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South Bend Redevelopment Commission <br />Regular Meeting -July 18, 2008 <br />6. NEW BUSINESS (CONT.) <br />B. Tax Abatements <br />(3) Commission approval requested for <br />Resolution No. 2470 approving an <br />application for personal property tax <br />deduction for property located at 1840 N. <br />Commerce Drive in the Airport Economic <br />Development Area (Stanz Foodservice, <br />Inc.) <br />Mr. Mathia gave the staff report on the <br />project. Stanz Foodservice is a full line, full <br />service distribution business. It uses its <br />warehouse and distribution facility to store <br />refrigerated and frozen goods, as well as dry <br />goods and facilitate the transfer of the goods <br />to customers throughout northern Indiana and <br />southern Michigan. This project consists of <br />the acquisition and installation of new <br />logistical, distribution and information <br />technology equipment, including warehouse <br />racking systems, forklifts, pallet movement <br />mechanisms, GPS monitoring and tracking <br />systems, etc. The cost of the proposed <br />project is estimated between $350,000- <br />$850,000. Total taxes to be abated during <br />the five-year abatement period are estimated <br />at $15,119. Total taxes to be paid during the <br />five-year abatement period are estimated at <br />$136,325. The project is not expected to <br />create additional jobs within the first year, <br />but will enable Stanz to maintain 162 <br />existing full-time and 9 existing part time <br />jobs with an annual payroll of $7,251,439. <br />Stanz Foodservice has been associated with <br />two previous tax abatements and has one <br />abatement pending from 2007. The property <br />is properly zoned for the proposed use. The <br />property is in the Airport Economic <br />20 <br />