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South Bend 10development Commission <br />Regular Mee ing - March 22, 1991 <br />6. NEW BUSDNESS (Cont.) <br />a. continued... <br />b. <br />l of Public Works in selecting an <br />teat for this project. The Board of <br />.c Works will make the selection and <br />act with the firm. <br />Upon a motion by Mr. Faccenda, seconded <br />by Mr. Donoho and unanimously carried the <br />C=nssion authorized the recommendation <br />to the Board of Public Works of Savik <br />Matlire Sathrm Quanbeck Schlink Edwins <br />ArdLitects for rehabilitation and <br />restoration of the Morris Civic <br />Auditorium and the Palais Royale. <br />Ms. Robinson read the staff report <br />relating to the tax abatement. The <br />petitioner is AE Piston Products, Inc. <br />The property address is 22255 West <br />Cleveland Road. The Petitioner proposes <br />to 1xirchase new manufacturing equipment <br />for use in manufacturing automotive <br />pistons. This machine line will increase <br />the company's output by 25 %. The project <br />is qqDected to create 29 new permanent <br />full time jobs with an annual payroll of <br />$8811,000 and will maintain 177 existing <br />permanent part time and full time jobs <br />with an existing payroll of $6,000,000 <br />dollars. Total project cost is estimated <br />at 5,600,000. The petitioner qualifies <br />for five years of personal property tax <br />aba t under Section 2 -84 of the tax <br />abatAwmt ordinance. The taxes to be <br />abated are estimated at $408,380. The <br />tax0s to be paid over the 5 year period <br />are estimated at $107,935. <br />The property is properly zoned for the <br />p use. The property is located in <br />an area designated as a Tax Abatement <br />-4- <br />♦• I 1 • • t <br />-ate • -• • • i •.. <br />