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South Bend Redevelopment Commission <br />Regular Meeting -September 17, 2010 <br />6. NEW BUSINESS (CONT.) <br />B. Tax Abatement <br />(1) continued... <br />pickling, shearing, temper rolling, and cold <br />reducing. Steel Warehouse also supplies <br />profiling parts through its plasma and laser <br />cutting operations. In connection with its <br />operations, the company takes substantial <br />positions in steel and steel products for the <br />future sale and marketing of the same to its <br />customers. <br />This abatement request for personal property <br />at 2722 W. Tucker involves the acquisition <br />of equipment for manufacturing, servicing, <br />processing and material handling of steel and <br />steel products, having a total cost expected to <br />be fi•om ~ 1,000,000 to 52,500,000. The <br />acquisition will enable the company to add <br />capacity to and to modernize its existing <br />manufacturing equipment and facilities at <br />this location. <br />Total taxes to be abated during the five-year <br />abatement period are estimated to be between <br />56,445 and 516,1 13. Total taxes to be paid <br />during the five-year abatement period are <br />estimated to be between 567,999 and <br />$169,997. <br />Ms. Hahn noted that the project is expected <br />to create four to seven new permanent full- <br />time jobs at the Tucker location representing <br />a new annual payroll of 5134,500 to <br />5232,600. The project is also expected to <br />retain a total of four full-time jobs, <br />representing an annual payroll of ~,133,120. <br />6 <br />