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South Bend Redevelopment Commission <br />Regular Meeting - July 18, 1997 <br />6. NEW BUSINESS (CONT.) <br />c. continued.... <br />$332,063. Taxes still paid with the <br />abatement total approximately $338,772. <br />Mike Beitzinger stated that if the project <br />cost reaches $2,300,000, real property <br />taxes generated over ten years are <br />estimated to total approximately <br />$1,102,087. Taxes abated over ten years <br />total approximately $545,533. Taxes still <br />paid with abatement total approximately <br />$556,772. <br />Jerry Lerman stated that the equipment is <br />needed by Steel Warehouse to maintain <br />its level of competitiveness in an <br />increasingly competitive industry. He <br />stated that many years ago, when Steel <br />Warehouse Company, Inc. started <br />applying for tax abatements, they were <br />facing a market structure that primarily <br />consisted of privately held companies like <br />Steel Warehouse. He stated that many <br />years later, Steel Warehouse is faced with <br />publicly held companies. <br />He stated that many of the publicly held <br />companies have access to capital that <br />Steel Warehouse doesn't have access to <br />and that many of the companies are <br />multi - geographic companies. He noted <br />that Steel Warehouse is primarily located <br />in South Bend. <br />Jerry Lerman stated that Steel Warehouse <br />is far from the largest company in this <br />H:\HOME\CPHIPPS\WPDATA\CON4MSM071897.MIN _11- <br />