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South Bend Redevelopment Commission <br />Regular Meeting - November 7, 1997 <br />6. NEW BUSINESS (CONT.) <br />e. continued.... <br />Mike Beitzinger gave the staff report on <br />the project. <br />South Bend Form Tool Company, Inc. is a <br />tool and die company. The company <br />specializes in precision tooling and die <br />work for the orthopedic, aircraft and <br />compressor industries. The company is <br />presently planning a major expansion. <br />The new personal property being <br />purchased will help with the expansion. <br />These new capital improvements will <br />allow the company to achieve and <br />maintain existing business, possibly enter <br />new markets and maintain its existing <br />quality. The total estimated cost of the <br />new equipment is $713,000. <br />Per the petition, it is estimated that this <br />project will create five (5) new, permanent <br />jobs within the first year, representing a <br />new annual payroll of $140,000 and will <br />maintain 26 existing permanent full -time <br />jobs and no part-time jobs representing an <br />annual payroll of $1,192,000. <br />A review of the tax abatements previously <br />granted finds that South Bend Form Tool <br />Company, Inc. has not been granted any <br />previous tax abatements. The building <br />commissioner has reviewed the petition <br />and finds the property to be properly <br />zoned for the proposed project. A review <br />of the South Bend Redevelopment areas <br />finds that the property is located in the <br />Sample -Ewing Development Area, which <br />CH:\ TOME\CPHIPPS \WPDATA \COMMSM110797.MIN -12- <br />