08-03-07 Redevelopment Commission Minutes

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South Bend Redevelopment Commission Regular Meeting —August 3, 2007 Resolution No. 2356 approving an application for personal property tax deduction for property located at 2629 Foundation Drive in the Airport Economic Development elopmen Area, (Value Production) Mr. Schaiiiol gave the staff report on the project. Value Production is interested in increasing the a.ront of the five -year personal property tax abatement granted in Resolution No. 2273 0D October 201, 2006. The amount requested was $500,000. They are now planning to add four vertical CNC machines and a CNC lathe which have a total cost of $750,000, thus bringing the project total to l ,25000. This latest phase of the project will create five new permanent Jobs within the first year representing a new am-lual. payroll of $175,000 and maintaining nineteen full -time and one part -time job with an annual payroll of $500,000. Value Production Is asking that this abatement be moved through the process and aided to the above mentioned Council resolution. Mr. Sigiera. noted that the company has a great opportunity to get a contract with the military and would appreciate approval of this request. Mr. King made a motion to approve Resolution No. 2356 approving an application for personal property tax deduction for property at 2629 Foundation Drive. Mr. Downes seconded the motion. The motion passed on a vote of four to one w1th Mr. Peczkowski opposed. (5) Commission approval requested for Resolution No. 2357 approving an application for real property tax deduction for property located adjacent to Soo 1 COMMISSION APPROVED RESOUrrION No. 2356 APPROVING AN APPLAC'ATI N FOR PERSONAL PROPERTY TY TAX DEDUCTION 1CTION FO PROPERTY TY LOCATED ON 2629 FOUNDATION DRIVE IN THE AIRPORT T EC N is DEVELOPMENT AREA (VALUE PRODUCTION)