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08-03-07 Redevelopment Commission Minutes
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08-03-07 Redevelopment Commission Minutes
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8/3/2007
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08-03-07 Redevelopment Commission Agenda
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South Bend Redevelopment Commission <br />Regular Meeting —August 3, 2007 <br />Resolution No. 2356 approving an <br />application for personal property tax <br />deduction for property located at 2629 <br />Foundation Drive in the Airport Economic <br />Development elopmen Area, (Value Production) <br />Mr. Schaiiiol gave the staff report on the <br />project. Value Production is interested in <br />increasing the a.ront of the five -year <br />personal property tax abatement granted in <br />Resolution No. 2273 0D October 201, 2006. <br />The amount requested was $500,000. They <br />are now planning to add four vertical CNC <br />machines and a CNC lathe which have a total <br />cost of $750,000, thus bringing the project <br />total to l ,25000. This latest phase of the <br />project will create five new permanent Jobs <br />within the first year representing a new <br />am-lual. payroll of $175,000 and maintaining <br />nineteen full -time and one part -time job with <br />an annual payroll of $500,000. Value <br />Production Is asking that this abatement be <br />moved through the process and aided to the <br />above mentioned Council resolution. <br />Mr. Sigiera. noted that the company has a <br />great opportunity to get a contract with the <br />military and would appreciate approval of <br />this request. <br />Mr. King made a motion to approve <br />Resolution No. 2356 approving an <br />application for personal property tax <br />deduction for property at 2629 Foundation <br />Drive. Mr. Downes seconded the motion. <br />The motion passed on a vote of four to one <br />w1th Mr. Peczkowski opposed. <br />(5) Commission approval requested for <br />Resolution No. 2357 approving an <br />application for real property tax deduction <br />for property located adjacent to Soo <br />1 <br />COMMISSION APPROVED RESOUrrION No. 2356 <br />APPROVING AN APPLAC'ATI N FOR PERSONAL <br />PROPERTY TY TAX DEDUCTION 1CTION FO PROPERTY <br />TY <br />LOCATED ON 2629 FOUNDATION DRIVE IN THE <br />AIRPORT T EC N is DEVELOPMENT AREA <br />(VALUE PRODUCTION) <br />
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