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RM 02-18-94
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RM 02-18-94
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uth Bend Redevelopment Commission <br />gular Meeting - February 18, 1994 <br />6. NEW BUSINFS Cont.) <br />continued... <br />Mr. Beitzinger read the staff report on <br />the project. Midwest Embroidery is a <br />manufacturer and supplier of high quality <br />embroidered and screen printed garments <br />to the licensed and premium industry. <br />Their project calls for the purchase of <br />eight new Tajima multi -head embroiderY <br />machines at a cost of $90,000 each and <br />one automated screen print machine with <br />dryer at a cost of $85,000. The total <br />project cost is estimated to be $805,000. <br />The project will create twenty -one new <br />permanent jobs, representing a new <br />annual payroll of $310,000 and will <br />maintain ninety -two existing permanent <br />full time and part time jobs representing <br />an annual payroll of $1,590,584. <br />The petitioner has not been granted any <br />previous tax abatement. The property is <br />properly zoned for the proposed use. <br />The property is not located in an area <br />presently designated as a Tax Abatement <br />Impact Area, but is located in the <br />Airport Economic Development Area, <br />which is a Tax Incremental Financing <br />Allocation Area. The petitioner meets <br />the qualifications for a five year personal <br />property tax abatement under the tax <br />abatement ordinance. <br />Without abatement, the project will <br />generate approximately $73,009 in new <br />taxes over the five year period. With <br />abatement, the project will generate <br />approximately $12,946. Therefore, the <br />-8- <br />
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