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South Bend Redevelopment Commission <br />Regular Meeting - July 15, 1994 <br />6. NEW BUSINESS (Cont.) <br />C. continued... <br />speed up the feeding of the processing <br />equipment and will reduce the noise that is <br />currently associated with the feeding line. <br />The wire will remove the insulation from <br />copper and aluminum wire and then chop <br />the wire to required sizes. This job is <br />currently being done out of state. <br />The projected costs are $465,000 for each <br />crane and $350,000 for the wire line, with <br />total project costs estimated at $1,280,000. <br />The project will create sixteen new, <br />permanent jobs within the first year, <br />representing a new annual payroll of <br />$380,240 and will maintain one hundred <br />thirty existing, permanent full-time jobs with <br />an annual payroll of $2,320,000. <br />South Bend Scrap & Processing has been <br />granted two previous real property tax <br />abatements (a 10 -year abatement in <br />November 1984 and a 3 -year abatement in <br />October 1988) and is in compliance with the <br />reporting requirements for those abatements. <br />The property is properly zoned for the <br />proposed use. The property is located in an <br />area presently designated as a Tax <br />Abatement Impact Area and is also located <br />in the Sample -Ewing Development Area, a <br />Tax Incremental Financing Allocation Area. <br />The project qualifies for five years of <br />personal property tax abatement under the <br />tax abatement ordinance. <br />0 <br />