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South Bend Redevelopment Commission <br />Regular Meeting - October 20, 1995 <br />6. NEW BUSINESS (Cont.) <br />e. Commission approval requested for <br />Resolution No. 1377 approving an <br />application for Personal Property Tax <br />Deduction for property located at 1545 <br />South Olive Street in the Sample -Ewing <br />Development Area. ( Interplastic <br />Corporation, Molding Products Division) <br />Mr. Beitzinger read the staff report on the <br />project. The Molding Products Division of <br />the Interplastic Corporation manufactures and <br />sells sheet molding compound (SMC) and <br />related products. Their project calls for the <br />construction of a 30,000 square foot addition <br />which will house three SMC machines and <br />associated peripheral equipment. Two of the <br />machines will be used for manufacturing, <br />while the third machine will be used as a <br />laboratory model. The total cost of the <br />building addition is estimated at $1 million and <br />the new equipment cost is estimated at $1.5 <br />million. With equipment setup and peripheral <br />equipment, the total cost of the project is <br />estimated at $3 million. <br />Per the petition, it is estimated that this project <br />will create twenty three (23) new, permanent, <br />full-time jobs, within the first year <br />representing an annual payroll of $520,000, <br />and will maintain forty three (43) existing <br />permanent full-time and nine (9) existing <br />permanent part-time jobs representing an <br />annual payroll of $1.2 million. <br />A review of the tax abatements previously <br />granted finds that this petitioner has not been <br />granted any previous tax abatement <br />consideration. <br />-5- <br />