RM 04-10-92 - Laserfiche WebLink

Home Browse Search

South Bend R development Commission Regular Meet'ng - April 10, 1992 6. NEW BUSINESS (Cont.) g. continued... total of 68,676 square feet of new construction to accommodate the acquisition of new equipment. A 25,000 square foot building will be constructed at the site of the old Colfax Theater for the operation of new newspaper inserting, packaging, and sorting machines. A 33,359 square foot Press Building will be constructed in which to operate a new, state-of-the-art press. Also, an 8,141 square foot Newsprint Warehouse and a 2,176 square foot footbridge to connect the second floor of the new Press Building to the existing structure will be constructed. The total construction cost is estimated to be $11,500,000. The project will create no new permanent full-time jobs but will maintain two hundred sixty -eight (268) existing permanent full- time.and two hundred fifty-five (255) existing part -time jobs with an annual payroll of $11 million. The Droperty is properly zoned for the prop sed use. The property is located in a Tac Abatement Impact Area and also in a Rede elopment Blighted Area. The prop rty is also located in a Tax Incr mental Financing Allocation Area. The roject qualifies for 10 years of real property tax abatement under the Tax Abat ment Ordinance. With ut abatement the improvements would gene ate approximately $5,421,905 in taxe3 over the ten year period. With abat ment the project will generate appr ximately $2,738,062 in taxes. Ther fore, the amount of the abatement will be approximately $2,683,843. Mr. exci >zarwark noted that this is an :ing project for South Bend. The new s will use a different kind of ink to )ve the physical appearance of the The new inserting machinery will IM