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South Bend Redevelopment Commission <br />Regular Meeting - June 5, 1998 <br />6. NEW BUSINESS (CONT.) <br />c. continued.... <br />The following staff report was <br />presented to the Commission regarding <br />the proposed tax abatement. <br />A drawing of the proposed project was <br />presented to the Commission. <br />SGW Realty, LLC is in the business of <br />manufacturing gears and machined <br />components to customer specifications. <br />The proposed project calls for <br />construction of an office /manufacturing <br />structure of approximately 80,000 to <br />100,000 square feet. There will be <br />room for an equal size expansion in the <br />future. The building will be a modular <br />steel structure with pre- fabricated <br />concrete panels. The exterior surface <br />will have a decorative texture or stain. <br />The building will have a 20' to 22' <br />ceiling. The entire building will be air <br />conditioned, equipped with fire <br />sprinklers, and will have both natural <br />and high intensity lighting. When <br />completed, the new Schafer Gear <br />Works plant will be a state -of -the -art <br />facility designed to meet their future <br />needs in a well located quality building. <br />The total estimated cost of the new <br />construction is $4.2 million. <br />Per the petition, it is estimated that this <br />project will create ten (10) new <br />permanent jobs within the first year, <br />representing a new annual payroll of <br />$250,000 and will maintain ninety -four <br />-17- <br />