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South Bend Redevelopment Commission <br />Regular Meeting - December 19, 1997 <br />6. NEW BUSINESS (CONT.) <br />a. continued.... <br />approved by the South Bend <br />Redevelopment Commission. A review of <br />the Tax Abatement Ordinance finds that <br />Schafer Gear Works, Inc. meets the <br />qualifications for a five year personal <br />property tax abatement. <br />Using the project cost of $1,860,000, the <br />taxes generated over the five year period <br />are $172,903. Taxes abated total <br />approximately $142,244. Taxes still paid <br />with the abatement total approximately <br />$30,659. <br />Stan Blenke of Schafer Gear Works, Inc. <br />stated that when the company started in <br />1988, it employed approximately fifty <br />people. As of today, Schafer Gear Works, <br />Inc. has 90 employees and plans to add a <br />minimum of 10 employees in 1998. <br />Since 1988, Schafer Gear Works, Inc. <br />added $10 million in new equipment and <br />building additions. Schafer Gear Works, <br />Inc. is proud of its track record as it <br />continues to grow and 1998 is no <br />exception —it looks very good. The new <br />equipment that Schafer Gear Works, Inc. <br />is petitioning for today already has orders <br />in -house from its customers. <br />Robert Hunt asked Mr. Blenke if the <br />equipment that previously received <br />abatement is still in use. Mr. Blenke <br />responded that the equipment is still in <br />operating condition and is being used. <br />F:M OMElCPHIPPS \WPDATA \COMMSM121997.MIN -6- <br />