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South Bend Redevelopment Commission <br />Regular Meeting - October 2, 1992 <br />6. NEW BUSINESS (Cont.) <br />d. continued... <br />Review Committee. It is a very nice <br />looking building. <br />Upon a motion by Mr. Piasecki, seconded <br />by Ms. Huddleston and unanimously <br />carried, the Commission approved <br />Resolution No. 1102 approving an <br />application for real property tax <br />deduction for property located at 3601 <br />McGill in the Airport Economic <br />Development Area. <br />e. Commission approval requested for <br />Resolution No. 1103 approving an <br />application for personal property tax <br />deduction for property located at 2930 <br />Foundation Drive in the Airport Economic <br />Development Area. (Eaton Corporation) <br />Mr. Beitzinger gave the staff report on <br />the project. Eaton Corporation is a <br />forging plant that manufactures parts for <br />use in the truck industry. The project <br />calls for the relocation of one 1,600 ton <br />and one 2,500 ton forge presses, two trim <br />presses, two induction heaters and <br />related controls from their Marion, Ohio <br />facililty. Additionally, $440,000 of new <br />equipment (including installation) will <br />be brought in. Disassembly and shipping <br />will add another $60,000 to the project <br />cost, bringing the total value of <br />equipment to $2,500,000. The completed <br />project will almost double the current <br />production capacity of the South Bend <br />facility and will make it the primary <br />source of forgings for the Eaton <br />Transmission Division. <br />The project will create thirty -nine new <br />permanent full -time jobs in the first <br />year, representing an annual payroll of <br />$850,000 and will maintain fifty -six <br />existing permanent full -time and existing <br />part -time jobs with an annual payroll of <br />$1,100,000. <br />-6- <br />COMMISSION APPROVED RESOLUTION <br />NO. 1102 APPROVING AN APPLICATION <br />FOR REAL PROPERTY TAX DEDUCTION <br />FOR PROPERTY LOCATED AT 3601 <br />MCGILL IN THE AIRPORT ECONOMIC <br />DEVELOPMENT AREA <br />