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. %0 <br />South Bend Redevelopment Commission <br />Rescheduled Regular Meeting - July 3, 1997 <br />6. NEW BUSINESS (CONT.) <br />j. continued... <br />Precision Machining was granted two <br />abatements, a three year real property <br />abatement, and a five year personal <br />property abatement. The building <br />commissioner has reviewed the petition <br />and finds the property to be properly <br />zoned for the proposed use. A review of <br />the South Bend Redevelopment Allocation <br />areas finds that the property is located in <br />the Airport Economic Development Area, <br />which is a Tax Incremental Financing <br />Allocation Area, therefore, the petition <br />requires the approval of the South Bend <br />Redevelopment Commission. A review of <br />the Tax Abatement Ordinance finds that <br />Apollo Precision Machining, Inc. meets <br />the qualifications for a five (5) year <br />personal property tax abatement. <br />Using the project cost of $1,143,000, the <br />total taxes generated over five years, total <br />approximately $106,253. The taxes abated <br />over five years total approximately <br />$87,412. The taxes still paid with the <br />abatement total approximately $18,841. <br />Mike Wojtysiak stated that Apollo <br />Precision Machining, Inc. was started in <br />the mid -1980s and grew rapidly. When <br />Apollo was first formed, it had sales of <br />approximately $200,000. Presently, <br />Apollo's sales are approximately $1.5 <br />million. Mike Wojtysiak stated that when <br />he came before the Commission two years <br />ago, Apollo had twelve (12) employees <br />with an annual payroll of $250,000. At <br />H:\HOME\CPHIPPS\WPDATA\COMMSN\070397.MIN -13- <br />