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C� <br />South Bend Redevelopment Commission <br />Regular Meeting —July 2, 2004 <br />6. NEW BUSINESS (CONT.) <br />B. Tax Abatements <br />(1) continued... <br />Mr. Jordan noted that Exacto does not <br />replace equipment at a cost of $600,000. <br />They add additional equipment because <br />they need additional machine capacity. <br />Exacto's sales during the first half of <br />2004 are already 35.7% higher than <br />2003. Two days ago they signed an <br />additional new contract with one of their <br />customers for two years additional <br />business at $1,254,000 per year. <br />Mr. Jordan also expressed his <br />appreciation for the assistance the City <br />of South Bend has provided for its new, <br />IL larger building three years ago. They are <br />making good use of it. They are also <br />very proud of the new employees they <br />have hired this year. At the beginning of <br />2004 they were at 60 employees, have <br />hired 20 additional since, and with this <br />new equipment will hire 8 more <br />employees. Of the 80 employees, 9 are <br />UEZ residents and 45 are minorities. <br />Upon a motion by Mr. Hunt, seconded <br />by Mr. Faccenda and unanimously <br />carried, the Commission approved <br />Resolution No. 2067 approving an <br />application for personal property tax <br />deduction for property located at 1137 S. <br />Lafayette Blvd. in the Sample -Ewing <br />Development Area. ( Exacto, Inc.) <br />10 <br />COMMISSION APPROVED RESOLUTION NO. 2067 <br />APPROVING AN APPLICATION FOR PERSONAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED AT 1 137 S. LAFAYETTE BLVD. IN THE <br />SAMPLE -EwING DEVELOPMENT AREA. (EXACTO, <br />INC.) <br />