Laserfiche WebLink
<br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />Office of the Mayor <br /> <br />NEWS RELEASE <br />February 6, 2009 <br />12 p.m. <br /> <br />Westside business may pump $5.7 million into economy <br /> <br />Contact: <br />Mikki Dobski, Director of Communications & Special Projects, 235-5855 or 876-1564 <br />or Don Inks, Director of Economic Development, or Robert Mathia, Assistant Director of <br /> <br />Economic Development, 235-9371 <br /> <br /> <br />In the bitter winter of a national recession, a westside business is looking to expand its <br />operations, build a new manufacturing facility and warehouse, and create 28 new full- <br />time jobs. <br /> <br />The move would represent a new investment of nearly $4.3 million and new first-year <br />wages of $1.4 million that would be pumped into the South Bend economy. <br /> <br />But to do so, Royal Holdings Inc., doing business as Royal Adhesives, 2001 W. <br />Washington St., is seeking approval of two tax abatements, which gained unanimous <br />support Friday from the South Bend Redevelopment Commission. Tax abatements are <br />not an elimination of taxes, but a phase-in of the new taxes on new investment over a <br />defined period. All abatements require final approval from the South Bend Common <br />Council. <br /> <br />Royal Adhesives is a manufacturer of specialty adhesives for use in industrial and <br />commercial settings. It is seeking the abatements to assist with: <br />? <br />Demolition of the former O’Brien Paint building to make way for construction of an <br />8,294-square-foot manufacturing facility. <br />? <br />Adding a 22,525-square-foot warehouse to support operations. <br />? <br />Equipping the manufacturing facility with nearly $3.2 million in equipment, including <br />mixers, raw material storage tanks, various pilot mixers for development work, and <br />testing equipment associated with the production and testing of specialty adhesives. <br /> <br />“We welcome this opportunity from Royal Adhesives to invest in our community’s <br /> <br />