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South Bend Redevelopment Commission <br />Regular Meeting -January 16, 1998 <br />6. NEW BUSINESS (CONT.) <br />c. continued.... <br />Area, which is a Tax Increment Allocation <br />Area, therefore, the petition for personal <br />property tax abatement must first be <br />approved by the South Bend <br />Redevelopment Commission. A review of <br />the Tax Abatement Ordinance finds that <br />Huckins Tool & Die meets the <br />qualifications for a five (5) year personal <br />property tax abatement. <br />Using an estimated equipment cost of <br />$157,000, taxes generated over the five - <br />year period total $14,595. Taxes abated <br />over the five -year period total $12,007. <br />Taxes still paid with the abatement over <br />the five -year period total $2,588. <br />Ken Rybicki, president of Huckins Tool & <br />Die, stated that his company has been in <br />the South Bend area for 62 years and has <br />been located at the Prairie address since <br />1965. Huckins Tool & Die is planning to <br />develop an expansion program to <br />accommodate all of the production <br />business that it's experiencing now. If <br />they take on more work than their <br />capacity, the work will be subleased and <br />sent out of state. Mr. Rybicki stated that <br />Huckins Tool & Die intends to purchase <br />the equipment in order to keep the work <br />in- house. The new equipment will add <br />approximately $800,000 in sales per year. <br />In order to remain productive, Huckins <br />Tool & Die plans to hire a salesperson to <br />handle the extra volume of work, a couple <br />more operators to run the new equipment <br />F:\ HOME\CPHIPPS \WPDATA \COMMSN\0I 1698.MIN -7- <br />