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South Bend Redevelopment Commission <br />Regular Meeting - January 21, 1994 <br />6. NEW BUSINESS (Cont.) <br />e. continued... <br />included in the abatement petition.) The <br />new equipment and building <br />improvements are necessary to maintain <br />$20,000,000 in annual sales and provide <br />capacity for another $10,000,000 to <br />$15,000,000. <br />While this project will not create any <br />permanent new jobs, the potential loss of <br />jobs is a sixty percent work force <br />reduction without the project. The <br />project will maintain one hundred and <br />thirty three (133) existing permanent full <br />time and existing part time jobs with an <br />annual payroll of $2,988,000. <br />Mr. Inks noted that Automatic <br />Technologies has received two previous <br />tax abatements. They received both real <br />and personal tax abatements in 1985, <br />indicating they would create 235 jobs <br />and retain 300 jobs. Presently their <br />employees number 133. In 1987 a <br />subsidiary company, Aquarius, received <br />a real and personal tax abatement, <br />indicating they would create 65 jobs and <br />retain 95 jobs. They presently employ <br />88. <br />Automatic Technologies has indicated <br />that employment did reach 530 people; <br />however, recent downturns in sales have <br />resulted in the reduced number of <br />current employees. The petitioner has <br />complied with the reporting requirements <br />for the previous abatements. <br />