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South Bend Redevelopment Commission <br />Regular Meeting - March 17, 1995 <br />6. NEW BUSINESS (Cont.) <br />C. continued... <br />an extremely competitive industry. The <br />total cost of the equipment is estimated <br />between $2.75 and $3 million. <br />Per the petition, the project is estimated to <br />create between four and five (4 -5) new <br />permanent full-time jobs within the first <br />year, representing an annual payroll of <br />between $100,000 and $150,000, and will <br />maintain 100 existing jobs representing an <br />annual payroll of $4.5 million. <br />Mossberg Printing has been granted several <br />previous tax abatements (a real property <br />abatement on August 11, 1980 and a real <br />and personal property abatement on August <br />28, 1988. The petitioner is in compliance <br />with the reporting requirements for the <br />previous abatements. The property is <br />properly zoned for the proposed use. The <br />property is located in an area presently <br />designated as a Tax Abatement Impact Area <br />and is also located in the South Bend <br />Central Development Area, which is a Tax <br />Incremental Financing Allocation Area. <br />Therefore, the petition for personal property <br />tax abatement must first be approved by the <br />South Bend Redevelopment Commission. A <br />review of the Tax Abatement Ordinance <br />finds that the petitioner meets the <br />qualifications for a 5 year personal property <br />tax abatement. <br />A review of the cost of the abatement shows <br />that, with a new equipment cost of <br />$3,000,000 and a constant tax rate, the taxes <br />511 <br />