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South Bend Redevelopment Commission <br />Regular Meeting - September 15, 1995 <br />6. NEW BUSINESS (Cont.) <br />b. continued... <br />and mailings. Their project calls for the <br />purchase and installation of new bindery <br />equipment including a Buckle Folding <br />Machine and a "Minuteman" Saddle Stitcher. <br />The petitioner has indicated that the new <br />equipment is imperative for the company to <br />remain competitive in the commercial <br />printing market. The turn around time to <br />complete a job is critical and can only be <br />reduced with new faster equipment. The <br />total cost of the equipment is estimated at <br />approximately $183,000. <br />Per the petition, this project is estimated to <br />create two (2) new permanent full-time jobs, <br />representing a new annual payroll of <br />$54,080.00 and will maintain 34 existing <br />permanent full-time and part-time jobs <br />representing an annual payroll of <br />$900,000.00. <br />A review of the tax abatements previously <br />granted, finds that the petitioner was granted <br />a three year real property abatement on <br />March 14, 1988, with resolution no. 1593- <br />88. That abatement has since expired. <br />The building commissioner has reviewed this <br />project and has found the property to be <br />properly zoned for the proposed use. <br />A review of the tax abatement designation <br />maps finds that the property is located in an <br />area presently designated as a Tax Abatement <br />Impact Area by the South Bend Common <br />Council. <br />-4- <br />