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South Bend Redevelopment Commission <br />Regular Me ting - October 10, 1986 <br />6. NEW BUSINESS (Cont.) <br />d. Con - tinued. . <br />structure, the replacement of a portion of the <br />existing building, a renovation of its <br />res arch and development facility, expansion <br />and renovation of current office space, the <br />addition of four new manufacturing lines, the <br />upg ading of existing employee areas, and <br />rel ted machinery and equipment expenditures. <br />Ms.IRobinson read into the record the <br />Department's review of the summarized <br />All information requested on the petition <br />was supplied. <br />The property is properly zoned for the <br />proposed use. A copy of the report from <br />the Department of Code Enforcement is <br />attached. <br />The property is not located in an area <br />designated as a Tax Abatement Impact Area <br />by the South Bend Common Council. <br />The property is located in a Tax <br />Incremental Financing Allocation Area. <br />The project will create 60 new, permanent <br />full -time jobs, representing a new annual <br />payroll of $1,200,000, and will maintain <br />234 existing permanent full -time jobs <br />with an annual payroll of $5,700,000. <br />Petitioner estimates the market value of <br />the new equipment after installation is <br />$2,700,000. <br />It is estimated by the petitioner that <br />the after rehabilitation market value of <br />the property will be $2,600,000. <br />Mr. Hunt noted that the project also involves <br />move which has already been committed by the <br />State of Indiana for the access road and <br />infrastructure improvements. The grant <br />application for that money is currently being <br />-5- <br />