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South Bend Redevelopment Commission <br />Regular Meeting - May 20, 1994 <br />6. NEW BUSINESS (Cont.) <br />h. Commission approval requested for <br />Resolution No. 1256 approving an <br />application for real property tax deduction <br />for property located at 814 S. Main Street <br />in the Sample -Ewing Development Area. <br />(Schafer Gear Works, Inc.) <br />Mr. Beitzinger read the staff report on the <br />project. Schafer Gear Works is a <br />manufacturer of gears and machined parts <br />to customer specifications. Schafer plans <br />to construct a 17,000 sq. ft. building <br />addition to its existing facility. The <br />addition will be built on property acquired <br />from the City where the old Southern <br />Hotel once stood and a portion of Schafer's <br />present parking lot adjacent to their <br />building. The cost of the building <br />expansion is estimated at $80,000. The <br />project will create fifteen new permanent <br />jobs within the first year, representing a <br />new annual payroll of $350,000 and will <br />maintain fifty seven existing permanent full <br />time and three part time jobs with an <br />annual payroll of $1,600,000. <br />Schafer Gear has previously been granted <br />tax abatements in July 1988, June 1991, <br />and July 1993. They are in compliance <br />with the reporting requirements for those <br />abatements. The property is properly <br />zoned for the proposed use. The property <br />is located in an area presently designated <br />as a Tax Abatement Impact Area and is <br />also located in the Sample -Ewing <br />Development Area which is a Tax <br />Increment Financing Allocation Area. The <br />project meets the qualifications for a ten <br />Awl <br />-14- <br />