091312 Redevelopment Commission Minutes.docx

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South Bend Redevelopment Commission Regular Meeting—September 13, 2012 Inc. is a custom plastic processor utilizing the rotational molding process to manufacture yellow crash barrels for highway safety, along with a wide variety of other small and large hollow products which are shipped up to 800 miles away. The petitioner would like to construct a 25,000 square foot building, which will enable the expansion of their manufacturing facility to accommodate orders from a large new customer. The estimated dollar value of the project will create twenty new permanent, full-time jobs with annual payroll of at least $900,000. The project will maintain 70 existing permanent, full-time jobs with an annual payroll of $2,500,000. Information about construction related activities is not yet known, but will be available prior to the Common Council's date for granting a confirming resolution. The company will qualify for a three-to four-year real property abatement. Total taxes to be abated during a four-year abatement period are estimated at $10,044. Total taxes to be paid during a four-year abatement period are estimated at $291,483. Total taxes to be abated during a three-year abatement are estimated at $7,995. Total taxes to be paid during a three-year abatement are estimated at $218,150. Indiana Rotomolding was granted one previous, four-year abatement in 2007. Since this property is located within the Airport Economic Development Area, Commission approval is required. Upon a motion by Mr. Downes, seconded by COMMISSION APPROVED RESOLUTION No.3074 Mr. Alford and unanimously carried, the APPROVING AN APPLICATION FOR REAL Commission approved Resolution No. 3074 PROPERTY TAX DEDUCTION FOR PROPERTY LOCATED AT 3300 N.KENMORE IN THE AIRPORT 9