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South Bend Redevelopment Commission <br />Regular Meeting - October 17, 1997 <br />6. NEW BUSINESS (CONT.) <br />d. continued.... <br />Drive in the Airport Economic <br />Development Area. (Apollo Precision <br />Machining, Inc.) <br />Mike Beitzinger gave the staff report. <br />Apollo Precision Machining is a production <br />machine shop. They manufacture parts from <br />steel, brass, aluminum, plastic and nylon for <br />the agricultural, dairy and flexible assembly <br />industries, as well as supplying gauging <br />components for the pattern industry. Apollo <br />is capable of a broad range of CNC turning, <br />CNC milling, drilling, tapping, honing and <br />manufacturing parts from bar stock, castings, <br />weldments and burnouts. Their project calls <br />for 10,000 sf of additional manufacturing <br />space to the existing building at a cost of <br />$230,000. The additional space is critical to <br />the growth of the business. <br />The new addition, coupled with a three -year <br />equipment acquisition plan, will allow the <br />company to satisfy increasing customer <br />demands and bring in new business from out <br />of state while maintaining its high standards. <br />Per the petition, it is estimated that this <br />project will create six (6) new, permanent <br />jobs within the first year, representing a new <br />annual payroll of $150,0000 and will <br />maintain 29 existing permanent, full -time <br />jobs and no -part time jobs representing an <br />annual payroll of $807,000. <br />H:\ HOME \CPHOPS \WPDATA \COMMSN\101797.MIN -20- <br />