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South Bend Redevelopment Commission <br />Regular Meeting - December 15, 1995 <br />6. NEW BUSEWSS (Cont.) <br />d. continued... <br />chemical industry. Their project <br />calls for the purchase and installation <br />of equipment for manufacturing <br />aluminum containers. The <br />equipment to be installed will consist <br />primarily of machines for cutting, <br />forming, welding and assembly of <br />the containers. Some of the <br />equipment will be located at their <br />main location on Foundation Court, <br />while the balance of the equipment <br />will be located in space they lease on <br />Mayflower Road. The total <br />estimated cost of the new equipment <br />is $1,100,000. <br />It is estimated that this project will <br />result in the creation of seventeen <br />(17) new permanent full time <br />positions representing an annual <br />payroll of $340,000, and will <br />maintain twenty (20) existing <br />permanent full-time and part -time <br />jobs representing an annual payroll <br />of $520,000. <br />0-T -D Corporation has been granted <br />two previous tax abatements: A <br />three (3) year real property tax <br />abatement and a five (5) year <br />personal property tax abatement in <br />April 1993. <br />The property is properly zoned for <br />the proposed use. The property is <br />not located in an area presently <br />designated as a Tax Abatement <br />Impact Area, but is located in the <br />Airport Economic Development Area <br />-13- <br />