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South Bend Redevelopment Commission <br />Regular Meeting –May 7, 2010 <br /> <br /> <br />6. NEW BUSINESS <br /> <br /> <br />A. Tax Abatements <br /> <br /> <br />(1) Resolution No. 2674 approving an <br />application for personal property tax <br />deduction for property located at 2629 <br />Foundation Drive in the Airport Economic <br />Development Area. (Value Production, <br />Inc.) <br /> <br />Mr. Mathia gave the staff report on the <br />project. Value Production is a modern <br />production machining facility. They provide <br />one-stop shopping for design, prototypes, and <br />production, and it is an ISO 9001:2000 <br />certified company. Value Production was <br />established in October of 2000. The <br />company manufactures products for use in <br />the aerospace, automotive, medical, and <br />commercial markets. The company will <br />purchase a new, Swiss lathe, 2 Mazak <br />horizontal machining centers and a pallet <br />control center for their custom manufacturing <br />needs. The project will invest $1,500,000 in <br />this new equipment. Total taxes to be abated <br />during the (5) five-year abatement period are <br />estimated at $41,882. Total taxes to be paid <br />during the (5) five-year abatement period are <br />estimated at $124,606. <br /> <br />Mr. Mathia noted that the project is expected <br />to create four new, permanent, full-time jobs <br />in the first year of production representing a <br />new annual payroll of $120,000. The project <br />will also maintain twenty-three existing, <br />permanent, full-time jobs and one existing <br />part-time job representing an annual payroll <br />of $1,000,000. <br /> <br />Value Production has been granted four <br />previous personal property tax abatements <br /> 3 <br /> <br />