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South Bend <br />Regular Me <br />elopment commission Meeting <br />- June 14, 1991 <br />6. NEW BUSINESS (Cont.) <br />q. conTinueca... <br />r. <br />Upon a motion by Mr. Faccenda, seconded COMMISSION ACCEPIED RESOLUTION <br />by Mr. Doncho and unanimously carried the NO. 999 FOR FILING AND SET 10:00 <br />Coimiission accepted Resolution No. 999 A.M., JUNE 28, 1991 AS A PUBLIC <br />for filing and set 10:00 a.m. June 28, HEARING ON RESOIDTION NO. 999 <br />1991 as a public hearing on Resolution <br />No. 999. <br />(Solvay Automotive Inc.) <br />Mr. Fonash read the staff report on the <br />tax abatement petition. The petitioner <br />p to purchase and install a <br />sul orating treatment system which will <br />be imed to create a vapor barrier on <br />plimstic fuel tanks which will be <br />naniffactured for General Motors <br />Co rations' new Saturn Automobile <br />ly plant. <br />The project will create nine (9) new <br />permanent full -time jobs representing an <br />anniial payroll of $141,336 and will <br />mabitain one hundred forty (140) existing <br />permanent full-time and part time jobs <br />witli an annual payroll or $3,227,501. <br />The total estimated cost of the equipment <br />is $373,939. <br />The property is properly zoned for the <br />proposed use. The property is not <br />locitted in an area presently designated <br />as it Tax Abatement Impact Area, but is in <br />a 7cLx Incremental Financing Allocation <br />Arai. The petitioner qualifies for five <br />(5) years of personal property tax <br />abatement. <br />Wit out abatement, the taxes on the <br />imp ements are estimated to be <br />$34 566. With the abatement, taxes are <br />est inted to be $7,226. Therefore, the <br />of the abatement is $27,340. <br />-13- <br />