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G <br />South Bend Redevelopment Commission <br />Regular Meeting - April 15, 1994 <br />6. NEW BUSINESS (Cont.) <br />h. continued... <br />12,000 square foot addition at an estimated <br />cost of $600,000. The addition will house a <br />production welding shop. The project also <br />involves the purchasing of three new inertia <br />welders at an estimated cost of $1,600,000 <br />and MTI is applying for a personal property <br />tax abatement for the equipment also. The <br />addition and the new equipment will be used <br />to weld stabilizer bars which will be used in <br />the automotive industry. MTI indicates that <br />the new equipment, and the space to house <br />it, is necessary to maintain their position in <br />the industry and meet their clients' service <br />needs. <br />AWN <br />It is estimated that this project will create six <br />new, permanent, full-time jobs within the <br />first year representing a new annual payroll <br />of $120,000. The project will also maintain <br />seventy -five full-time and no part time jobs <br />representing an annual payroll of <br />$3,000,000. <br />0 <br />Manufacturing Technology has not been <br />granted any previous tax abatement <br />consideration, however a personal property <br />tax abatement was approved on August 8, <br />1988 under the Adams Engineering name. <br />That company was dissolved in 1991, the <br />equipment was sold off and the abatement <br />was terminated. <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 and also in the <br />-12- <br />