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South Bend Redevelopment Commission <br />Regular Meeting –March 6, 2009 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />A. Tax Abatements <br /> <br />(1) continued… <br /> <br />playgrounds and for landscaping. <br /> <br />The equipment to be purchased is a tire <br />shredding machine. The new machine will <br />double the company’s production capacity. <br />This relatively new company has been using <br />three prototype machines to manufacture its <br />product since it began, two years ago. The <br />prototypes are not built to withstand the <br />rigors of the company’s current production <br />schedule. The new machine is stronger and <br />will ease the burden on the three prototypes. <br />In fact, the new machine is based on a design <br />that Treadstone developed and provided to <br />the machine manufacturer. The estimated <br />cost of the new machine is $200,000. <br /> <br />Based on the estimated cost of machinery, <br />total taxes to be abated during the five-year <br />abatement period are estimated at $7,815. <br />Total additional taxes to be paid as a result of <br />the project during the five-year abatement <br />period are estimated at $6,311. <br /> <br />It is estimated that the project will create <br />three new, permanent full-time positions with <br />an annual payroll $60,000. The project will <br />also maintain four existing permanent full- <br />time positions and one existing part-time <br />position with a total annual payroll of <br />$160,000. <br /> <br />Treadstone, LLC, has not received any <br />previous tax abatements. The property is <br />properly zoned for the proposed project. The <br />property is located in the Airport Economic <br /> 10 <br /> <br />