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South Bend Redevelopment Commission <br />Regular Meeting -April 21, 2006 <br />6. NEW BUSINESS (CONT.) <br />B. Receipt of Bids <br />() continued... <br />back to staff for further review and <br />recommendation. <br />C. Tax Abatements <br />(1) Commission approval requested for <br />Resolution No. 2239 approving an <br />application for personal property tax <br />deduction for property in the Airport <br />Economic Development Area. (Mack Tool <br />& Engineering, 2820 Viridian Dr.) <br />Mack Tool and Engineering is a prototype <br />and experimental precision machining parts <br />business in the aerospace and medical <br />industries. The new machines to be <br />purchased are a Mazak Variaxis, two Mazak <br />Intregrex 200s, an ADF washer, three Haas <br />Mini Mills and two palleting systems. With <br />the addition of this equipment, Mack Tool <br />expects productive capacity to increase <br />approximately 25%. It is estimated that the <br />cost of the new equipment will be <br />$2,000,000. <br />The project is expected to create five new <br />permanent jobs within the first year, <br />representing a new annual payroll of <br />$200,000. There are currently fifty-four <br />employees with an annual payroll of <br />$3,352,746. <br />Mack Tool has been granted six previous tax <br />abatements and is incompliance with the <br />reporting requirements for those abatements. <br />The property is properly zoned for the <br />10 <br />