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07-18-08 Redevelopment Commission Minutes
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07-18-08 Redevelopment Commission Minutes
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South Bend Redevelopment Commission <br />Regular Meeting -July 18, 2008 <br />6. NEW BUSINESS (CONT.) <br />B. Tax Abatements <br />(4) continued... <br />capacity for non-military contracts. GTA <br />Containers manufactures collapsible pillow <br />tanks for fuel or water storage. The <br />containers range in size from 3,000 to <br />210,000 gallons. The estimated cost of the <br />building is $2,200,000 to $2,800,000. GTA <br />containers will own the equipment on the <br />site. The new equipment to be installed will <br />have an estimated cost of $250,400. It <br />includes automatic fabric cutting equipment <br />and various machines for fabric sealing using <br />hot air and radio frequency technology. <br />GTA was recently offered two five-year <br />contracts from the U. S. Army. They had <br />been expecting only one. With either one, <br />they could have handled production in their <br />existing facility. Winning both contracts, <br />they need the additional space. <br />Total taxes to be abated during the seven- <br />year real property abatement are estimated at <br />$213,032. Total taxes to be paid during that <br />same period are estimated at $851,108. <br />Total taxes to be abated during the five-year <br />personal property abatement are estimated at <br />$5,725. Total taxes to be paid on the new <br />personal property during that same period are <br />estimated at $81,228. <br />The project is estimated to create six to <br />eleven permanent, full-time jobs with an <br />annual payroll of $160,000 to $260,000. The <br />project will retain thirty-one existing <br />permanent, full-time jobs (of which twenty- <br />nine are minority) with an annual payroll of <br />23 <br />
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