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South Bend Redevelopment Commission <br />Regular Meeting - June 18, 1993 <br />6. NEW BUSINESS (Cont.) <br />e. continued... <br />Mr. Beitzinger read the staff report on the <br />project. Schafer Gear Works is a <br />manufacturer of gears and machined parts to <br />customer specifications. Their project calls <br />for the purchase of two CNC (computer <br />numerical controlled) lathes. The lathes will <br />be used exclusively to manufacture ball and <br />socket parts for a specific customer. The <br />total cost of the machines is estimated at <br />The project will create five new permanent, <br />full-time jobs, representing an annual payroll <br />of $125,000 and will maintain fifty -eight <br />existing, permanent, full-time and part -time <br />jobs with an annual payroll of $1,500,000. <br />Schafer Gear Works was previously granted a <br />five -year personal property tax abatement in <br />1998 and again in 1991 and is in compliance <br />with the reporting requirements for those <br />abatements. The property is properly zoned <br />for the proposed use. The property is located <br />in an area presently designated as a Tax <br />Abatement Impact Area and in a Tax <br />Incremental Financing Allocation Area. The <br />project qualifies for five years of personal <br />property tax abatement under the Tax <br />Abatement Ordinance. <br />Without abatement, the project would <br />generate approximately $45,149 in taxes over <br />the five year period. With abatement, the <br />project will generate approximately $8,006. <br />Therefore, the cost of the abatement is <br />approximately $37,143. <br />I" <br />