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South Bend Redevelopment Commission <br />Special Meeting - January 8, 1999 <br />6. NEW BUSINESS (CONT.) <br />a. continued.... <br />largest specialty company engaged in this <br />business. The project is necessitated by the <br />growth of Bludot's business to the point <br />that its current 9,000 sq ft facility is <br />inadequate to serve Bludot's customers. <br />The total estimated cost of the <br />construction is $800,000. <br />Per the petition, this project will not create <br />any new jobs. However, two new <br />positions have been added in the last year <br />as a result of the recent growth and <br />anticipated future growth which will be <br />served by the new facility, and will <br />maintain 12 existing permanent, full -time <br />jobs with an annual payroll of $600,000. <br />A review of the tax abatements previously <br />granted finds that Bludot, Inc. has not been <br />granted any previous tax abatements. <br />The building commissioner has reviewed <br />the petition and finds the property to be <br />properly zoned for the proposed project. <br />A review of the designated South Bend <br />Redevelopment areas finds that the <br />property is located in the Airport <br />Economic Development Area, which is a <br />Tax Incremental Allocation Area; <br />therefore, the petition for real property tax <br />abatement must first be approved by the <br />South Bend Redevelopment Commission. <br />HAWPDATATOMMSM010899.MM -4- <br />