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South Bend Redevelopment Commission <br /> Regular Meeting—May 8, 2012 <br /> 6. NEW BUSINESS (CONT.) <br /> B. Tax Abatement <br /> (1) continued... <br /> project cost, the total taxes to be abated <br /> during the five-year abatement period are <br /> estimated at $215,239. Total new taxes to be <br /> paid over five years are $1,898,562. <br /> Combined existing and new taxes will be <br /> $6,310,349 over the five years. <br /> The project will create 20 new permanent full <br /> time jobs within the first year with a new <br /> annual payroll of$932,000. The project will <br /> maintain 409 existing permanent full time <br /> jobs representing an annual payroll of$20.5 <br /> million. Federal Mogul has had many tax <br /> abatements over the years, both real and <br /> personal. They are current on all of the <br /> required reporting. <br /> Mr. Inks noted that the property is properly <br /> zoned for the proposed project. The property <br /> is located in the Airport Economic <br /> Development Area; therefore, the petition <br /> must be approved by the Redevelopment <br /> Commission before going before the <br /> Common Council. The project qualifies for <br /> five years of personal property tax deduction <br /> under the tax abatement ordinance. <br /> Mr. Inks introduced representatives from <br /> Federal-Mogul, Chuck O'Connor and Trent <br /> Rock, for any questions. <br /> Mr. Varner asked if this was an expansion or <br /> a continuation on the re-investment. Mr. <br /> Rock replied that it's as much an upgraded <br /> capability as capacity as new technology and <br /> engines evolve. The investment they are <br /> 6 <br />