Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting -January 19, 2007 <br />6. NEW BUSINESS (CONT.) <br />B. Tax Abatement <br />() continued... <br />Total taxes to be paid during the same period <br />are estimated at $26,726. <br />The project will create one new full-time job <br />in the first year of production, representing a <br />new annual payroll of $34,320. The project <br />will also maintain seventy-three existing full- <br />time jobs representing an annual payroll of <br />$2,722,263. <br />Schafer gear has received two real property <br />tax abatements and six personal property tax <br />abatements since 1988. They are current on <br />all reporting requirements for the existing <br />abatements. The project is properly zoned <br />for the proposed use. The property is in the <br />Airport Economic Development Area, which <br />is a tax increment allocation area; therefore, <br />the petition for personal property tax <br />deduction must first be approved by the <br />South Bend Redevelopment Commission. <br />The project qualifies for five years of <br />personal property tax abatement under the <br />tax abatement ordinance. <br />Mr. Blenke, Executive Vice President, <br />Schafer Gear, noted that they will be <br />purchasing two pieces of equipment. One is <br />a state-of the-art piece of equipment to <br />replace an old, manual piece of equipment. <br />The other is state-of the-art gear grinding <br />equipment. The industry is moving quickly <br />toward gear grinding which produces a very <br />quiet, but high quality, gear. If it doesn't <br />keep up with this technology, Schafer Gear <br />will quickly fall behind in the industry. The <br />21 <br />