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South Bend Redevelopment Commission <br />Regular Meeting of February 6, 1998 <br />6. NEW BUSINESS (CONT.) <br />f. continued.... <br />Expanded Metal Company has been <br />formed to manufacture and sell expanded <br />metal products and full size expanded <br />metal sheets to the steel service center <br />industry. Operations are expected to <br />commence in March 1998 and the <br />equipment is on order. The new <br />equipment will be used to manufacture <br />expanded metal sheets. The total cost of <br />the new equipment is estimated at <br />$875,000. <br />Per the petition, it is estimated that this <br />project will create eighteen (18) permanent <br />new jobs representing an annual payroll of <br />$462,000. <br />A review of the tax abatements previously <br />granted finds that Expanded Metal <br />Company has not been granted any <br />previous tax abatements, however, the <br />company is related through ownership to <br />Steel Warehouse Company, Inc. and Lock <br />Joint Tube Company. Inc., both of which <br />have been granted previous abatements. <br />Both Steel Warehouse and Lock Joint <br />Tube are in compliance with the reporting <br />requirements for the previous abatements. <br />The building commissioner has reviewed <br />the petition and finds the property to be <br />properly zoned for the proposed use. A <br />review of the designated South Bend <br />Redevelopment areas finds that the <br />property is located in the Sample -Ewing <br />Development Area, which is a Tax <br />Incremental Financing Allocation Area, <br />-12- <br />