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South Bend edevelopment Commission <br />Regular Mee ing - September 28, 1990 <br />5. OLD BUSUMM (Cont.) <br />a. conttnuect... <br />Ms. Robinson read the tax abatement <br />re rt. The petitioner is Nimet <br />Intistries, the property address is 2424 <br />N. oundation Dr. The petitioner <br />proposes to expand its present facilities <br />for the use of additional manufacturing <br />spa . The project will create 10 new <br />permnent jobs within the first year, <br />rep esenting an annual payroll of <br />$14i,000. The project will maintain 60 <br />fu] time jobs and 3 part time jobs with <br />an =ual payroll of $1,313,700. The <br />totil project cost is estimated at <br />$253,000. <br />The property is properly zoned for the <br />proposed use. The property is not <br />located in an area designated as a tax <br />aba ement impact area and is located in a <br />tax incremental financing allocation <br />area. <br />On $225, 000 worth of equipment, the <br />estImated personal property taxes to be <br />paid over a five year period would be <br />$18 281. With abatement, the taxes are <br />est mated at $3,822. Therefore, the <br />amo t to be abated over a five year <br />per �d is estimated at $14,459. <br />,000 of real property and three <br />of abatement, taxes are estimated <br />�12,4 831. With abatement they would be <br />. Therefore, the amount to be <br />over a three year period is <br />. <br />Mrs Kolata said Mr. Brian Sauers of <br />Ban es & Thornburg is here representing <br />the petitioner. <br />Mr. Brian Sauers introduced himself and <br />stated that Nimet Industries is in the <br />indwstrial coating business and in order <br />to maintain current customers, expansion <br />is recessary. He asked for the <br />Red velopment Commission to recommend to <br />the I City Council that they approve this <br />-3- <br />