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South Bend Redevelopment Commission <br />Regular Meeting - August 6, 1993 <br />6. NEW BUSINESS (Cont.) <br />a. continued... <br />Mr. Rippey noted that they have received <br />excellent cooperation from City staff. <br />b. Commission approval requested for <br />Resolution No. 1183 approving an <br />=lication for personal property tax <br />deduction for property located at 1137 South <br />Lafayette Street in the Sample -Ewing <br />Development Area. ( Exacto, Inc.) <br />Mr. Beitzinger gave the staff report on the <br />project. Exacto is a precision machine shop. <br />They propose to install a new RB23 CNC <br />angle head grinder and hydraulic diamond <br />dressing unit which will enable Exacto to <br />maintain an existing customer and increase <br />sales. The total cost of the project is <br />estimated at $155,000. <br />The project will create five new full-time <br />jobs with an annual payroll of $72,000 and <br />will maintain seventy existing permanent <br />full-time and part-time jobs with an annual <br />payroll of $1,200,000. <br />Exacto was previously granted a ten year <br />real property tax abatement on November <br />22, 1982 and is in compliance with the <br />reporting requirements for that abatement. <br />The property is properly zoned for the <br />proposed use. The property is located in an <br />area presently designated as a Tax <br />Abatement Impact Area, in a Tax <br />Incremental Financing Allocation Area, and <br />is in the Sample -Ewing Development Area. <br />The project qualifies for five years of <br />personal property tax abatement under the <br />tax abatement ordinance. <br />-5- <br />