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RM 05-19-95
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RM 05-19-95
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South Bend Redevelopment Commission <br />Regular Meeting - May 19, 1995 <br />6. NEW BUSINESS (Cont.) <br />d. Commission approval requested for <br />Resolution No. 1346 approving an <br />application for real property tax <br />deduction for property located at 3900 <br />William Richardson Drive in the Airport <br />Economic Development Area. <br />( Absorbtech) <br />Mr. Beitzinger read the staff report on the <br />project. Absorbtech is in the business of <br />industrial laundering. They have developed <br />a launderable absorbent product, called <br />Sorbits, that is a practical and cost effective <br />alternative for the disposal of material <br />saturated with industrial process fluids in an <br />environmentally friendly manner. Their dry <br />cleaning process captures these fluids so <br />they can be reused or safely disposed of, <br />and not landfilled. The project calls for the <br />construction of a 40,000 square foot dry <br />cleaning facility on 12 acres of land in the <br />Toll Road Industrial Park. The total project <br />cost is estimated at $3 million, with the new <br />building cost estimated to be $1.8 million. <br />The project is expected to create 23 new <br />permanent jobs within the first year, <br />representing a new annual payroll of <br />$530,000. <br />Absorbtech has not been granted any <br />previous tax abatement consideration. The <br />property is properly zoned for the proposed <br />use. The property is not located in an area <br />presently designated as a 'Pax Abatement <br />Impact Area, although the property is <br />located in the Airport Economic <br />Development Area, which is a Tax <br />Incremental Financing Allocation Area. <br />-7- <br />
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