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South Bend Redevelopment Commission <br />Regular Meeting - December 19, 1997 <br />6. NEW BUSINESS (CONT.) <br />a. continued.... <br />Schafer Gear Works, Inc. is a <br />manufacturer of gears and machine parts <br />to customer specifications. Their project <br />calls for the purchase of a CNC Thread <br />Grinder, Vertical Broaching Machine, <br />CNC Hobbing Machine, 2 Axis Lathe with <br />Bar and Subspindle, 2 Axis Lathe with <br />Autoload, 4 Axis Lathe with Barfeed, and <br />O.D. Grinder with Autoload. This <br />equipment will be an addition to existing <br />equipment and is required due to <br />continued customer growth. The total cost <br />of the project is estimated at $1,860,000. <br />Per the petition, it is estimated that this <br />project will create ten (10) permanent jobs <br />within the first year, representing a new <br />annual payroll of $250,000 and will <br />maintain 90 existing permanent full -time <br />jobs and no part-time jobs representing an <br />annual payroll of $2,800,000. A review of <br />the tax abatements previously granted <br />finds that Schafer Gear Works, Inc. has <br />been granted four previous tax abatements. <br />Schafer Gear Works, Inc. is in compliance <br />with the reporting requirements for each of <br />the previous 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 />is a Tax Incremental Allocation Area, <br />therefore, the petition for personal <br />property tax abatement must first be <br />F:\ Ii OME\ CPiHPPS \WPDATA \COMMSN\121997.MIN -5- <br />