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South Bend Redevelopment Commission <br />Regular Meeting - August 20, 1993 <br />6. NEW BUSINESS (Cont.) <br />b. continued... <br />further along than this one. One is in <br />West Lafayette. It is not far enough <br />along to compare advantages or <br />disadvantages. This concept is at the <br />cutting edge of wetland development. <br />C. Commission approval requested for <br />Resolution No. 1188 approving an <br />application for personal property tax <br />deduction for property located at 3515 <br />Boland Drive in the Airport Economic <br />Development Area. (Society Equipment <br />Leasing Company for the benefit of <br />American Tool and Die) <br />Mr. Beitzinger gave the staff report on <br />the project. American Tool and Die <br />makes precision products with state of <br />the art computer controlled machinery <br />and lathes. They intend to purchase a <br />DeVieg Jig Mill 3 axis CNC for a cost <br />of $252,000. The project will create two <br />new permanent, full-time jobs, <br />representing an annual payroll of <br />$90,000 and will maintain thirty -three <br />existing, permanent, full-time and part- <br />time jobs with an annual payroll of <br />$1,370,000. <br />Mr. Beitzinger noted that the financing <br />packages offered by banks, especially <br />through leasing, have become more <br />popular. Dan Turner, State Board of <br />Tax Commissioners, has supplied a letter <br />indicating that a tax abatement can be <br />obtained by whichever party pays the <br />taxes on new equipment in such a case. <br />In <br />