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South Bend �edevelapment Commission <br />Regular ting - September 13, 1991 <br />6. NEW "INESS (Cont.) <br />Ms. Auburn asked the Commission to move item 6.j. <br />forward on the agenda and consider it next. <br />j. Ccamission approval requested for <br />Resolution No. 1018 amrayincr an <br />aniAlication for real -oronerty tax <br />tp tio n for rt located at 3620 W. <br />1 in the Ai rt Economic <br />t Area Ban or Refri eration . <br />Mr. Fonash noted that Bangor <br />Ref rigeration manufactures refrigerated <br />storage and display cases and coolers. <br />He read the staff report on the project. <br />Bangor Refrigeration has run out of space <br />to prcperly and safely manufacture their <br />product at their present facility. They <br />are proposing to construct a 39,000 sq. <br />ft. addition to their existing 50,000 sq. <br />ft. facility. The project will create 30 <br />new, penmanent full time jobs with an <br />annual payroll of $500,000 and will <br />ma' tain 120 existing full time jobs with <br />an uzLial payroll of $2,000,000. The <br />to project cost is estimated to be <br />$400,000. <br />The project is properly zoned for the <br />proposed use. The property is not <br />locited in an area designated as a tax <br />aba:ement impact area, but is located in <br />a tax increment financing area, the <br />AirPort Econcmic Developrent Area. The <br />project qualifies for ten years of <br />aba:ement under the industrial <br />devalcpment, city -wide standards. <br />Without the abatement, the total taxes on <br />the improvements over the next ten years <br />are estimated to be $175,619. With <br />abatement, the taxes are estimated to be <br />$88,687. 'Therefore the cost of the <br />aba�emsnt would be $86,931. <br />Mr. Voss, controller for Bangor <br />Refrigeration, described the project. He <br />noted that Bangor moved their operations <br />fron Hartford, Michigan, in April 1991. <br />TheV are presently using a 4,000 sq. ft. <br />-5- <br />