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South Bend Redevelopment Commission <br />Regular Meeting - February 18, 2000 <br />6. NEW BUSINESS (CONT.) <br />c. continued... <br />plans to add three major pieces of <br />equipment: (1) Mazak Laser STX <br />HiPro Supercharged ($620,000); (2) <br />Two Precision Press Brakes <br />($389,000), for an estimated cost of <br />$1,000,000. These capital <br />improvements will allow the <br />company to achieve future growth <br />and maintain its existing quality. <br />Per the petition, it is estimated that <br />this project will create eight new, <br />permanent jobs within the first year, <br />representing a new annual payroll of <br />$240,000 and will maintain 100 <br />existing, permanent, full -time jobs <br />and part-time jobs representing an <br />annual payroll of $2,645,005. <br />A review of the tax abatements <br />previously granted, finds that <br />General Sheet Metal Works, Inc. has <br />been granted previous tax <br />abatements. <br />The building commissioner has <br />reviewed the petition and finds the <br />property to be properly zoned for the <br />proposed project. <br />A review of the designated South <br />Bend Redevelopment Areas finds <br />that the property is located in the <br />Sample -Ewing Development Area, <br />which is a Tax Incremental <br />Allocation Area; therefore, the <br />-27- <br />