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South Bend Redevelopment Commission <br />Regular Meeting - May 21, 1999 <br />6. NEW BUSINESS (CONT.) <br />b. continued.... <br />Journeyman Tool & Mold, Inc. designs <br />and builds injection molds and tools for <br />the production of plastic parts in the <br />automotive, electrical, computer and <br />medical industries. Their project calls <br />for the purchase of a new CNC <br />electrical discharge machine and a new <br />CNC milling machine, which will <br />enable the company to perform jobs <br />with the newest technology that will cut <br />costs to their customers and improve <br />efficiency. The estimated project cost is <br />$180,000. <br />Per the petition, it is estimated that this <br />project will create five new permanent, <br />full -time jobs within the first year, <br />representing a new annual payroll of <br />$200,000 and will maintain 3 existing <br />permanent, full -time jobs and no part- <br />time jobs representing an annual payroll <br />of $120,000. <br />A review of the tax abatements <br />previously granted, finds that <br />Journeyman Tool & Mold, Inc. has not <br />been granted previous tax abatement. <br />The building commissioner has <br />reviewed the petition and finds the <br />property to be properly zoned for the <br />proposed project. <br />HAWPDATMCOMMSM052199.MIN -8- <br />