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South Bend Redevelopment Commission <br />Regular Meeting -February 8, 2011 <br />deduction for property located at 3849 <br />Showerlux Drive in the Airport Economic <br />Development Area. (South Bend Gear, <br />LLC) <br />Mr. Mathia noted that South Bend Gear, LLC <br />is a start up company that will produce <br />engine gears for the heavy duty truck market <br />in North America. The project will acquire <br />several pieces of turning, gear cutting and <br />gear finishing equipment as well as robots <br />and automation equipment. Under a separate <br />project a building is being constructed to <br />house the new company. The personal <br />property project will be implemented in two <br />phases over a two year period beginning with <br />installation of an initial group of machines <br />during July 2011 with final installation of <br />machinery by February 2013. <br />The estimated cost of the two phase project is <br />$15,600,000. Total taxes to be abated during <br />the (5) five-year abatement period are <br />estimated at $678,507. Total taxes to be paid <br />during the (5) five-year abatement period are <br />estimated at $617,395. <br />The project is expected to create at least <br />twelve new, permanent, full-time jobs in the <br />first year of production representing a new <br />annual payroll of at least $550,000. The <br />petitioner has estimated that there will be a <br />total of 26 full time jobs by the end of phase <br />two. Because the company is new there are <br />no existing jobs. <br />The petitioner has not received any previous <br />tax abatements. The property is properly <br />zoned for the proposed project. The property <br />is located in the Airport Economic <br />Development Area, which is a Tax <br />Incremental Allocation Area; therefore, the <br />14 <br />