Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting - August 20, 1993 <br />5. OLD BUSINESS (Cont.) <br />a. continued... <br />N. Bendix Drive in the Airport <br />Economic Development Area. (Solvay <br />Automotive, Inc.) <br />Mr. Beitzinger gave the staff report on <br />the project. Solvay Automotive is a <br />manufacturer of high density <br />polyethylene fuel tanks for the <br />automotive industry. Their project calls <br />for the purchase and installation of <br />manufacturing equipment to produce <br />plastic fuel tanks for Chrysler and plastic <br />parts for Ford. It is anticipated that the <br />project will generate $42,000,000 in <br />additional sales. The total projected cost <br />of the equipment is $12,000,000. <br />The project will create eighty -seven new <br />permanent, full-time jobs in the first <br />year, representing an annual payroll of <br />$1,580,000 and will maintain two <br />hundred ninety existing permanent, full- <br />time and existing part-time jobs with an <br />annual payroll of $7,700,000. <br />The property is properly zoned for the <br />proposed use. The property is not <br />located in an area presently designated as <br />a Tax Abatement Impact Area. The <br />property is, however, located in the <br />Airport Economic Development Area <br />and in a Tax Incremental Financing <br />Allocation Area. The project qualifies <br />for five years of personal property tax <br />abatement under the tax abatement <br />ordinance. Solvay was granted a five <br />year personal property tax abatement on <br />-4- <br />