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South Bend Redevelopment Commission <br />Regular Meeting— September 19, 2003 <br />6. NEW BUSINESS <br />B. Tax Abatements <br />(1) continued... <br />company is a manufacturer of fabricated <br />metal products for the lawn and garden and <br />towing equipment industries. Presently the <br />company plans to purchase two pieces of <br />equipment: (1) a Trumpf L5030 laser with <br />Liflmaster automated load/unload system. <br />This machine will enable them to maintain <br />their position as a leading edge provider of <br />laser - processed parts; (2) An 800 -ton Verson <br />blanking press with 24" CWP coil line. The <br />total cost of this equipment is estimated at <br />$1,026,000. <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 />$338,000 and will maintain 112 existing <br />permanent full -time jobs representing an <br />annual payroll of $4,850,000. <br />A review of the tax abatements previously <br />granted finds that the petitioner has been <br />granted two previous tax abatements. The <br />petitioner is in compliance with the <br />reporting requirements for the previous <br />abatements. <br />The building commissioner has reviewed the <br />petition and finds the property to be properly <br />zoned for the proposed project. The <br />property is located in the Sample/Ewing <br />Development Area, which is a Tax <br />Increment Allocation Area; therefore, the <br />petition for personal property tax abatement <br />must first be approved by the South Bend <br />C <br />