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South Bend Redevelopment Commission <br />Regular Meeting —May 2, 2003 <br />6. NEW BUSINESS <br />A. Tax Abatements <br />(3) continued... <br />needs to purchase new foundry, pattern shop <br />and engineering machinery and equipment in <br />order to produce tooling more competitively. <br />The total cost for the new machinery and <br />equipment is estimated at $350,000. <br />Per the petition, it is estimated that this <br />project will create four new, permanent, full - <br />time jobs representing a new annual payroll <br />of $187,200. The project will also maintain <br />forty -four existing permanent full time jobs <br />representing an annual payroll of $1,400,000 <br />(an average of over $31,800). <br />A review of the tax abatements previously <br />granted, finds that the petitioner has been <br />granted three previous personal property (5- <br />year) tax abatements in September 1996, <br />March 1998 and June 2000. The petitioner <br />is in compliance with the reporting <br />requirements for the previous abatements. <br />The property is properly zoned for the <br />proposed project. The property is located in <br />the Airport Economic Development Area, <br />which is a Tax Increment Allocation Area; <br />therefore, the petition for real property tax <br />abatement must first be approved by the <br />South Bend Redevelopment Commission. <br />The project meets the qualifications for a <br />five -year personal property tax abatement <br />under the tax abatement ordinance. <br />Total project cost: $350,000. <br />L <br />