According to the South Bend Tribune, the city will support two economic development projects linked to as many as 48 new jobs over the next 10 years.

By separate votes of 8-0, the Common Council agreed Monday to tax abatements for Chase Plastics and Mack Tool & Engineering, both of South Bend.

The Chase abatement — for five years on personal property and 10 years on real property — is valued at $557,517, while the Mack abatement — for five years on personal property — is valued at $79,349.

Based on combined new property taxes of $1,071,336, the estimated return on investmenthttp://images.intellitxt.com/ast/adTypes/icon1.png for each abatement is four years.

A producer of precision-machined parts for the aerospace and medical industries, Mack plans to investhttp://images.intellitxt.com/ast/adTypes/icon1.png $4.95 million in new equipment over the next five years to meet growing demand in the aerospace industry.

The project is expected to create 35 full-time jobs, representing an annual payroll of $1.45 million, and maintain 60 full-time jobs, representing an annual payroll of $3 million.

Mack is located at 2820 Viridian Drive, west of Bendix Drive next to South Bend Internationalhttp://images.intellitxt.com/ast/adTypes/icon1.png Airport.

Chase, meanwhile, plans to construct a new $5.4 million distribution center at Ameriplex at Interstate 80/90, formerly Portage Prairie, north of the airport.

The project is expected to create 13 full-time jobs by 2024, representing an annual payroll of $400,000, and maintain 12 full-time jobs, representing an annual payroll of $430,000.

The city, for its part, has agreed to contribute about $150,000 in tax increment finance fundshttp://images.intellitxt.com/ast/adTypes/icon1.png to the project.

A thermoplastics distributor serving customers in North and Central America, Chase reportedly looked at other locations before settling on South Bend.

The company’s new 125,000-square-foot distribution center will be located on 9.55 acres of land at 5233 Dylan Drive, north of Brick Road and east of the U.S. 20 bypass.

A groundbreaking date has not been announced.

Source: South Bend Tribune