Laserfiche WebLink
South Bend R <br />Regular Meet <br />elopment Commission <br />- April 10, 1992 <br />6. NEW BUSINESS (Cont.) <br />f. continued... <br />. ( Nimet <br />ies) <br />Mr. onash noted that Nimet Industries is <br />in t e Industrial Coatings Industry <br />serv'cing high -end users of industrially <br />coated products. They propose to <br />purc ase and install new nickel plating <br />and efrigeration equipment to allow them <br />to a pand to meet the needs of their <br />Gust mers, to attract new business, to <br />cont'nue to improve the quality of its <br />prod ct, and to prepare for a switch from <br />ozon depleting freon (and fluorocarbon <br />prod cts) to ammonia based cooling <br />subs ances. The total estimated cost of <br />the ew equipment is $300,000. <br />The Droject will create two (2) new <br />perm nent full -time jobs representing an <br />annu 1 payroll of $36,000 and will <br />main ain fifty -four (54) existing <br />perm vent full -time jobs and five (5) <br />exis ing part -time jobs with an annual <br />payr 11 of $1,147,000. <br />The oroperty is properly zoned for the <br />prop sed use. The property is not <br />located in an area presently designated <br />as a Tax Abatement Impact Area, but is <br />loca ed in a Tax Incremental Financing <br />Allo ation Area. The petitioner <br />qual'fies for 5 years of personal <br />property tax abatement under the Tax <br />Abatement Ordinance. <br />Without abatement, the taxes on the <br />project will be approximately $27,368. <br />With abatement, the taxes on the project <br />will be approximately $4,853. Therefore, <br />the cost of the abatement is estimated to <br />be $ 2,515. <br />Mr. explained that Nimet solves <br />some fzarwark <br />common, but important, problems for <br />-7- <br />