RM 04-10-92 - Laserfiche WebLink

Home Browse Search

South Bend R development Commission Regular Meet'ng - April 10, 1992 6. NEW BUSINESS (Cont.) h. continued.. i. Upon a motion by Mr. Faccenda, seconded by Ms. Huddleston and unanimously carried the Commission approved Resolution No. 1051 approving an application for personal property tax deduction for prop rty located at 213 -225 West Colfax Aven a in the South Bend Central Deve ooment Area. Ms. Auburn abstained. . (National Composites) Mr. onash read the staff report on the tax batement application. National Comp sites is engaged in the manu acturing of a new, low pressure plas is molding compound. This project cons'sts of acquiring a new compounder whicn will enable the company to subs antially increase its output in orde to meet existing and anticipated need 3. The purpose of the project is to add new capacity; no existing equipment will be replaced. The compound which is prod iced can be molded at low pressure leve s into a wide variety of plastic prod cts. According to the company, this comp and has the potential to revo utionize the plastics industry due to i s versatility, long shelf life, and stre gth. The total estimated cost of the iew equipment is $1,250,000. The project will create eighteen (18) new perm nent full -time jobs representing an annu 1 payroll of $262,000 and will maintain eighteen (18) existing permanent full-time jobs with an annual payroll of $262 000. The Aba ,)roperty is properly zoned for the >sed use. The property is not :ed in an area designated as a Tax ament Impact Area, but is located in -12- COMMISSION APPROVED RESOLUTION NO. 1051 APPROVING AN APPLICATION FOR PERSONAL PROPERTY TAX DEDUCTION FOR PROPERTY LOCATED AT 213 -225 WEST COLFAX IN THE SOUTH BEND CENTRAL DEVELOPMENT AREA