Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting - November 17, 1995 <br />6. NEW BUSINESS (Cont.) <br />h. continued... <br />period. With abatement the project will <br />generate approximately $763,612. <br />Therefore, the cost of the 10 year real <br />property tax abatement will be <br />approximately $748,499. <br />A review of the cost of the personal <br />property tax abatement shows that without <br />abatement the project will generate <br />approximately $870,276 in new taxes. With <br />abatement the project will generate <br />approximately $154,317. Therefore, the <br />cost of the five year personal property tax <br />abatement will be approximately $715,959. <br />Mr. Hughes noted that Project Future has <br />been working with this firm for about five <br />years. It is a Swedish company that has <br />been in business for over 90 years. They <br />sell valve spring wire to valve spring <br />manufacturers in the United States. Their <br />market has grown such that they now need a <br />plant in the United States. The company <br />reinvigorated their search for a location last <br />spring, concentrating on the midwest. Mr. <br />Hughes noted that one of the critical issues <br />in the decision to locate in South Bend was <br />that all the infrastructure was in place in the <br />area. The company will locate in the H. G. <br />Baus Centre, a ten acre site bounded on the <br />east by Commerce Drive and on the north <br />by Nimtz Parkway. They will employ about <br />40 people and hope to double their size, <br />depending on their success in the American <br />market. <br />-11- <br />