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South Bend Redevelopment Commission <br />Regular Meeting - February 17, 1995 <br />6. NEW BUSINESS (Cont.) <br />b. continued... <br />Upon a motion by Ms. Auburn, seconded by <br />Mr. Hcjnacki and unanimously carried, the <br />Commission approved the Loan and Grant <br />in connection with the Affordable Loan <br />Program for property located at 1210 N. <br />Olive. (Albert and Sue Smith) <br />C. Commission approval requested for <br />Resolution No. 1321 approving an <br />application for personal property tax <br />deduction for property located at 3636 <br />Gagnon in the Airport Economic <br />Development Area. (General Machine & <br />Saw Company of Indiana) <br />Mr. Beitzinger read the staff report on the <br />project. General Machine & Saw Company <br />of Indiana is a new company to South Bend <br />and to the State of Indiana. Like its parent <br />company, based in Marion, Ohio, General <br />Machine & Saw Company will be a supplier <br />of cut -to -order steel bars which are used in <br />the manufacturing process of heavy duty <br />equipment. The steel bars range in size and <br />diameter and are cut to specific lengths or <br />weights. The bars are then delivered to <br />their customers to forge parts for heavy duty <br />equipment, including transmissions for large <br />trucks and earth moving equipment. <br />General Machine & Saw intends to purchase <br />and install $350,000 in new equipment, <br />including heavy duty band saws, automatic <br />computer controlled scales, fork lifts, <br />welders, drill presses and CNC lathes. <br />c -5- <br />COMMISSION APPROVED THE LOAN AND <br />GRANT IN CONNECTION WITH THE <br />AFFORDABLE LOAN PROGRAM FOR <br />PROPERTY LOCATED AT 1210 N. OLIVE. <br />(ALBERT AND SUE SMITH) <br />