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South Bend Redevelopment Commission <br />Regular Meeting - August 6, 1993 <br />6. NEW BUSINESS (Cont.) <br />C. continued... <br />of high quality lathe products and associated <br />machinery. They propose to make <br />extensive renovations of their present <br />building at 400 West Sample Street. The <br />renovations include the addition of insulated <br />interior walls; the conversion of six (6) <br />sprinkler systems from wet systems to dry <br />systems; the installation of ten (10) new <br />heating units; the covering and insulating of <br />skylights and windows; and re- roofing a <br />portion of the roof. The project will reduce <br />energy costs and provide for a more <br />comfortable working environment. The total <br />cost of the project is estimated at $352,000. <br />The project will not create any new full-time <br />jobs, but will maintain seventy -two (72) <br />existing permanent full-time and part-time <br />jobs with an annual payroll of $2,160,000. <br />A review of the petition finds that <br />Turnmaster has not received any previous <br />tax abatement. The building is properly <br />zoned for the proposed use. The property is <br />located in a Tax Abatement Impact Area, a <br />Tax Incremental Financing Allocation Area, <br />and the Sample -Ewing Development Area. <br />The project qualifies for ten years of real <br />property tax abatement under the tax <br />abatement ordinance. <br />Based on a project cost of $352,000 and a <br />constant tax rate of 14.3955, the project <br />will, without abatement, generate <br />approximately $168,907 in new taxes over <br />the ten year period. With abatement, the <br />project will generate approximately $85,298 <br />in taxes. Therefore, the cost of the <br />abatement is approximately $83,609 over the <br />dA <br />