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South Bend Redevelopment Commission <br />Regular Meeting - November 21, 1997 <br />6. NEW BUSINESS (CONT.) <br />j. continued.... <br />Mike Beitzinger gave the staff report on <br />this project. <br />Eaton Corporation is a manufacturing <br />industry. This facility forges parts for use <br />in the truck manufacturing industry. This <br />project is for the purchase and installation <br />of new manufacturing equipment. The <br />estimated project cost is $3,800,000. This <br />project will increase the forging capacity <br />of the South Bend facility and provide the <br />equipment necessary to manufacture truck <br />transmission parts using new technology. <br />Per the petition, it is estimated that this <br />project will create twenty -one (21) <br />permanent jobs within the first year, <br />representing a new annual payroll of <br />$483,000 and will maintain 106 existing <br />permanent full -time jobs representing an <br />annual payroll of $3,336,000. <br />A review of the tax abatements previously <br />granted finds that Eaton Corporation has <br />been granted three previous tax <br />abatements. The first, a five year personal <br />property abatement, was passed in October <br />1992, and the second and third a ten year <br />real property and a five year personal <br />property abatement were passed in <br />December 1994. 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 <br />designation areas find that the property is <br />located in the Airport Economic <br />H:\IiOME\CPHIPPS\WPDATA\COMMSN\I 12197.MIN -39- <br />