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South Bend Redevelopment Commission <br />Regular Meeting - November 17, 1995 <br />6. NEW BUSINESS (Cont.) <br />f. continued... <br />efficiencies. Precision Millwork has <br />indicated that the new saw is critical to <br />maintaining customers and allowing for <br />taking on new projects effectively and <br />efficiently. The total cost of the new <br />equipment is estimated at $75,000. <br />It is estimated that this project will create <br />two (2) new permanent full-time jobs <br />representing an annual payroll of $40,000 <br />and will maintain twelve (12) existing <br />permanent full-time and part-time jobs with <br />an annual payroll of $250,000. <br />A review of the tax abatements previously <br />granted finds that Precision Millwork was <br />granted a three year real property tax <br />abatement. They are in compliance with the <br />reporting requirements for the previous <br />abatement. <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 target areas <br />finds that the property is not located in an <br />area presently designated as a Tax <br />Abatement Impact Area and is also located <br />in the Airport Economic Development Area, <br />which is a Tax Incremental Financing <br />Allocation Area. <br />Precision Millwork & Plastics meets the <br />qualifications for a five (5) year personal <br />-7- <br />