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South Bend Redevelopment Commission <br />Regular Meeting -October 20, 2006 <br />6. NEW BUSINESS (CONT.) <br />B. Tax Abatements <br />continue ... <br />Mr. Schalliol gave the staff report on the <br />project. Parrish/Meyer Machine, Inc. <br />manufactures jigs, dies, fixtures, and special <br />high-precision parts. The addition of a new <br />Mori-Seiki NEIGHBORHOOD-5000/40 <br />DCG machine will be used for production <br />machining. This machine will allow the <br />company to machine additional parts for its <br />clients, thereby growing the business and <br />employment opportunities. The company <br />will invest $400,000 in the new equipment. <br />Total taxes to be abated during the five-year <br />abatement period is estimated at $24,370. <br />Total taxes to be paid during the five-year <br />abatement period is estimated at $12,681. <br />It is estimated that the project will create two <br />new, permanent full-time jobs in the first <br />year of production, representing a new <br />annual payroll of $50,000. The project will <br />also maintain thirty-four existing, permanent <br />full-time jobs representing an annual payroll <br />of $701,486. <br />Parrish/Meyer Machine has not had any <br />previous tax abatements. The property is <br />properly zoned for the proposed use. The <br />project is in the Airport Economic <br />Development Area; therefore the petition for <br />personal property tax deduction must first be <br />approved by the South Bend Redevelopment <br />Commission. The project is qualified for <br />five years of personal property tax deduction <br />under the tax abatement ordinance. <br />12 <br />