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South Bend R Regular Meet 6. NEW BUSI i. cont elopment Commission - April 10, 1992 (Cont. ) a T Incremental Financing Allocation Area�ax The project qualifies for 5 years of p rsonal property tax abatement under the Abatement Ordinance. With ut abatement, the new equipment would generate approximately $114,037 in new taxes over the five year period. With abatement, the taxes will be appr ximately $20,221. Therefore, the cost of the abatement will be appr ximately $93,816. Ms. kuburn asked if National Composites is tie same company as Total Industries. Mr. 3zarwark responded that Jack Long, Geor a Wiegand and Ralph Hohl who are with Total Industries, together with Brian Jacobsen - Reighter and John Neate formed National Composites. Approximately a year ago they sold the majority of the stock in the company to Pittsburgh investors. Mr. Wiegand and Jack Long each own 5% of the stock, but have no decision - making power in National Composites. Mr. Neate and Mr. Jaco sen- Reighter still own 15% of the stock and are officers of the company. Mr. Szarwark noted that the potential of the company is outstanding. With current methods of molding plastics, they have to be molded shortly after being made. The plastic tends to stiffen and harden with time and the high - pressure molding shatters the plastic. The new compounding technology requires a lower pressure and allows the use of plastic that has been stored up to a year. Upon a motion by Mr. Piasecki, seconded by Ms. Huddleston and unanimously carr'ed, the Commission approved Resolution No. 1052 approving an appl' cation for personal property tax dedu tion for property located at 2629 Foun ation Drive. (National Composites) -13- COMMISSION APPROVED RESOLUTION NO. 1052 APPROVING AN APPLICATION FOR PERSONAL PROPERTY TAX DEDUCTION FOR PROPERTY LOCATED AT 2629 FOUNDATION DRIVE (NATIONAL COMPOSITES)