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South Bend Redevelopment Commission <br />Regular Meeting - October 2, 1998 <br />6. NEW BUSINESS (CONT.) <br />a. continued.... <br />Development Citywide, because no <br />building permit has been issued. <br />Additionally, Federal -Mogul South Bend, <br />Inc. meets the qualifications for a five -year <br />personal property tax abatement under <br />Tangible Personal Property Tax <br />Abatement. <br />Using the estimated project cost of <br />$4,985,000, the taxes generated over the <br />six -year period will be approximately <br />$379,165. Taxes abated over the six -year <br />period will be approximately $222,865. <br />Taxes still to be paid with the abatement <br />over the six -year period will be <br />approximately $156,300. <br />Nancy VanScoyk, an Economic <br />Development Specialist, introduced Dick <br />Monagle of Federal-Mogul South Bend, <br />Inc. Mr. Monagle stated that Federal - <br />Mogul South Bend, Inc. makes 12 million <br />pistons a year for General Motors and <br />Ford. Federal -Mogul South Bend, Inc.'s <br />customers want more coatings put on the <br />pistons, so Federal-Mogul South Bend, <br />Inc. would add two different kinds of <br />coatings to the pistons. <br />Mr. Monagle stated that Federal -Mogul <br />South Bend, Inc. initially had been <br />shipping bare pistons to General Motors <br />and Ford, and subsequently General <br />Motors and Ford would add other parts to <br />the pistons. However, General Motors and <br />Ford plan to subcontract some of the <br />HAWPDAMCOMMSM 100298.MIN -7- <br />