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RM 04-21-95
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RM 04-21-95
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South Bend Redevelopment Commission <br />gular Meeting - April 21, 1995 <br />6. NEW BUSINESS (Cont.) <br />C. continued ... <br />and aerospace industries. Their project <br />calls for the purchase of 5 CNC Vertical <br />Machining Centers, 3 Standard Mills, 1 <br />CNC Horizontal Machining Center and <br />CNC Turning Center. The new <br />equipment is necessary to meet present <br />and future customer demand. The <br />estimated value of the equipment is <br />$601,000. <br />It is estimated that this project will create <br />4 new, permanent jobs within the first <br />year, representing an annual payroll of <br />$165,000 and will maintain thirty-two <br />(32) existing permanent full-time and no <br />-row* permanent part-time jobs with an annual <br />payroll of $1,353,518. <br />The petitioner has been granted several <br />previous abatements, they are as follows: <br />a. Real property abatement on February <br />12, 1990, resolution #1767 -90. <br />b. Personal property abatement on <br />February 12, 1990, resolution #1768- <br />90. <br />c. Personal property abatement on <br />December 14, 1992, resolution <br />#1977 -92 <br />The petitioner is in compliance with the <br />reporting requirements for each of the <br />previous abatements. The property is <br />not located in a Tax Abatement Impact <br />Area. It is, however, located in the <br />Airport Economic Development Area, <br />which is a Tax Incremental Financing <br />-11- <br />i <br />
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