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South Bend Regular Me. -elopment Commission - August 12, 1988 insulation. Plant elevators will also be ranovated, and truck docks will be add el. The project will maintain 400 jobs with an annual payroll of $9,000,000. No jobs will be created as a result of this project. The pro is properly zoned for the propDsed use. The property is located in a tax abatement impact area and is also located in a tax incremental finaacing area. The petitioner qualifies for a three year abatement on tie real property. Estimated taxes to bB abated over a three year period will be $229,815. Estimated taxes to be paid over the three year period are $116,640. The total project cost on the machinery is estimated at $3,400,000. Taxes to be abated in the five year personal property abatement are estimated to be $303,343. The personal property taxes to be paid over that five year period are estinated at $80,173. The total project, cost of machinery and real propoxty improvements is $5,550,000. Mr. luecke noted that Allied Products had notified the Common Council that they would be asking the Council for six years of real property tax abatement instead of the three which they qualify for. Mrs. Kolata explained that according to the ordinance, the project qualifies for three years of abatement by being an industrial manufacturing business. If they were creating a certain level of new obs, they would qualify for six or t years. She noted that if the Council approves the additional abatement, the request would come back to t1le Commission for their approval of tl#e longer abatement. Upon a motion by Mr. Piasecki, COMMISSION ADOPTED RESOIIJTION secoixied by Mr. Combs and unanimously NO. 854 APPROVING AN APPLICATION carried, the Commission adopted FOR REAL AND PERSONAL PROPERTY Reso ution No. 854 approving an TAX DEDUCTION CONSIDERATION FOR application for real and personal PROPERTY IOCATED AT 601 W. prop4rty tax deduction consideration BROADWAY (ALUED PRODUCTS) -4-