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RM 09-17-99
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RM 09-17-99
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South Bend Redevelopment Commission <br />Regular Meeting - September 17, 1999 <br />6. NEW BUSINESS (CONT.) <br />b. continued... <br />(Cleveland Partners, L.P.) <br />Cleveland Partners, L.P. intends to build a <br />new 50,500 sf. manufacturing facility on <br />West Cleveland Road (immediately east of <br />Trans Tech), which will be leased to <br />Adapto- Indiana, Inc. Adapto is relocating <br />due to an airport extension. The new <br />building will be built of masonry, concrete <br />and steel. There will be ample room for <br />expansion on the six acre site to facilitate <br />Adapto's future growth needs. The new <br />building is expected to cost $1.9 million. <br />In addition, Adapto- Indiana, Inc. will <br />purchase three new CNC Lathes and two <br />new CNC Mills. The total estimated cost <br />of the new machinery and equipment is <br />$500,000. <br />Per the petition, this project will create <br />five new jobs representing a new annual <br />payroll of $100,000 and will maintain 96 <br />existing, permanent, full -time jobs and no <br />part-time jobs with an annual payroll of <br />$2,400,000. <br />A review of the tax abatements previously <br />granted finds that Cleveland Partners, L.P. <br />and Adapto - Indiana, Inc. have not been <br />granted any previous tax abatements <br />through the South Bend Common Council; <br />however the partners of Cleveland <br />Partners, L.P. have been associated with <br />several previous tax abatements. The <br />associated entities are in compliance with <br />the reporting requirements for the previous <br />-5- <br />
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