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South Bend Redevelopment Commission <br />Regular Meeting - October 2, 1998 <br />6. NEW BUSINESS (CONT.) <br />a. continued.... <br />General Motors, Ford and others. The <br />expansion will enable the company to do <br />more in -house manufacturing rather than <br />having it outsourced. The building <br />addition will cost $1,300,000 and the <br />equipment cost will be $3,685,000. The <br />total estimated cost of this project is <br />$4,985,000. It is estimated that the <br />equipment will generate additional sales of <br />$7,986,000 by the year 2000. <br />Per the petition, it is estimated that this <br />project will create 48 new, permanent jobs <br />within the first year, representing a new <br />annual payroll of $1,340,000 and will <br />maintain 400 existing permanent full -time <br />jobs with an annual payroll of <br />$14,000,000. <br />A review of the tax abatements previously <br />granted, finds that Federal-Mogul South <br />Bend, Inc. (formerly known as AE Piston <br />Products, Inc. and AE Goetze, Inc.) has <br />been granted several previous tax <br />abatements: (1) A 10 -year real property <br />tax abatement in May 1986; (2) A five - <br />year personal property tax abatement in <br />May 1986; (3) A five -year personal <br />property tax abatement in April 1991; (4) <br />A 10 -year real property tax abatement in <br />July 1993; (5) A five -year personal <br />property tax abatement in July 1993; (6) <br />A five -year personal property tax <br />abatement in September 1994. <br />HAWPDATA \C0MMSN\100298.M1N -5- <br />