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South Bend Redevelopment Commission <br />Regular Meeting –February 6, 2009 <br /> <br />the operation. Total cost of construction is <br />expected to be $1,127,543. The equipment <br />to be purchased includes mixers, raw <br />materials storage tanks, and various pilot <br />mixers. Some of the equipment may be <br />purchased used, but will come from outside <br />the State of Indiana. The equipment has a <br />total estimated cost of $3,168,075. <br /> <br />Royal Holdings is in the early stages of the <br />construction contracting process. Therefore, <br />it does not have a firm list of contractors. <br />Based on current information it is estimated <br />that the applicant will qualify for a three-year <br />abatement. The length of this period could <br />increase depending on the final selection of <br />the contractors. However, it is not expected <br />to exceed five years. <br /> <br />In the case of real property, total taxes to be <br />abated during a three-year abatement period <br />are estimated at $28,556. Total additional <br />taxes to be paid as a result of the project <br />during the three-year abatement period are <br />estimated at $73,449. <br /> <br />If the project should qualify for a five year <br />abatement, total taxes to be abated during a <br />five-year abatement period are estimated at <br />$39,675. Total additional taxes to be paid as <br />a result of the project during the five-year <br />abatement period are estimated at $130,333. <br /> <br />For the personal property abatement, total <br />taxes to be abated during the (5) five-year <br />abatement period are estimated at $53,424. <br />Total additional taxes to be paid as a result of <br />the project during the five-year abatement <br />period are estimated at $177,784. <br /> <br />It is estimated that the project will create <br />twenty-eight (28) new, permanent full-time <br /> 6 <br /> <br />