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South Bend Redevelopment Commission <br />Regular Meeting —July 2, 2004 <br />6. NEW BUSINESS (CONT.) <br />B. Tax Abatements <br />(2) Commission approval requested for <br />Resolution No. 2068 approving an <br />application for personal property tax <br />deduction for property located at 2820 <br />Viridian Dr. in the Airport Economic <br />Development Area. (Mack Tool & <br />Engineering, Inc.) <br />Mr. O'Brien gave the staff report on the <br />project. The petitioner is a precision <br />machine shop which manufactures <br />prototype and experimental parts <br />primarily for use in the medical and <br />aerospace industries. The petitioner <br />would like to increase its production <br />capacity with the acquisition of new <br />equipment. It is estimated that the total <br />cost of the new equipment will be <br />$1,000,000. This ro'ect will create <br />p J <br />four new, permanent jobs within the first <br />year, representing a new annual payroll <br />of $180,000 and will help maintain 42 <br />existing permanent full -time jobs <br />representing an annual payroll of <br />$2,604,575. <br />A review of the tax abatements <br />previously granted, finds that the <br />petitioner has been associated with or <br />granted four previous tax abatements: <br />one real and one personal abatement in <br />1990, and personal abatements in 1992 <br />and 1995. The petitioner is in <br />compliance with the reporting <br />requirements for each of the previous <br />abatements. <br />11 <br />