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South Bend Redevelopment Commission <br />Regular Meeting - July 2, 1999 <br />5. NEW BUSINESS <br />a. Commission approval requested for <br />Resolution No. 1696 approving an <br />application for real property tax <br />deduction for property at 4747 and <br />4775 Ameritech Drive in the Airport <br />Economic Development Area. <br />(South Bend Redevelopment <br />Commission on behalf of Dynamic <br />R.E.H.C., Inc.) <br />Nancy Van Scoyk presented the <br />following staff report to the <br />Commission for its consideration. <br />Dynamic is a thirteen - year -old <br />machine shop, which performs <br />welding and machine services for the <br />capital goods market. Dynamic <br />purchased the former "Buds Machine <br />Co." located in South Bend in 1994. <br />The headquarters for the company is <br />located in Cincinnati, Ohio. Dynamic <br />proposes to construct a 50,000 sq ft <br />machine /welding shop in the U.S. 31 <br />Industrial Park. The total estimated <br />cost of construction is $1,900,000. The <br />company cannot satisfy its growth <br />operations in its current Northern <br />Indiana facility. Dynamic also <br />proposes to purchase and install new <br />equipment in the new facility. The <br />total estimated cost of equipment is <br />$1,650,000. <br />Per the petition, it is estimated that this <br />project will create three new, <br />permanent, full -time jobs within the <br />first year, representing a new annual <br />HAWPDATA \C0MMSN\070299.MIN -3- <br />