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South Bend Redevelopment Commission <br />Regular Meeting –December 19, 2008 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />A. Tax Abatements <br /> <br />(2) continued… <br /> <br />weighing the consolidation of its existing <br />Elkhart operations to South Bend or <br />Henderson, Kentucky. The proposed project <br />site in South Bend is a 92,249 square foot <br />vacant industrial building located at 3615 <br />Voorde Drive that has been vacant for over <br />one year. The South Bend site would require <br />rehabilitation and installation of equipment in <br />the landlord’s building. The rehabilitation <br />includes the installation of docks, office <br />build-out/remodeling, new sprinkler system <br />installation, electrical upgrades, HVAC <br />improvements and reception area build out. <br />The total cost of the rehabilitation is <br />estimated at $1,277,000. Fortis Plastics <br />would lease the building from AIC Ventures. <br /> <br />As far as the personal property abatement, <br />the equipment to be purchased includes new <br />and used plastic injection mold machines and <br />extruders, computers, IT infrastructure and <br />servers. The used equipment would be <br />acquired from outside the State of Indiana. <br />The equipment to be installed on the site has <br />a total estimated cost of $2,218,900 <br /> <br />The applicant is in the early stages of the <br />rehabilitation design and the contracting <br />process. Therefore, it does not have a firm <br />list of contractors. Based on current <br />information it is estimated that the applicant <br />will qualify for a three-year abatement. The <br />length of this period could increase <br />depending on the final selection of the <br />contractors. However, it is not expected to <br />exceed five years. <br /> 6 <br /> <br />