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South Bend Redevelopment Commission <br />Regular Meeting - November 17, 1995 <br />6. NEW BUSINESS (Cont.) <br />h. continued... <br />Corporation. Garphyttan Wire is a <br />manufacturer of valve spring wire for the <br />automotive industry. State of the art <br />machinery and equipment will be purchased <br />and brought in by Garphyttan for <br />manufacturing the wire. The total cost of <br />the building is estimated at $3 million, while <br />the total cost of the equipment is estimated <br />at $8.9 million. <br />It is estimated that this project will create <br />approximately forty (40) new permanent <br />full-time jobs in the first year, representing <br />an annual payroll of approximately <br />$1,500,000. <br />Garphyttan has not been granted any <br />previous tax abatement. The property is <br />properly zoned for the proposed use. <br />The property is not located in an area <br />presently designated as a Tax Abatement <br />Impact Area, but is located in the Airport <br />Economic Development Area, which is a <br />Tax Incremental Financing Allocation Area. <br />Garphyttan meets the qualifications for a ten <br />(10) year real property tax abatement and <br />for a five (5) year personal property tax <br />abatement under the Tax Abatement <br />Ordinance. <br />A review of the cost of the real property tax <br />abatement shows that without abatement the <br />project will generate approximately <br />$1,512,276 in new taxes over a ten year <br />-10- <br />