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South Bend Redevelopment Commission <br />Regular Meeting - November 18, 1994 <br />6. NEW BUSINESS (Cont.) <br />a. continued... <br />cafeteria, locker rooms and team rooms. <br />The new 3,000 ton forge press is <br />necessary to meet present customer <br />demand. This project will enable the <br />South Bend plant to become the single <br />source of forgings for the Eaton <br />Transmission Division. The cost of the <br />building addition is estimated at <br />$1,800,000 and the cost of the new <br />equipment at $2,100,000 for a total <br />project cost of $3,900,000. <br />Per the petitions, it is estimated that this <br />project will create a total of twenty new <br />permanent full-time jobs in the first year, <br />representing an annual payroll of <br />$550,000 and will maintain eighty -six <br />existing permanent full-time and existing <br />part-time jobs with an annual payroll of <br />$1, 884,000. <br />Eaton Corporation was granted a <br />personal property tax abatement on <br />October 26, 1992 and is in compliance <br />with the reporting requirements for the <br />previous abatement. <br />The project is properly zoned for the <br />proposed use. The property is not <br />located in an area presently designated as <br />a Tax Abatement Impact Area, but is <br />located in the Airport Economic <br />Development Area, which is a tax <br />incremental financing allocation area. <br />The project qualifies for ten years of real <br />property tax abatement and five years of <br />-4- <br />