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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting -June 23, 2006 <br />6. NEW BUSINESS <br />A. Tax Abatements <br />() continued... <br />Mr. Schalliol gave a combined report for the <br />real and personal property abatements. <br />Tuliptree Associates is in the process of <br />acquiring undeveloped land in South Bend to <br />build a new manufacturing facility for PEI- <br />Genesis, currently located on Bendix Drive. <br />The initial facility will be approximately <br />142,400 square feet. Tuliptree and PEI have <br />common ownership. The property is <br />Tuliptree's only investment. PEI will use the <br />facility as its main worldwide production <br />facility. PEI will consolidate its North <br />American manufacturing operations in this <br />facility. Over 80% of PEI's revenue will be <br />generated from this facility and will employ <br />more than 40% of PEI's total employees. <br />Products will be made and shipped to all 50 <br />states and to over 50 countries. PEI's core <br />business is the manufacture, assembly, and <br />distribution of electronic components, <br />primarily electronic connectors. The <br />company also designs and manufactures <br />electronic systems, cable assemblies, and <br />specialized connectors and components. The <br />estimated dollar value of the project is <br />$7,250,000. <br />PEI will consolidate its North American <br />manufacturing operations in the facility, <br />retaining 140 full-time jobs with an annual <br />payroll of $3,700,000 and generating 12 new <br />jobs with an annual payroll of $340,000. <br />PEI received one previous abatement in 2002 <br />and is current on all reporting requirements. <br />The property is properly zoned for the <br />4 <br />