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South Bend Redevelopment Commission <br />Regular Meeting — December 17, 2004 <br />6. NEW BUSINESS (CONT.) <br />A. Public Hearing <br />(2) Commission approval requested for <br />Resolution No. 2115. <br />Upon a motion by Mr. Faccenda, seconded <br />by Mr. Hunt and unanimously carried, the <br />Commission approved Resolution No. 2115 <br />amending Resolution No. 2088 which <br />appropriated monies for the purpose of <br />defraying the expenses of certain local public <br />improvements for the fiscal year beginning <br />January 1, 2004, and ending December 31, <br />2004, including all outstanding claims and <br />obligations, fixing a time when the same <br />shall take effect. <br />B. Tax Abatements <br />requested for <br />(1) Commission approval q <br />Resolution No. 2117 approving an <br />application for personal property tax <br />deduction in the Airport Economic <br />Development Area. (Fulton Industries) <br />Mr. Schaffer gave the staff report on the <br />project. Fulton Industries is a precision <br />machine shop which manufactures <br />components for engines, powertrains and <br />other products. The new equipment includes <br />CNC machining centers, computer controlled <br />measuring and manufacturing equipment and <br />robotic equipment. It is estimated that the <br />total cost of the new equipment will be <br />between $5.2 and $8.2 million. <br />The project is expected to create 14 -18 new <br />permanent jobs within the first year, <br />representing a new annual payroll of <br />$630,000 to $810,000. <br />11 <br />COMMISSION APPROVED RESOLUTION NO. 2115 <br />AMENDING RESOLUTION NO. 2088 WHICH <br />APPROPRIATED MONIES FOR THE PURPOSE OF <br />DEFRAYING THE EXPENSES OF CERTAIN LOCAL <br />PUBLIC IMPROVEMENTS FOR THE FISCAL YEAR <br />BEGINNING JANUARY 1, 2004, AND ENDING <br />DECEMBER 31, 2004, INCLUDING ALL <br />OUTSTANDING CLAIMS AND OBLIGATIONS, <br />FIXING A TIME WHEN THE SAME SHALL TAKE <br />EFFECT. <br />