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South Bend Redevelopment Commission <br />Regular Meeting - February 5, 1993 <br />6. NEW BUSINESS (Cont.) <br />d. continued... <br />3615 W. Voorde Drive in the Airport Economic <br />Development Area, <br />Mr. Beitzinger read the staff report on the <br />project. Capitol Technologies is a manufacturer <br />of special industrial machinery along with dies <br />and fixtures. Their project calls for the <br />purchase and installation of new CNC boring <br />mills, lathes, machining centers and an enhanced <br />computer system. The project will make Capitol <br />Technologies a world class machine and tool <br />builder and a truly automated equipment <br />manufacturer. The total cost of the project is <br />estimated at $1,275,000. <br />The project will create twenty (20) new <br />permanent full -time jobs, representing an annual <br />payroll of $800,000 and will maintain one <br />hundred twenty -four (124) existing permanent <br />full-time and part-tune jobs with an annual <br />payroll of $5,200,000. <br />Capitol Technologies has not applied for, nor <br />received, any previous tax abatement <br />consideration. The property is properly zoned <br />for the proposed use. The property is not <br />located in an area presently designated as a Tax <br />Abatement Impact Area but is located in the <br />Airport Economic Development Area which is a <br />Incremental Financing Allocation Area. Capitol <br />Technologies qualifies for five years of personal <br />property tax abatement under the Tax Abatement <br />Ordinance. <br />Without abatement, the project would generate <br />approximately $116,618 in new taxes. With <br />abatement, the taxes would be approximately <br />-7- <br />