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RM 06-02-00
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RM 06-02-00
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South Bend Redevelopment Commission <br />Regular Meeting -June 2, 2000 <br />6. NEW BUSINESS (CONT.) <br />e. Commission approval requested for <br />Resolution No. 1764 approving an application <br />for personal property tax deduction for <br />property at 325 S. Walnut Street in the West <br />Washington- Chapin Development Area. <br />( Masterbilt, Inc.) <br />Ms. Moran read the Tax Abatement report for <br />Masterbilt, Inc. The company was formed in <br />1961 and is a machine shop that supports the <br />Aerospace industry with Allied Signal being its <br />largest customer. Its main products are fuel <br />control parts. The pettioner plans to purchase a <br />CNC Turn and Drill machine with live tooling. <br />The estimated cost of the equipment is $150,000. <br />This purchase will allow the company to <br />maintain its quality and productivity. <br />Per the petition, it is estimated that this project <br />will create one (1) new permanent job within the <br />first year, representing a new annual payroll of <br />$25,000 and will maintain six (6) existing <br />permanent full time jobs with an annual payroll <br />of $190,000. <br />A review of the tax abatements previously <br />granted finds that the petitioner has been granted <br />one previous tax abatement. <br />The building commissioner has reviewed the <br />petition and finds the property to be properly <br />zoned for the proposed project. <br />A review of the designated South Bend <br />Redevelopment areas finds that the property is <br />located in the West Washington/Chapin <br />Development Area, which is a Tax Incremental <br />Allocation Area; therefore, the petition for <br />personal property tax abatement must first be <br />approved by the South Bend Redevelopment <br />Commission. <br />-11- <br />
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