RM 10-13-89 - Laserfiche WebLink

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South Bend edevelopment Commission Regular Meeting - October 13, 1989 6. NEW BUSINESS (Cont.) c. continuea... elopment CaTmission is still the of the property, the Commission file the petition for the real rty tax abatement on behalf of na Land Company. Ms. Robinson read the tax abatement re rt. Harbor Metal proposes to expand its present facility from approximately 22,000 square feet to 31,000 square feet and purchase two furnaces for heat tre tting metal products. Both furnaces will be housed in the addition. The pro ect will create three new permanent full time jobs within the first year, rep ting an annual payroll increase of 52,000. Harbor Metal presently employs eighteen permanent full time e p oyees with an annual payroll of $312,000. The total project cost, inc uding the purchase of the new equlpiient, is estimated at $935,000. The property is properly zoned for the prx4xsed use. It is located in an area designated as a tax abatement impact area and also in a tax incremental financing allccation area. The project qualifies for five years of personal property tax abatement. The amount of taxes to be abated over the five year period are estimated to be $72,067. The estimated taxes to be paid over that same five year period are est' ted to be $19,100'. The project qualifies for three years of real property tax abatement. The amount of t axes to be abated over the three year period is $13,361. The estimated taxes to k e paid over the same three year period are $6,781. Upon a motion by Mr. Donoho, seconded by COMMISSION AUTHORIZED THE FILING Mr. Piasecki and unanimously carried, the OF THE PETITION FOR REAL PROPERTY Ccimission authorized the filing of the TAX ABATEMENT ON BEHALF OF petition for real property tax abatement FORIUNA LAND COMPANY on kehalf of Fortuna Land Company. M