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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting - June 25, 1999 <br />6. NEW BUSINESS (CONT.) <br />b. continued... <br />Exacto is a precision machine shop, <br />which manufactures precision machined <br />parts and components for diesel engine <br />fuel injector systems, turbochargers and <br />air compressors for trucks. Their project <br />calls for the purchase and installation of <br />new equipment. The estimated project <br />cost is $760,000. Exacto stated its need <br />to replace old equipment which has <br />reached the end of its productive life <br />and causes tremendous down time and <br />unbearable repair costs. To stay <br />competitive, Exacto is changing to a <br />Cell- Concept, state -of -the -art <br />equipment, which will assure further <br />growth of Exacto. <br />Per the petition, it is estimated that this <br />project will create eight new, <br />permanent, full -time jobs within the <br />first year, representing a new annual <br />payroll of $166,400 and will maintain <br />80 existing permanent, full -time jobs <br />and no part-time jobs representing an <br />annual payroll of $1,861,159. <br />A review of the tax abatements <br />previously granted, finds that Exacto <br />has been granted one previous tax <br />abatement. <br />Exacto is in compliance with the <br />reporting requirements for the previous <br />abatement. <br />HAWPDATA \COMMSN\062599.MIN 7 <br />