Laserfiche WebLink
South Bend Redevelopment Commission <br />Special Meeting - October 9, 1998 <br />2. OLD BUSINESS <br />a. continued.... <br />The following staff report was presented to <br />the Commission for its consideration. <br />Federal -Mogul South Bend, Inc. is <br />proposing to expand its existing business <br />to include a 25,000 sf. addition. The <br />expansion will include piston assembly <br />equipment, additional piston coating and <br />piston anodize equipment. The company <br />manufactures automotive pistons from raw <br />aluminum to a finished product for <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 and they are as follows: (1) A <br />HAWPDATA \C0MMSN\100998.MIN -2- <br />