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South Bend Redevelopment Commission <br />Regular Meeting - June 4, 1993 <br />6. NEW BUSINESS (Cont.) <br />m. continued... <br />over $2.7 million investment. $1.3 <br />million is currently being purchased and <br />will be housed in the new building. The <br />equipment received a five -year personal <br />property tax abatement in March 1993. <br />This project will make Capitol <br />Technologies a world class machine and <br />tool builder and truly automated equipment <br />manufacturer. <br />The total cost of the redevelopment and <br />rehabilitation is estimated at $1.4 million. <br />The project will create ten new permanent, <br />full time jobs representing an annual <br />payroll of $400,000. This is in addition to <br />the twenty new permanent, full time jobs <br />(representing an annual payroll of <br />$800,000) which were projected with the <br />personal property tax abatement in March. <br />The project will also maintain 129 existing <br />permanent, full time jobs with an annual <br />payroll of $5,400,000. <br />The project is properly zoned for the <br />proposed use. The property is not located <br />in an area presently designated as a tax <br />abatement impact area, but is located in <br />the Airport Economic Development Area. <br />The petitioner qualifies for six years of <br />real property tax abatement under the Tax <br />Abatement Ordinance, but has applied for <br />ten years of abatement, based on the new <br />construction of 25,000 square feet and <br />renovation of over 16,000 square feet. If <br />renovations qualified for square footage <br />consideration, the total square footage <br />-4- <br />