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RM 04-10-92
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RM 04-10-92
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South Bend R development Commission <br />Regular Meeting - April 10, 1992 <br />6. NEW BUSINESS (Cont.) <br />I111M <br />Mr. Fonash read the staff report on this <br />tax abatement application. The Tribune <br />proposes to purchase and install new <br />newspaper inserting, packaging, and <br />sorting machines as well as a new, state <br />of the art press. The inserting, <br />packaging, and sorting machines are <br />necessary to enable the petitioner to <br />cost effectively offer precise <br />distribution of advertising to its <br />advertising customers who desire to reach <br />specially designated portions of the <br />newspaper's readers. These new machines <br />will expand and update existing <br />equipment. The new press will replace a <br />press which is over 40 years old. It <br />will allow the paper to remain <br />competitive. The total estimated cost of <br />the new manufacturing equipment is <br />$23,700,000. <br />This new equipment will not create any <br />new permanent full -time jobs, but will <br />help to maintain the same two hundred <br />sixty-eight (268) full -time and two <br />hundred fifty -five (255) part time jobs <br />mentioned in item 6.g. <br />The <br />per <br />Tax <br />Wit <br />wou <br />of <br />wit <br />equ <br />$38 <br />$1,' <br />ect qualifies for 5 years of <br />property tax abatement under the <br />ement Ordinance. <br />out abatement, the new equipment <br />d generate approximately $2,167,725 <br />ew taxes over the five year period. <br />abatement, the taxes on the new <br />pment will be approximately <br />,380. Therefore, the cost of the <br />ement will be approximately <br />83,345. <br />-11- <br />
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