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South Bend <br />Regular Me <br />M <br />a. <br />elopnent Commission <br />- July 26, 1991 <br />Mr. Hunt read the staff report regarding <br />the tax abatement application. Adams <br />EngLneering proposes to rehabilitate <br />5,0)0 to 6,000 square feet in its <br />exi ting structure for the construction <br />of m advanced engineering department, an <br />ele tropics lab service department, a <br />h yd --aulics testing department, and a <br />sp' 3dle assembly cleaning roan. <br />Asa result of the project, four new <br />perrenent full -time jobs will be created, <br />rep senting an annual payroll of <br />$103,000. The project will maintain <br />eighty-seven existing permanent full -time <br />and five part -time jabs with an annual <br />payroll of $1,732,000. The project cost <br />is estimated at $200,000. <br />The property is properly zoned for the <br />p ed use. The property is located in <br />a T3.x Abatement Impact Area and in a Tax <br />incremental Financing Allocation Area. <br />Mr. Hunt noted that the project qualifies <br />for six years of tax abatement. Without <br />aba anent the taxes on the project are <br />estimated to be $52,821. With abatement, <br />the taxes are estimated to be $21,833. <br />The fore, the cost of the abatement is <br />es t' ted to be $30,988 over the six year <br />ner'od of abatement. <br />Mr. Sza>:wark noted that Adams Engineering <br />will combine their facility in Mishawaka, <br />knoan as Manufacturing Technology Inc., <br />wita Adams Engineering at the West <br />Masaington Street Location. This will <br />le both canpaniies to resin cost <br />cammtitive and efficient in an <br />increasingly competitive envirc mment. <br />-2- <br />