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1p <br />South Bend Redevelopment Commission <br />Regular Meeting - May 1, 1998 <br />6. NEW BUSINESS (CONT.) <br />a. continued.... <br />technologically current or lose market <br />share. Their project calls for the purchase <br />and installation of new manufacturing <br />equipment. This equipment consists of <br />three injection mold presses necessary to <br />increase production. All of these <br />improvements are important to remain <br />competitive in the market place. Total <br />estimated cost of the equipment is <br />$2,200,000. <br />Per the petition, it is estimated that this <br />project will create thirty -nine (39) new <br />permanent jobs within the first year, <br />representing a new annual payroll of <br />$910,000 and will maintain 93 existing <br />permanent full time jobs with an annual <br />payroll of $2,268,000. A review of the tax <br />abatements previously granted finds that <br />Key Plastics, Inc. has not been granted <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 <br />designation areas finds that the property is <br />located in the Airport Economic <br />Development Area, which is a Tax <br />Incremental Allocation Area; therefore, the <br />petition for personal property tax <br />abatement must first be approved by the <br />South Bend Redevelopment Commission. <br />A review of the Tax Abatement Ordinance <br />finds that Key Plastics, Inc. meets the <br />qualifications for a five (5) year personal <br />property tax abatement under Tangible <br />C -5- <br />