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South Bend Redevelopment Commission <br />Regular Meeting —July 2, 2004 <br />6. NEW BUSINESS (CONT.) <br />B. Tax Abatements <br />(3) continued... <br />Mr. O'Brien gave the staff report on the <br />project. The petitioner provides <br />fabricated tube assemblies for Original <br />Equipment Manufacturers engaged <br />primarily in agricultural and automotive <br />industries throughout the United States. <br />The new equipment will allow the <br />company to meet new production <br />requirements necessary to fill recent <br />contracts with John Deere and Meyer <br />Stamping. It is estimated that the total <br />cost of the new equipment will be <br />$350,000. <br />Per the petition, this project will create 5 <br />new, permanent jobs within the first <br />year, representing a new annual payroll <br />of $160,000 and will help maintain 99 <br />existing permanent full -time and 30 part <br />time jobs representing an annual payroll <br />of $3,662,920. A review of the tax <br />abatements previously granted, finds that <br />the petitioner received a 10 -year real <br />property abatement in 1992 and two 5- <br />year abatements in 1996 and 2000. The <br />petitioner is in compliance with the <br />reporting requirements for each of the <br />previous abatements. The building <br />commissioner has reviewed the petition <br />and finds the property to be properly <br />zoned for the proposed project. <br />A review of the South Bend <br />Redevelopment designation areas finds <br />that the property is located in the South <br />IL 14 <br />