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Ll <br />South Bend Redevelopment Commission <br />Regular Meeting - April 2, 1993 <br />6. NEW BUSINESS (Cont.) <br />a. continued... <br />10,000 square foot addition to its present <br />building on Foundation Court, to be used for <br />shipping, receiving and warehousing. It will <br />also bring in equipment to cut, bond, weld and <br />assemble containers. The total estimated cost of <br />new construction is $300,000. The total <br />estimated cost of the equipment is $600,000. <br />The project will create twenty -four new, <br />permanent, full-tune jobs, representing an <br />annual payroll of $540,000. <br />The property is properly zoned for the proposed <br />use. The property is not located in an area <br />presently designated as a Tax Abatement Impact <br />Area. It is, however, located in a Tax <br />AdW Incremental Financing Allocation Area. The <br />Aledo Company qualifies for five years of <br />personal property tax abatement and three years <br />of real property tax abatement under the tax <br />abatement ordinance. <br />Without abatement, taxes on the new equipment <br />will be approximately $54,417 over the five <br />year period. With abatement the taxes will be <br />approximately $9,649. Therefore, the cost of <br />the personal property abatement will be <br />approximately $44,768 over the five year <br />period. <br />Without abatement, taxes on the real property <br />will be approximately $42,075 over the three <br />year period. With abatement the taxes are <br />estimated to be approximately $14,165. <br />Therefore, the cost of the real property <br />abatement over the three year period will be <br />approximately $27,910. <br />ME <br />