RM 05-22-92 - Laserfiche WebLink

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South Bend Redevelopment Commission AV Regular Meeting - May 22, 1992 6. NEW BUSINESS (Cont.) j. continued... Mr. Fonash read the staff report on the project. Aucilla, Incorporated is in the business of custom injection molding of plastic polymers used to intricate components for a variety of industries, including electronics, health care, automotive, hardware, electrical and appliance industries. The project includes building an expansion of 15,000 square feet for production and warehouse and 5,000 square feet for a toolroom. Equipment purchases will include injection molding machines and support equipment with technologically advanced controls capable of producing the close tolerance dimensions required by electronic and health care industries. The total estimated cost of the new construction is $400,000. The total estimated cost of the new manufacturing equipment is $800,000. The project will create five (5) new permanent full -time jobs in the first year representing an annual payroll of $110,000 and will maintain sixty -five (65) existing permanent full -time jobs and zero (0) existing part -time jobs with an annual payroll of $1,600,000. The property is properly zoned for the proposed use. The property is not located in a Tax Abatement Impact Area, but is located in a Tax Incremental Financing Allocation Area. The project qualifies for six years of real property tax abatement and five years of personal property tax abatement under the Tax Abatement Ordinance. Without abatement the real property taxes to be paid are estimated to be $112,860. With abatement, the real property taxes are estimated to be $46,649. Therefore, the cost of the real property abatement over the six year period is estimated to be $66,211. -11-