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South Bend Redevelopment Commission <br />Regular Meeting— December 5, 2003 <br />C <br />4. COMMUNICATIONS <br />There were no Communications. <br />5. OLD BUSINESS <br />There was no Old Business. <br />6. NEW BUSINESS <br />A. Tax Abatements <br />(1) Commission approval requested for <br />Resolution No. 2020 approving an <br />application for personal property tax <br />deduction for property located at <br />3722 Foundation Court in the Airport <br />Economic Development Area. <br />( Adapto- Indiana, Inc.) <br />Mr. O'Brien reported that Adapto - Indiana, <br />Inc. is one of the largest manufacturers of <br />parts for class -8 truck transmissions and has <br />been in operation in South Bend for more <br />than 55 years. The company proposes to <br />purchase $1,590,000 of CNC equipment for <br />its manufacturing process. This project will <br />allow Adapto - Indiana to upgrade from a <br />batch production concept to a lean, cellular <br />production concept. The company's Indiana <br />plant needs the new equipment and needs to <br />convert to the new manufacturing process to <br />remain competitive. The equipment will be <br />moved into its new facility at 3722 <br />Foundation Court. <br />It is estimated that this project will create ten <br />(10) new permanent jobs within the first <br />year, representing a new annual payroll of <br />$260,000. In addition, the project will retain <br />seventy -nine (79) current jobs, representing <br />G <br />THERE WERE NO COMMUNICATIONS. <br />THERE WAS NO OLD BUSINESS. <br />