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South Bend Redevelopment Commission <br />Special Meeting - January 8, 1999 <br />6. NEW BUSINESS (CONT.) <br />E continued.... <br />Eaton Corporation is a manufacturing <br />company. This facility forges parts for use <br />in the truck manufacturing industry. Their <br />project calls for the purchase and <br />installation of a new 3,000 ton forge press <br />and auxiliary equipment. The estimated <br />project cost is $2,300,000. The project will <br />increase the forging capacity of the South <br />Bend facility and provide the equipment <br />necessary to manufacture truck <br />transmission parts. <br />Per the petition, it is estimated that this <br />project will create six new, permanent jobs <br />AWA within the first year, representing a new <br />annual payroll of $224,400 and will <br />maintain 126 existing permanent, full -time <br />jobs and no part-time jobs representing an <br />annual payroll of $5,000,000. <br />A review of the tax abatements previously <br />granted, finds that Eaton Corporation has <br />been granted several previous tax <br />abatements. Eaton Corporation is in <br />compliance with the reporting <br />requirements for each of the previous <br />abatements. <br />The building commissioner has reviewed <br />the petition and finds the property to be <br />properly zoned for the proposed project. <br />A review of the designated South Bend <br />Redevelopment areas finds that the <br />property is located in the Airport <br />Economic Development Area, which is a <br />H: \WPDATA \COMMSN\010899.MIN _10- <br />