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South Bend Redevelopment Commission <br />Regular Meeting - June 5, 1998 <br />6. NEW BUSINESS (CONT.) <br />b. continued.... <br />industry. The equipment will be used <br />in creating stainless steel stencils used <br />by customers to apply solder paste onto <br />circuit board patterns. Additionally, <br />blasting equipment will be purchased to <br />recycle aluminum frames for mounting <br />the stencils. The total estimated cost of <br />the new equipment is $328,300. Per <br />the petition, it is estimated that this <br />project will create eighteen (18) new, <br />permanent jobs within the first year, <br />representing a new annual payroll of <br />$374,000 and will maintain seventy -one <br />(7 1) existing permanent full -time jobs <br />with an annual payroll of $2,240,000. <br />A review of the tax abatements <br />previously granted finds that Syscon <br />International, 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 <br />review of the designated South Bend <br />Redevelopment areas finds that the <br />property is located in the Sample -Ewing <br />Development Area, which is a Tax <br />Incremental Allocation Area; therefore, <br />the petition for personal property tax <br />abatement must first be approved by the <br />South Bend Redevelopment <br />Commission. A review of the Tax <br />Abatement Ordinance finds that Syscon <br />International, Inc. meets the <br />qualifications for a five (5) year <br />personal property tax abatement under <br />-15- <br />