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South Bend Redevelopment Commission <br />Regular Meeting - September 2, 1994 <br />6. NEW BUSINESS (Cont.) <br />C. continued... <br />sell and deliver products to floor covering <br />stores and tile contractors in Indiana, <br />Michigan and Ohio. They also have a <br />branch location in Fort Wayne. The South <br />Bend property consists of warehousing, <br />offices and a showroom. Their project calls <br />for the rehabilitation and expansion of the <br />existing warehouse, showroom and offices. <br />The 16,000 square foot building will be <br />rehabilitated and 10,000 square feet of new <br />space will be added primarily for <br />warehousing. The total cost of the project is <br />estimated at $250,000. It is estimated that <br />the project will create two new, permanent <br />jobs within the first year, representing an <br />annual payroll of $43,000 and will maintain <br />eleven existing, permanent, full-time and no <br />part-time jobs with an annual payroll of <br />$360,000. <br />Miles Distributing has not been granted any <br />previous tax abatements. The property is <br />not located in an area presently designated <br />as a Tax Abatement Impact Area . It is <br />located in the Airport Economic <br />Development Area, a Tax Incremental <br />Financing Allocation Area. The project <br />qualifies for three years of real property tax <br />abatement under the Tax Abatement <br />Ordinance. <br />A review of the cost of the abatement shows <br />that without abatement, the project will <br />generate $37,160 in new taxes. With <br />abatement, the new taxes will be <br />approximately $12,510. Therefore, the cost <br />-15- <br />