10-30-14 Redevelopment Commission Minutes

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I South Bend Redevelopment Commission Regular Meeting—October 30, 2014 7. PROGRESS REPORTS 1 Ms. Hahn noted that three tax abatement declaratory resolutions were approved by the Common Council on October 27. The first two are related, CBK Land Development and Chase Plastics. 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. 1 Mack 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. Hahn 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 invest another $3,000,000 for additional equipment. 8. NEXT COMMISSION MEETING i The Next Regular Meeting of the Redevelopment Commission is scheduled for 9:30 a.m., November 10, 2014 at Recital Hall, Century Center. 9. ADJOURNMENT 1 There being no further business to come before the Redevelopment Commission, Mr. Downes made a motion that the meeting be adjourned. Mr. Inks seconded. The meeting was adjourned at 9:50a.m. Brock eZ eb, co) ', nomic Resources Marcia I. Jones, Pres i , I I I 1 1 1 1 t 9 J 1 5 I 1