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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting -August 26, 2009 <br />$2,800,000. <br />Total taxes to be abated during the (5) five- <br />year abatement period are estimated at <br />$44,531. Total additional taxes to be paid as <br />a result of the project during the five-year <br />abatement period are estimated at $216,721. <br />It is estimated that the project will create <br />eight new, permanent full-time positions with <br />an annual payroll $249,600. The project will <br />also maintain sixty-seven existing permanent <br />full-time positions with a total annual payroll <br />of $2,852,281. <br />Schafer Gear Works has had nine previous <br />tax abatements, both real property and <br />personal property. They are in compliance <br />with all reporting requirements for those <br />abatements. <br />The property is properly zoned for the <br />proposed project. The property is located in <br />the Airport Economic Development Area, <br />which is a Tax Incremental Allocation Area; <br />therefore, the petition for personal property <br />tax deduction must first be approved by the <br />South Bend Redevelopment Commission. <br />The property meets the qualifications for a <br />five-year personal property tax abatement tax <br />abatement ordinance. <br />Mr. Blenke noted that the purchase of this <br />equipment is the result of a new contract <br />recently secured with three customers. This <br />new business is a welcome change from the <br />business climate over the last eighteen <br />months. The equipment is state of the art <br />equipment. <br />Mr. Blenke noted that Schafer Gear Works <br />currently pays approximately $170,000 a <br />