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South Bend Redevelopment Commission <br />Regular Meeting - June 20, 1997 <br />6. NEW BUSINESS (CONT.) <br />c. Commission approval requested for <br />Resolution No. 1513 approving an <br />application for personal property tax <br />deduction for property located in the <br />South Bend Central Development Area. <br />(Harbor Metal Treating of Indiana, <br />Inc.) <br />Mike Beitzinger gave the staff report. <br />Harbor Metal Treating of Indiana, Inc. is <br />in the business of metal treating by <br />hardening, tempering and annealing <br />customers tools, dies and metal products. <br />Their project calls for the purchase and <br />installation of a new vacuum draw furnace <br />at an estimated cost of $200,000 and a new <br />vacuum furnace at an estimated cost of <br />$500,000. The two furnaces are an <br />addition to the current furnace line and <br />will not replace any existing equipment. <br />Per the petitioner, the new furnaces are <br />necessary to remain competitive in the <br />heat treatment of manufactured dies and <br />related metal products. The total cost of <br />the project is estimated at $700,000. <br />Per the petition, it is estimated that this <br />project will create one (1) permanent new <br />job within the first year representing an <br />annual payroll of $24,000. The project <br />will also maintain thirty-six (36) full time <br />and part time jobs representing an annual <br />payroll of $1,113,000. <br />A review of the tax abatements previously <br />granted finds that Harbor Metal Treating <br />of Indiana, Inc. has been granted several <br />previous real and personal property tax <br />IL -9- <br />