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South Bend Redevelopment Commission <br />Regular Meeting —July 19, 2002 <br />by Ms. Roemer and unanimously carried, the <br />Commission approved Resolution No. 1896 <br />approving an application for real property <br />tax deduction for property located at <br />7701 Vorden Court in the Airport Economic <br />Development Area. (TD 1996 Real Estate <br />Trust) <br />(2) Commission approval requested for <br />Resolution No.1897 approving an <br />application for personal property tax <br />deduction for property located at <br />2603 Foundation Drive in the Airport <br />Economic Development Area. (Ely <br />Chemical Co., LTD.) <br />Ms. Davis gave the staff report on the <br />project. Ely Chemical Company, based in <br />the United Kingdom, is one of the world's <br />leading manufacturers of Non - Destructive <br />Testing (NDT) Materials. NDT products are <br />used within a system of cleaning and <br />developing materials to find surface defects <br />that are generally undetectable by the naked <br />eye. Ely's Indiana customer base includes <br />Rolls- Royce, Honeywell, NSK, Caterpillar, <br />and Bethlehem Steel and as such Northern <br />Indiana is considered to be an ideal location <br />for a manufacturing base. This project calls <br />for the purchase of special equipment to be <br />used in the design, development, mixing, <br />storage, and distribution of NDT materials. <br />The total cost of the project is estimated at <br />$350,000. <br />It is estimated that this project will create <br />eight new, permanent, full -time jobs <br />representing a new annual payroll of <br />$200,000 (average of $25,000). <br />The petitioner has not been granted any <br />C <br />6 <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED AT 7701 VORDEN COURT IN THE <br />AIRPORT ECONOMIC DEVELOPMENT AREA. <br />(TD 1996 REAL ESTATE TRUST) <br />