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South Bend Redevelopment Commission <br />Regular Meeting - February 2, 1996 <br />6. NEW BUSINESS (Cont.) <br />a. continued... <br />Sample -Ewing Development Area. <br />(Champion Soft Water Co., Inc.) <br />b. Commission approval requested for <br />Resolution No. 1415 approving an <br />application for personal property tax <br />deduction for property located at 325 <br />S. Walnut Street in the West <br />Washington - Chapin Development <br />Area. ( Masterbilt, Inc.) <br />Mr. Beitzinger read the staff report on <br />the project. Masterbilt, Inc. is a <br />machine shop that supports the <br />aerospace industry. Masterbilt mainly <br />produces components for fuel controls <br />for Allied Signal and other aerospace <br />manufacturers. Their project calls for <br />the purchase of one CNC 5 -axis turning <br />center. The new turning center is <br />necessary to maintain quality and <br />productivity. The total estimated cost of <br />the new equipment is $105,000. <br />It is estimated that this project will <br />create one (1) new permanent full-time <br />job within the first year, representing an <br />annual payroll of $25,000 and will <br />maintain nine (9) full-time and part-time <br />jobs, representing an annual payroll of <br />$250,000. <br />Masterbilt has not been granted any <br />previous tax abatement consideration. <br />The property is properly zoned for the <br />proposed use. The property is not <br />4 <br />