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South Bend <br />Regular Meg <br />slopmezt Commission <br />- November 8, 1991 <br />6. NEW BUSOMSS (Copt.) <br />b. continued... <br />The petitioner proposes to purchase and <br />ins :all Computer Aided Design and <br />ter Aided Manufacturing Systems <br />( /CAM) for use in the production of <br />plastic injection molds. The new <br />equ'pnezt uses the latest in computer <br />aid technology to design and build <br />molds. The petitioner states that the <br />new equipment is needed to keep ahead of <br />c tition and to fill increasing <br />cus corer orders for molds delivered in a <br />sho er time span. <br />The project will create no (0) new, <br />pernanent, full -time jobs, but will <br />ma' tain twenty -six (26) existing <br />pernanent, full -time and part -time jobs <br />with an annual payroll of $955,000. The <br />to estimated cost of the equipment is <br />$120,000. <br />The property is properly zoned for the <br />proDosed use. The property is not <br />loca.ted in an area presently designated <br />as a Tax Abatement Inyaact Area by the <br />Sou Bend Common Council. The property <br />is 'Located in a Tax Incremental Financing <br />Allocation Area. The petitioner <br />qua1ifies for five years of personal <br />prqDerty tax abatement under Section <br />2 -8 .2 (Tangible Personal Property) of <br />the I Tax Abatement Ordinance. <br />Without abatement, the taxes on this <br />project would be approximately $11,063. <br />Wit abatement, the taxes would be <br />app tely $2,313. Therefore, the <br />amomt abated over the five year period <br />woL4d be approximately $8,750. <br />Mr. Fonash noted that Aquarius Tool & <br />ivbld is a wholly owned subsidiary of <br />Autpatic Technologies. Mr. Parker and <br />Mr. Deskovich are at the meeting <br />representing both companies. <br />-4- <br />