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South Bend Redevelopment Commission <br />Regular Meeting - September 5, 1997 <br />6. NEW BUSINESS (CONT.) <br />a. continued.... <br />Mike Beitzinger gave the staff report. <br />Capitol Technologies, Inc. is a <br />manufacturer of special automated <br />industrial machinery along with dies, <br />fixtures, metal forming machines and <br />systems. Their project calls for the <br />purchase and installation of two new 1,600 <br />ton presses. The presses will be used for <br />testing dies for their larger customers and <br />production runs for those customers, if <br />needed. The project continues Capitol <br />Technologies' recognition as a world class <br />machine and tool builder and a truly <br />automated equipment manufacturer. The <br />total cost of the project is estimated at <br />$750,000. <br />Per the petition, it is estimated that this <br />project will create three (3) permanent new <br />jobs representing an annual payroll of <br />$135,000. The project will also maintain <br />one hundred eighty (180) full time and part <br />time jobs representing an annual payroll of <br />$7,560,000. <br />A review of the tax abatement records <br />found that Capitol Technologies, Inc. was <br />previously granted a five year personal <br />property tax abatement and a six year real <br />property tax abatement. Capitol <br />Technologies, Inc. is in compliance with <br />the reporting requirements for the previous <br />abatements. The building commissioner <br />has reviewed the petition and finds the <br />property to be properly zoned for the <br />proposed use. <br />H:\HOME\CPHIPPS\WPDATA\COMMSM090597.MfN A \COMMSM090597.MIN -9- <br />