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A <br />South Bend Redevelopment Commission <br />Rescheduled Regular Meeting - July 3, 1997 <br />NEW BUSINESS (CONT.) <br />j. Commission approval requested for <br />Resolution No. 1526 approving an <br />application for personal property tax <br />deduction for property located in the <br />Airport Economic Development Area. <br />(Apollo Precision Machining, Inc.) <br />Mike Beitzinger gave the staff report. <br />Apollo Precision Machining is a <br />production machine shop. They <br />manufacture parts from steel, brass, <br />aluminum, plastic and nylon for the <br />agricultural, dairy and flexible assembly <br />industries, as well as supplying gauging <br />components for the pattern industry. <br />Apollo is capable of a broad range of CNC <br />turning, CNC milling, drilling, tapping, <br />honing and manufacturing parts from bar <br />stock, castings, weldments and burnouts. <br />Their project calls for purchase and <br />installation of $1,143,000 of new <br />machinery and equipment. The new <br />capital improvements will allow the <br />company to achieve future growth, enter <br />new markets and maintain its existing <br />quality. <br />Per the petition, it is estimated that this <br />project will create between eight and ten <br />(8 -10) new permanent, full -time jobs <br />representing an annual payroll of <br />$250,000. The project will also maintain <br />twenty -five (25) full time and part time <br />jobs representing an annual payroll of <br />$732,000. <br />A review of the tax abatement records <br />found that in August 1994, Apollo <br />H:\ HOME\ CPHIPPS \WPDATA \COMMSN\070397.MIN -12- <br />