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South Bend edevelognent Ccannission <br />Regular Mee ing - January 10, 1992 <br />6. NEW BUSUM (Copt . ) <br />a. cone inueu.. . <br />a <br />Upon a motion by Mr. Donoho, seconded by COMMISSION APPROVED RESOLUTION <br />Mr. Piasecki and unanimously carried, the NO. 1033 MAYEMING SANDY COMBS <br />Cm-mission approved Resolution No. 1033 FOR MERI'IbRIOUS SERVICE TO THE <br />carrPxx1ing Sandy Combs for meritorious SOUTH BEND REDEVELOPY= <br />senrice to the South Bend Redeveloptent COMMISSION <br />Mr. Fonash gave the staff report on the <br />project. The petitioner manufactures <br />refrigerated storage and display cases <br />and coolers. They are expanding their <br />South fiend operations and propose to <br />pur e and install the following new <br />manifacturing equilanent: one Pedrazzoli <br />Tube Bender, two Pedrazzoli Dies, one <br />Turret Press, and one Con -Tec <br />Foarhincr Fixture. <br />The expansion and additional equipment <br />will create thirty (30) new pennanent <br />full-tine jobs representing an annual <br />pa ll of $700,000 and will maintain <br />semmty (70) existing permanent full -time <br />j with an annual payroll of <br />$1, 00,000. The total estimated cost of <br />the equipment is $150,000. <br />The property is properly zoned for the <br />p ed use. The property is not <br />loaited in an area presently designated <br />as Tax Abatement Impact Area but is in <br />a Tax Incremental Financing Allocation <br />The project qualifies for 5 years <br />of rscnal property tax abatement under <br />the ordinance. Without abatement, the <br />tax�s on the new equipment are estimated <br />to $13,829. With abatement, the taxes <br />are estimated to be $2,891 over the five <br />years of the abatement. Therefore, the <br />cost of the abatement is approximately <br />$10,938. <br />-5- <br />