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South Bend <br />Regular Meg <br />elopment Commission <br />- July 22, 1988 <br />6. NEW BUSINESS (Cont.) <br />a. uonuinuea... <br />application for personal property tax <br />deduction consideration for property <br />located at 1702 W. Washington Street <br />(Adams Engineering, Inc.) <br />Ms. Robinson read the staff report on the <br />application. Adams Engineering proposes <br />to acquire lathes, forklifts and a <br />horizontal machining center at a cost of <br />$30C,000. The project will create four <br />new, permanent full time jobs within the <br />first year with an annual payroll of <br />$80,000 and will maintain one hundred and <br />two existing permanent full time jobs <br />with an annual payroll in excess of <br />$3,000,000. <br />The property is properly zoned for the <br />proposed use. It is located within a tax <br />abatement impact area and within a tax <br />incremental financing area. <br />The petitioner qualifies for five years <br />of personal property tax abatement. The <br />est' ted taxes to be abated over the <br />five year period are $8,921.00. The <br />taxes to be paid over that five year <br />peri is estimated at $2,358. <br />Mr. 3zarwark noted that Adams Engineering <br />has Deen in business on the west side of <br />Sout Bend for a long time. They make <br />machinery and parts for machinery for <br />other manufacturing. The demand for <br />their products is increasing, and so is <br />the corrpetition. The purchase of this <br />machinery will enable the company to stay <br />com titive in the market. <br />Mr. Piasecki asked why the cost of the <br />machinery comes to such an even number. <br />He ressed concern that the abatement <br />not be granted for more than the actual <br />cost of the personal property. Mrs. <br />Kola responded that the actual <br />abat nt is based upon the actual <br />asse sment of the property once the <br />-3- <br />