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1 1 South Bend Redevelopment Commission Regular Meeting—October 30, 2014 7. PROGRESS REPORTS Ms. Hahn noted that three tax abatement declaratory resolutions were approved by the Common i Council on October 27. The first two are related, CBK Land Development and Chase Plastics. I Chase Plastics is the tenant. They are receiving a five-year personal property abatement for $265,000 worth of equipment. Taxes abated would be $10,783. Taxes to be paid are estimated at $12,800. CBK Land Development is the real estate holding company. They were approved for a ten-year real property abatement for construction of a distribution center at a cost of$4,885,376. Taxes to be abated are estimated at $546,737. Taxes to be paid are estimated at $960,185. The combined projects will create five jobs by the end of 2019 with a payroll of$143,000. Within ten years they expect to create 13 jobs with a payroll of$400,000 and maintain twelve jobs with a payroll of$430,000. IMack Tool and Engineering was approved for a five-year personal property abatement for equipment costing $1,950,000. That will result in the creation of 35 jobs with a payroll of $1,456,000 and maintain 60 jobs with a payroll of$3,000,000. Ms. Halm noted that the equipment to be purchased with the $4,950,000 is for the next two years. In the next three years they intend to I invest another $3,000,000 for additional equipment. i 8. NEXT COMMISSION MEETING The Next Regular Meeting of the Redevelopment Commission is scheduled for 9:30 a.m., 1 November 10, 2014 at Recital Hall, Century Center. I 9. ADJOURNMENT There being no further business to come before the Redevelopment Commission, Mr. Downes made t a motion that the meeting be adjourned. Mr. Inks seconded. The meeting was adjourned at 9:50a.m. Brock Zeeb, Economic Resources Marcia I. Jones, President I , 1 1 2 5 1 i