Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting - July 18, 1997 <br />6. NEW BUSINESS (CONT.) <br />c. continued.... <br />involving slitting, leveling, pickling, <br />temper rolling, and shearing. In <br />connection with the production <br />operations, the company takes substantial <br />positions in steel and steel products for <br />the future marketing and sale of the same <br />to its customers. Their lastest project <br />calls for the construction of between <br />60,000 and 100,000 square feet of <br />building additions to add additional <br />manufacturing, warehousing, and related <br />space to the company's current facilities. <br />The total construction cost is estimated to <br />be between $1,400,000 and $2,300,000. <br />Along with the additional floor space, <br />new manufacturing equipment to process <br />steel coils and sheets will be added at an <br />estimated cost of between $1,00,000 and <br />$2,000,000. <br />Per the petition, it is estimated that this <br />project will create five (5) new permanent <br />full -time jobs in the first year <br />representing an annual payroll of <br />$120,000 and will maintain three hundred <br />and ninety -three (393) existing permanent <br />full -time and part-time jobs with an <br />annual payroll of $14,305,600. A review <br />of the tax abatements previously granted <br />finds that Steel Warehouse Co., Inc. and <br />A &F Realty and Steel Warehouse of <br />Indiana, Inc. have been granted several <br />previous real and personal property tax <br />abatements. Steel Warehouse Co., Inc. <br />and A &F Realty and Steel Warehouse of <br />H:\ HOME\ CPHIPPS \WPDATA \COMMSN\071897.MIN -9- <br />