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South Bend Redevelopment Commission <br />Regular Meeting —June 15, 2001 <br />6. NEW BUSINESS (CONT.) <br />a. continued... <br />the Airport Economic Development Area. <br />(Bowne of South Bend, Inc.) <br />The staff report states that Bowne is a <br />commercial and financial, state of the art <br />printing facility. They combine advanced <br />prepress technology with modern printing <br />presses and finishing equipment that cut, fold, <br />stitch, perfect bind and package products for <br />delivery. <br />This project calls for the acquisition and <br />installation of telecommunications hardware, <br />prepress and plate making equipment, Web and <br />related printing presses, splicers, cutters, folders <br />and automated stitching equipment. Investment <br />in this equipment will enable Bowne to meet the <br />demands of expanding financial markets and <br />bolster its competitive position within the <br />commercial printing industry. The total cost of <br />the new equipment is estimated to be between <br />$1,200,000 and $1,500,000. <br />Per the petition, it is estimated that this project <br />will create nineteen (19) new, permanent, full - <br />time jobs representing a new annual payroll of <br />$800,000 (an average of $42,105). The project <br />will also maintain one hundred and nineteen <br />(119) existing permanent full time jobs <br />representing an annual payroll of $5,731,000 (an <br />average of $48,160). <br />A review of the tax abatements previously <br />granted finds that the petitioner has been granted <br />two previous tax abatements, a ten year real <br />property abatement and a five year personal <br />L, <br />