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South Bend Redevelopment Commission <br />Regular Meeting -October 20, 2006 <br />6. NEW BUSINESS <br />A. Receipt of Bids <br />(1) Receipt of Bids in connection with 1217 S. <br />Walnut St in the Sample-Ewing <br />Development Area. <br />There were no bids received by the RECEIPT OF BIDS (1217 S. WALNUT ST. <br />10:00 a.m. deadline. <br />B. Tax Abatements <br />(1) Commission approval requested for <br />Resolution No. 2273 approving an <br />application for personal property tax <br />deduction for property located at 2629 <br />Foundation Drive in the Airport Economic <br />Development Area. (Value Production) <br />Mr. Schalliol gave the staff report on the <br />project. Value Production is a modern <br />production machining facility. They provide <br />one-stop shopping for design, prototypes, and <br />production, and is an ISO 9001:2000 <br />certified company. Value Production was <br />established in October 2000. The company <br />manufactures tooling for use in the aero <br />space, automotive, medical, and commercial <br />markets. The company will purchase a new, <br />high-end mill and lathe for its custom <br />aerospace manufacturing needs. The <br />company will invest $500,000 in this new <br />equipment. The total taxes to be abated <br />during the five-year abatement period is <br />estimated at $30,462. The total taxes to be <br />paid during the five-year abatement period is <br />estimated at $15,852. <br />It is estimated that the project will create five <br />new, permanent full-time jobs in the first <br />year of production, representing a new <br />10 <br />