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South Bend Redevelopment Commission <br />Regular Meeting - September 2, 1994 <br />5. OLD BUSINESS <br />a. Commission approval requested for <br />Resolution No. 1277 approving an <br />application for personal property tax <br />deduction for property located at 1145- <br />1305 Prairie Avenue in the Sample -Ewing <br />Development Area. (South Bend Scrap <br />and Processing Division) <br />Mr. Inks informed the Commission that the <br />lawsuit that was holding up renewal of South <br />Bend Scrap's license has been resolved and <br />a new license has been issued. <br />South Bend Scrap & Processing is a <br />manufacturer of notched bar, ring, nugget <br />and shot ingots through smelting and <br />processing, and is a recycler of ferrous and <br />nonferrous metals into reusable materials <br />through sorting, torching, breaking, shearing <br />and bailing. Their project calls for the <br />purchase and installation of 2 hydraulic <br />pedestal cranes and a wire line. The cranes <br />have a reach of 130 feet radius and will <br />speed up the feeding of the processing <br />equipment and will reduce the noise that is <br />currently associated with the feeding line. <br />The wire will remove the insulation from <br />copper and aluminum wire and then chop <br />the wire to required sizes. This job is <br />currently being done out of state. <br />The projected costs are $465,000 for each <br />crane and $350,000 for the wire line, with <br />total project costs estimated at $1,280,000. <br />The project will create sixteen new, <br />permanent jobs within the first year, <br />representing a new annual payroll of <br />-4- <br />