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South Bend Redevelopment Commission <br />Regular Me ting - July 8, 1988 <br />3. APPROVIL OF CLAIMS (Cont.) <br />T.I.F. 1986 <br />Tri County News <br />Ralph Iauver <br />4. COMMUN <br />There <br />5. OLD BU <br />There <br />6. NEW BU <br />a. Ad, <br />an <br />T.I.F. 1986 <br />TOTAL <br />no communications. <br />no old business. <br />of Resolution No. 850 <br />ation for Dersonal pr <br />Inc. at <br />$ 23.40 <br />3,800.00 <br />$ 3,823.40 <br />$ 21,493.33 <br />THERE WERE NO COMMUNICATIONS <br />THERE WAS NO OLD BUSINESS <br />S. Main Street. <br />tax <br />Ms. Robinson read the staff report. The <br />petitioner proposes to acquire a gear <br />hob ing machine to be used in the direct <br />production of gears. The project is <br />expE�cted to create two new jobs. The <br />co y presently employs seven full -time <br />and one part -time employee with an annual <br />payroll of $1,150,000. The new equipment <br />is expected to cost $250,000. Schafer <br />Gear Works qualifies for five years of <br />tax abatement. Taxes to be abated over <br />that five year period will be $22,305.00. <br />Taxes to be paid over that period will be <br />$5,896.00. <br />Mrs Kolata noted that this request comes <br />bef re the Commission due to Schafer Gear <br />Works location in the Studebaker Corridor <br />Allocation Area. <br />Stan Blenke, Vice President of Finance <br />for Schafer Gear Works, explained that <br />the hobbing machine they intend to <br />pur hase will help them be more <br />combetetive in the market. It is a <br />-3- <br />