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South Bend Redevelopment Commission <br />Regular Meeting - August 21, 1992 <br />6. NEW BUSINESS (Cont.) <br />e. continued... <br />abatement on May 22, 1992. They are now <br />requesting tax abatement for personal <br />property related to their building <br />expansion. He read the staff report on <br />the project. <br />The petitioner is involved in the <br />manufacturing, sales, and shipping of <br />rotationally molded plastic products. <br />Spin Cast proposes to purchase one (1) <br />new rotational molding machine with <br />auxiliary service equipment at an <br />estimated cost of $450,000. This machine <br />will enable Spin -Cast to manufacture <br />larger products than they currently can <br />handle. The machine and its associated <br />support equipment will be utilized in the <br />new 36,250 square foot addition for which <br />a real property tax abatement was granted <br />last May. <br />The project will create five (5) new <br />permanent full -time jobs in the first <br />year, representing an annual payroll of <br />$80,000 and will maintain sixty -six (66) <br />existing permanent full -time jobs with an <br />annual payroll of $1,169,000. <br />The property is properly zoned for the <br />proposed use. The property is not <br />located in an area presently designated <br />as a Tax Abatement Impact Area by the <br />South Bend Common Council. It is, <br />however, located in a tax incremental <br />financing allocation area. The <br />petitioner qualifies for 5 years of <br />personal property tax abatement under the <br />Tax Abatement Ordinance. <br />Without abatement, the taxes on the <br />project are estimated to be $41,054 over <br />the five year period. With abatement, <br />the taxes are estimated to be $7,280. <br />Therefore, the cost of the abatement is <br />approximately $33,774. <br />-5- <br />