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South Bend <br />Regular Me <br />elopment Commission <br />- May 10, 1991 <br />6. NEW BUSINESS (Cont.) <br />f. continued... <br />i. <br />Pal is Royale and Morris Civic Theater; <br />worlang with the Entertainment District <br />Board to define their role; to work with <br />the architect; and to prepare an <br />endcwmt fund. Mrs. Kolata noted that <br />Mr. PierottiIs services have been <br />uable to date. <br />Upon a motion by Mr. Donoho, seconded by <br />Mr. Combs and unanimously carried, the <br />Coim 'ssion approved the Contract with <br />el L. Pierotti and Company for <br />consulting services in the South Bend <br />Cen#al Development Area. <br />Ms. Robinson read the staff report on the <br />tax abatement. The petitioner proposed <br />to purchase and install a Mitsubishi <br />Mod SC25 CNC gear shaping machine <br />costing approximately $250,000, and a <br />Koe fer Model 1538 gear hobbing machine <br />costing approximately $275,000. Both <br />ma es are to be used directly in the <br />production of gears. <br />The project will result in two new <br />permanent full time jobs, representing an <br />ampal payroll of $44,000 and will <br />mahitain fifty -eight existing permanent <br />full. time and part time jobs with an <br />annual payroll of $1,300,000. The total <br />estimated cost of the equipment is <br />$525,000. <br />The property is properly zoned for the <br />pro use. The property is located in <br />an area presently designated as a Tax <br />Abatement Impact Area and is also located <br />in EL Tax Incremental Financing Area. The <br />pet tioner qualifies for five years of <br />-20- <br />COM4ISSION APPROVED THE •• <br />WITH DANIELL. PIERCITTI AND <br />CCHPANY FOR CONSULTING SERVICES <br />IN i THE SOUIH BEND CENTRAL <br />DEVEIOPMENT AREA <br />