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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting -August 26, 2009 <br />BOB PLACEK: I want to add that we are <br />prepared to invest $150,000,000 over the <br />next two years. We are ready to start <br />investing, because the pressure of the <br />students is driving us. <br />There was no one else who wished to speak <br />regarding Resolution No. 2596. Ms. Jones <br />closed the Public Hearing for whatever <br />action the Commission wished to take. <br />(4) Approval of Resolution No. 2596. <br />Upon a motion by Mr. Downes, seconded by <br />Mr. Varner and unanimously carried, the <br />Commission approved Resolution No. 2596 <br />amending the Development Plan for the <br />Airport Economic Development Area and <br />adding one or more parcels to the List of <br />Parcels to be Acquired. <br />B. Tax Abatements <br />(1) Resolution No. 2597 approving an <br />application for personal property tax <br />deduction for property located at 4701 <br />Nimtz Parkway in the Airport Economic <br />Development Area (Schafer Gear Works) <br />Mr. Mathia gave the staff report on the <br />project. Schafer Gear Works manufactures <br />gears and machined components to customer <br />specifications. The company has received <br />new business from three customers that <br />require the purchase of new equipment. The <br />equipment consists of three CNC lathes, one <br />CNC bobbing machine, one CNC gear <br />grinding machine, one CNC machining <br />center, two deburring machines and one <br />internal gear grinding attachment. The total <br />estimated cost of the equipment is <br />COMMISSION APPROVED RESOLUTION NO. 2596 <br />AMENDING THE DEVELOPMENT PLAN FOR TI IE <br />AIRPORT ECONOMIC DEVELOPMENT AREA AND <br />ADDING ONE OR MORE PARCELS TO THE LIST OF <br />PARCELS TO BE ACQUIRED <br />10 <br />