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South Bend Redevelopment Commission <br />Regular Meeting - August 20, 1993 <br />5. OLD BUSINESS (Cont.) <br />a. continued... <br />July 22, 1991 and is in compliance with <br />the reporting requirements for that <br />abatement. <br />Without abatement, the $12,000,000 <br />worth of equipment would generate <br />approximately $1,117,090 of new taxes <br />over the five year period. With <br />abatement, the project will generate <br />approximately $198,082 in new taxes. <br />Therefore, the cost of the abatement is <br />approximately $919,008 over the five <br />year period. <br />Mr. Witucki, Solvay Automotive, noted <br />AWN that Solvay will secure three contracts <br />with the installation of this equipment: <br />for the Chrysler NS mini -van; for a car <br />to replace the Ford Tempo /Topaz; and <br />for Chrysler's JA car which will replace <br />the Plymouth Acclaim. <br />Mr. Piasecki asked if Solvay was the <br />only manufacturer of this type of gas <br />tank. Mr. Witucki responded that they <br />have three or four competitors in the <br />U.S. as well as some in Europe. <br />Mr. Sharp asked the term of the <br />contracts. Mr. Witucki responded that <br />the contracts are one year contracts, <br />which would be expected to be renewed. <br />512 <br />