Laserfiche WebLink
L <br />South Bend Redevelopment Commission <br />Regular Meeting—February 6, 2004 <br />6. NEW BUSINESS <br />B. Tax Abatements <br />(1) continued... <br />medical and commercial markets. Their <br />products are used all over the world. <br />This project consists of the purchase of <br />new pieces of equipment that includes <br />two (2) mills, one (1) lathe and a wire <br />EDM. The new equipment will allow <br />the company to increase production. <br />The estimated project cost is $250,000. <br />It is also estimated that this project will <br />create four (4) new permanent jobs <br />within the first year, representing a new <br />annual payroll of $150,000 and will <br />help retain twenty (20) current jobs, <br />AdPftN representing an annual payroll of <br />%0�1 $823,560. <br />A review of the tax abatements <br />previously granted, finds that the <br />petitioner has been granted one (1) <br />previous tax abatement and is in <br />compliance with the reporting <br />requirements for the previous <br />abatement. <br />The building commissioner has <br />reviewed the petition and finds the <br />property to be properly zoned for the <br />proposed project. A review of the <br />South Bend Redevelopment designation <br />areas finds that the property is located <br />in the Airport Economic Development <br />Area, which is a Tax Increment <br />Allocation Area; therefore, the petition <br />for real property tax abatement must <br />first be approved by the South Bend <br />G4 <br />