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South Bend Redevelopment Commission <br />Regular Meeting - February 20, 1998 <br />6. NEW BUSINESS (CONT.) <br />e. continued.... <br />Using the total estimated equipment cost <br />of $350,000, the taxes generated over the <br />five -year period total $32,439. Taxes <br />abated total $26,687. Taxes paid with the <br />abatement total $5,752. <br />Using the total estimated equipment cost <br />of $750,000, the taxes generated over the <br />five -year period total $69,511. Taxes <br />abated total $57,185. Taxes paid with the <br />abatement total $12,326. <br />George Wiegand stated this is a <br />technology change project. In the past <br />year, Total Enterprises, LTD sales has <br />increased from $2.5 million to $5 million. <br />The CAD /CAM machining has allowed <br />Total Enterprises, LTD to be much more <br />efficient and accomplish tasks for its <br />customers in a short period of time. <br />In 1995, Total Enterprises, LTD had a <br />total of 39 employees. After installing <br />new equipment in 1996, the total number <br />of employees grew to 69. <br />Ms. Auburn asked why is the total <br />estimated equipment cost of $350,00 to <br />$750,000 so widespread. <br />Mr. Wiegand responded that the reason <br />why the estimated equipment cost is so <br />wide is because it has been found in the <br />past that additional equipment had been <br />required to accompany the type of <br />machinery that Total Enterprise, LTD is <br />-19- <br />