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South Bend F4edevelopment Commission <br />Rescheduled Pegular Meeting - April 20, 1990 <br />6. NEW BUSIIESS (Cont.) <br />���Oro .t.MI.IO[4:Q <br />fabricating business. The project will <br />create two new permanent full time jobs <br />within the first year with an annual <br />payroll of $35,000 and will maintain <br />fourteen existing permanent full time and <br />one permanent part time job with an <br />annual payroll of $414, 197. The total <br />project cost is estimated to be $180,000. <br />The property is properly zoned for the <br />proposed use. The property is located in <br />an area designated as a Tax Abatement <br />LTpact Area by the South Bend Common <br />Council. It is also located in a Tax <br />Increment Financing Allocation Area. The <br />petitioner qualifies for six years of <br />real. property tax abatement under the tax <br />abatement ordinance as an industrial <br />devE.1opment in the Urban Enterprise Zone <br />and a blighted redevelopment area. <br />Wit±Lout abatement the taxes are estimated <br />to le $57,918. With abatement the taxes <br />are estimated to be $23,940. Therefore, <br />the total amount to be abated over the <br />six year period is estimated to be <br />$33,978. <br />Mrs. Kolata noted that the business at <br />this location is River Bend Hose. She <br />introduced Mr. Lee Slavinskas, a partner <br />in the business, who described the nature <br />of the expansion. <br />Mr. Slavinskas noted that the original <br />building was built four years ago. The <br />business has grown and they are presently <br />1 ing 20,000 sft of space across the <br />street from the 1111 S. Main location for <br />both manufacturing and warehousing <br />space. That has been very inconvenient. <br />Thel intend to add on to the present <br />building to bring all of their <br />manufacturing back under one roof and <br />con inue to lease 10,000 sft for <br />warehousincr across the street. <br />