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South Bend Redevelopment Commission <br />Regular Meeting - September 6, 1996 <br />6. NEW BUSINESS (Cont.) <br />e. continued.... <br />deduction for property located at 2424 <br />Foundation Drive in the Airport <br />Economic Development Area. ( Nimet <br />Industries, Inc.) <br />Mike Beitzinger gave the staff report. <br />Nimet Industries is in the industrial <br />coatings business servicing high -end users <br />of industrially coated products. Nimet <br />applies various coatings to machinery and <br />equipment to enable products to perform <br />at high tolerances in extremely adverse <br />conditions. Their project calls for the <br />building of a 24,000 square foot addition <br />to the facility on Foundation Drive at a <br />cost of $1,000,000, and will add new <br />manufacturing equipment at a cost of <br />$750,000 bringing the total project cost to <br />$1,750,000. Per the petition, it is <br />estimated that this project will create nine <br />(9) new permanent full -time jobs within <br />the first year, representing an annual <br />payroll of $190,000 and will maintain <br />seventy (70) permanent full -time and five <br />(5) permanent part-time jobs, representing <br />an annual payroll of $1,500,000. <br />A review of the tax abatements previously <br />granted finds that Nimet Industries has <br />been granted two previous tax <br />abatements. The first, a three year real <br />property abatement granted in 1990, and <br />the second, a five year personal property <br />abatement granted in 1992. Nimet <br />Industries is in compliance with the <br />reporting requirements for the previous <br />abatements. The building commissioner <br />IL -16- <br />