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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 />