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South Bend Redevelopment Commission <br />Regular Meeting - October 4, 1996 <br />6. NEW BUSINESS (Cont.) <br />b. continued.... <br />the petition first requires the approval of <br />the Redevelopment Commission. A <br />review of the Tax Abatement Ordinance <br />finds that Manufacturing Technology, Inc. <br />meets the qualifications for a five year <br />personal property tax abatement. <br />Using an estimated project cost of <br />$160,000, the total taxes generated is <br />approximately $14,544. The estimated <br />amount abated over five years is <br />approximately $11,965. The taxes still <br />paid with the abatement is approximately <br />$2,579. <br />Mr. Szarwark stated that Manufacturing <br />Technology, Inc. has one hundred people <br />currently employed on the west side of <br />South Bend. He stated that <br />Manufacturing Technology, Inc. makes <br />technology that is second to none in the <br />world. They are one of five companies <br />outside Japan that manufacture this type <br />of technology. One is friction welding <br />technology and the other is commercial <br />welding technology. This is the type of <br />state of the art welding technology <br />currently available. <br />He stated that Manufacturing <br />Technology, Inc. plans to build a new <br />machine for their own internal use to build <br />other welding machines. Manufacturing <br />Technology, Inc. is going to take one of <br />their existing machines and upgrade it. <br />Their other machine is about five to ten <br />years old and needs to be upgraded, so <br />both machines will go on line. This will <br />-7- <br />