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South Bend I Redevelopment Comiission <br />Regular Meoting - October 28, 1988 <br />6. NEW BUSINESS (Cont.) <br />c. Continued... <br />Kolata read the staff report <br />recarding the requested tax abatement. <br />Mo sberg and Company, a conmiercial <br />printer, proposes to construct a 25,000 <br />s- f. expansion to their existing building <br />as additional office and manufacturing <br />space. The additional space is needed to <br />provide room for growth to meet the needs <br />of the company's customers. The project <br />will create ten to fifteen new, permanent <br />full time jobs within the first year <br />representing a new annual payroll of <br />$230,000. The company presently employs <br />83 people with an annual payroll in <br />excess of $2,751,940. The total project <br />including equipment, is estimated <br />at $6,500,000. <br />property is properly zoned for the <br />posed use. It is not located in an <br />designated as a tax abatement impact <br />but qualifies for tax abatement <br />use of its industrial classification <br />,riling to the S.I.C. codes. It is <br />ted in a tax incremental financing <br />nation area. The company is eligible <br />five years of personal property tax <br />.ement and three years of real <br />ertv tax abatement. <br />The personal property project cost is <br />$5,300,000. Without abatement, the <br />personal property taxes are estimated to <br />be $1563,997 over the five year period. <br />Witi abatement, the taxes are estimated <br />to $117,902. Therefore, the personal <br />p taxes to be abated are estimated <br />at 446,095. The real property project <br />cos is $1,500,000. The real property <br />tax s are estimated to be $241,673 <br />wi out abatement, $81,377 with <br />aba t. Therefore, the real property <br />tax to be abated over the three year <br />per'�d are estimated at $160,000. <br />-5- <br />