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South Bend Redevelopment Commission <br />Regular Meeting - September 01, 2000 <br />6. NEW BUSINESS (CONT.) <br />g. continued... <br />Mr. Inks noted that item 6.g and 6.h were tax <br />deductions for the same project and asked that <br />they be heard together. <br />Ms. Moran presented the Tax Abatement Report <br />for Real and Personal Property tax deduction for <br />Federal -Mogul South Bend, Inc. She stated that <br />the petitioner is proposing to expand the existing <br />business to include a 40,000 sq. ft. addition that <br />will house foundry and assembling equipment for <br />automotive pistons. The total estimated cost will <br />be $9,000,000 and the new equipment is <br />expected to increase sales by 15 %. <br />Ms. Moran explained that the project will create <br />68 new permanent jobs the first year and will <br />maintain 450 permanent full time jobs with an <br />annual payroll of $14,500,000. She stated that <br />the petitioner has been granted several tax <br />abatements and is compliance with the reporting <br />requirements for each of the previous <br />abatements. Ms. Moran also noted that the <br />property is properly zoned and is located in the <br />Airport Economic Development Area, which is a <br />Tax Incremental Allocation Area. She noted that <br />the total taxes due during the abatement is <br />$993,262, the total taxes to be abated is $491,665 <br />and the total taxes paid during the abatement is <br />$501,597. <br />Upon a motion by Mr. Faccenda, seconded by <br />Mr. Kahn and unanimously carried, the <br />Commission approved Resolution No. 1792 <br />approving an application for real property tax <br />deduction in the Airport Economic Development <br />Area. (Federal -Mogul South Bend, Inc.) <br />Eel <br />