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ILSouth Bend Redevelopment Commission <br />I Regular Meeting - September 2, 1994 <br />5. OLD BUSINESS t.) <br />a. continued... <br />Ewing Development Area. (South Bend <br />Scrap and Processing Division) <br />b. Commission approval requested for <br />Resolution No. 1286 approving an <br />application for personal property tax <br />deduction for property located at 3605 W. <br />Cleveland Road in the Airport Economic <br />Development Area. (AE Goetze, Inc.) <br />Mr. Inks read the staff report on the project. <br />AE Piston Products is in the business of <br />manufacturing automotive pistons. Their <br />project calls for the purchase and <br />installation of six new casting cells and three <br />high volume machine lines and related <br />equipment at an estimated cost of <br />$20,000,000. The equipment will be used <br />to substantially increase the production of <br />pistons for their customers. It is projected <br />that the new equipment will increase sales <br />by 72 %. <br />The new project will create eleven new <br />permanent full-time jobs, which is in <br />addition to the 156 jobs which are to be <br />created by the projects begun last year. The <br />total annual payroll for the new jobs is <br />estimated at $4,150,000. The project will <br />also maintain two hundred and thirty -nine <br />(239) existing full time and part time jobs <br />representing an annual payroll of <br />$8,617,000. <br />AE Piston was granted a ten -year real <br />property and a five year personal property <br />M <br />