RM 11-06-92 - Laserfiche WebLink

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South Bend Redevelopment Commission Regular Meeting - November 6, 1992 6. NEW BUSINESS (Cont.) b. continued... Mrs. Kolata explained that Resolution No. 1111 starts the appropriation process to use money for project expenses related to the Palais Royale Building. We are collecting money from rent, but are unable to use that money to pay expenses until the money is appropriated. Upon a motion by Mr. Faccenda, seconded by Ms. Huddleston and unanimously carried, the Commission approved Resolution No. 1111 determining to pay certain expenses incurred for local public improvements in or serving the South Bend Central Allocation Area (South Bend Allocation Area No. 1A) from the South Bend Central Allocation Area (South Bend Allocation Area No. 1A) Special Fund. c. Commission approval requested for Resolution No. 1113 approving an application for personal property tax deduction for property located at 2820 Viridian Drive in the Airport Economic Development Area (Mack Tool and Engineering, Inc.) Mr. Beitzinger gave the staff report on the project. Mack Tool and Engineering is a precision machine shop which manufactures prototype and experimental parts primarily for use in the medical and aerospace industries. Their project calls for the installation of a EDM machine a VMC 4020 machine, three VMC 2020 machines, a CNC lathe, a Control Laser Etcher and a CAD /CAM system with a RAM optical camera. This equipment will increase production capacity by over 20%. The total estimated cost of the equipment is $458,000. The project will create three new permanent full -time jobs in the first year, representing an annual payroll of $135,000 and will maintain twenty -5- COMMISSION APPROVED RESOLUTION NO. 1111 DETERMINING TO PAY CERTAIN EXPENSES INCURRED FOR LOCAL PUBLIC IMPROVEMENTS IN OR SERVING THE SOUTH BEND CENTRAL ALLOCATION AREA (SOUTH BEND ALLOCATION AREA NO. 1A) FROM THE SOUTH BEND CENTRAL ALLOCATION AREA (SOUTH BEND ALLOCATION AREA NO. 1A) SPECIAL FUND