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RM 10-02-92
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RM 10-02-92
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South Bend Redevelopment Commission <br />Regular Meeting - October 2, 1992 <br />6. NEW BUSINESS (Cont.) <br />d. continued... <br />wood and plastic products, including <br />refrigeration and retail store fixtures. <br />They propose to construct a 16,000 square <br />foot steel, masonry and frame building on <br />2.7 acres of land in the Airport <br />Industrial Park. The facility will be <br />used to manufacture custom wood and <br />plastic parts for industrial and retail <br />customers, and will also be used for <br />product storage and general offices of <br />the corporation. The total projected <br />project cost for the new building is <br />$320,000. <br />The project will create five new <br />permanent full -time jobs in the first <br />year, representing an annual payroll of <br />$76,200 and will maintain eleven existing <br />permanent full -time jobs with an annual <br />payroll of $163,800. <br />Precision Millwork has not applied for <br />any previous tax abatement. The property <br />is properly zoned for the proposed use. <br />The property is not located in an area <br />presently designated as an Economic <br />Development Target Area, but is located <br />in a Tax Incremental Financing Allocation <br />Area. The project qualifies for three <br />years of real property tax abatement <br />under the Tax Abatement Ordinance. <br />Without abatement the project would <br />generate approximately $45,144 in taxes <br />over the three year period. With <br />abatement, the taxes will be <br />approximately, $15,198. Therefore the <br />cost of the abatement will be <br />approximately $29,946 over the three year <br />period. <br />Mr. Amaral noted that Precision Millwork <br />was founded in South Bend by Brian <br />Montgomery who is from South Bend. <br />Mrs. Kolata noted that the design of the <br />building has been approved by the Design <br />-5- <br />
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