br />With 5 Yr <br />Abatement $416,868 <br />Estimated Cost of 5 <br />Yr Abatement $801,090 <br />Mr. Cuskaden noted that McCormick & <br />Company was founded in 1889 in Baltimore, <br />Maryland. The South Bend facility opened <br />in 1977 to make sauces for the restaurant and <br />food industry. McDonalds, Olive Garden, <br />Red Lobster, KFC and Taco Bell are <br />customers of McCormicks. With the <br />consolidation of the company in South Bend, <br />McCormicks will be making products for the <br />entire nation here. The expansion project <br />will use Indiana based contractors. The <br />company is very involved in the community, <br />matching employee contributions to local <br />charities. McCormicks has a good benefit <br />plan for employees, offering health, dental <br />and life insurance, a flexible spending <br />account, 401 K, tuition reimbursement, and a <br />pension plan. <br />Upon a motion by Mr. Hojnacki, seconded by <br />Mr. Blake and unanimously carried, the <br />Commission approved Resolution No. 2243 <br />approving an application for personal property <br />tax deduction for property located at 3425 West <br />Lathrop Drive in the Airport Economic <br />Development Area. (McCormick & Company) <br />12 <br />COMMISSION APPROVED RESOLUTION N0.2243 <br />APPROVING AN APPLICATION FOR PERSONAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED AT 3425 WEST LATHROP DRIVE IN THE <br />AIRPORT ECONOMIC DEVELOPMENT AREA. <br />~MCCORMICK & COMPANY, INC.) <br />