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South Bend Redevelopment Commission <br />Regular Meeting –January 15, 2010 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />B. Tax Abatements <br /> <br />(1) continued… <br /> <br />Mr. Mathia gave the staff report on the <br />project. Endeavor Machined Products, Inc. is <br />a start-up company that plans to begin <br />production in the near future. They will <br />manufacture precision machined parts for the <br />wind power, petroleum exploration, <br />aerospace and orthopedic industries. The <br />equipment the company intends to procure <br />will be used to manufacture prototype parts <br />to demonstrate their design and production <br />integrity in order to eventually release them <br />for production. The company will fabricate <br />the parts based on their clients’ designs. <br /> <br />The equipment to be purchased includes a <br />CNC five axis machining center, a CNC <br />lathe, coordinate measuring machine, general <br />shop equipment, software, computers, office <br />furniture, inspection equipment, a fork lift <br />and an air compressor. The total cost of the <br />equipment is estimated to be $437,500. <br /> <br />Total taxes to be abated during the five-year <br />abatement period are estimated at $17,618. <br />Total additional taxes to be paid as a result of <br />the project during the five-year abatement <br />period are estimated at $12,493. <br /> <br />It is estimated that the project will create five <br />new, permanent full-time positions with an <br />annual payroll $205,021. <br /> <br />Endeavor Machined Products has not been <br />granted or associated with any previous tax <br />abatements. The property is properly zoned <br />for the proposed project. The property is <br /> 20 <br /> <br />