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South Bend Redevelopment Commission <br />Regular Meeting - September 15, 1995 <br />6. NEW BUSINESS (Cont.) <br />c. Commission approval requested for <br />Resolution No. 1372 approving an <br />application for personal property tax <br />deduction for property located at 814 S. <br />Main Street. (Schafer Gear Works) <br />Mr. Beitzinger read the staff report on the <br />project. <br />Schafer Gear Works is a manufacturer of <br />gears and machined parts to customer <br />specifications. Their project calls for the <br />purchase of a Model EMAG -VSC 200 <br />Vertical Lathe, a Model FA30 CNC 5-Axis <br />shaving machine and a Model RB23 -B35 A/P <br />Mitsubishi Grinder. All three machines will <br />be used exclusively to manufacture gear <br />components for a specific customer. The <br />total cost of the three machines is estimated <br />at $675,000. <br />Per the petition, this project is estimated to <br />create six (6) new permanent full-time jobs, <br />representing a new annual payroll of <br />$150,000 and will maintain 85 existing <br />permanent full-time and part-time jobs <br />representing an annual payroll of $2,500,000. <br />A review of the tax abatements previously <br />granted, finds that the petitioner has been <br />granted several previous tax abatements and <br />they are as follows: <br />Term /Type <br />Resolution No. <br />Date <br />5 year personal property <br />1631 -88 <br />July 25, <br />1988 <br />5 year personal property <br />1876 -91 <br />June 10, <br />1991 <br />5 year personal property <br />2055 -93 <br />July 12, <br />1993 <br />10 year real property <br />2148 -94 <br />June 27, <br />1994 <br />EM <br />