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South Bend Redevelopment Commission <br />Meeting - May 17, 1996 <br />6. NEW BUSINESS (Cont.) <br />f. continued.... <br />leveling, pickling, temper rolling, and <br />shearing. In connection with the <br />production operations, the company takes <br />substantial positions in steel and steel <br />products for the future marketing and <br />sale of the same to its customers. Their <br />project calls for the construction of <br />45,000 square feet of new space in order <br />to add additional manufacturing, <br />warehousing, and related space. The <br />total construction cost is estimated at <br />$1,200,000. Along with the additional <br />floor space, new manufacturing <br />equipment consisting of overhead cranes <br />and related material handling equipment <br />to process steel coils to be added at an <br />estimated cost $175,000. Steel <br />Warehouse has also indicated that the <br />new manufacturing equipment will not be <br />replacing any existing manufacturing <br />equipment. It is estimated that this <br />project will create nine new permanent <br />full-time jobs in the first year <br />representing an annual payroll of <br />$208,000 and will maintain three <br />hundred and thirty -eight existing <br />permanent full-time jobs with an annual <br />payroll of $14,475,000. <br />A review of the tax abatements <br />previously granted finds that Steel <br />Warehouse has been granted several <br />previous real and personal property tax <br />abatements. Steel Warehouse has been <br />and currently is in compliance with the <br />reporting requirements for the previous <br />-10- <br />