Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting -July 20, 2007 <br />6. NEW BUSINESS (CONT.) <br />B. Tax Abatements <br />() continued... <br />motion. The motion failed on a vote of two <br />to one, with Mr. Peczkowski opposed. <br />(2) Commission approval requested for <br />Resolution No. 2356 approving an <br />application for personal property tax <br />deduction for property located at 2629 <br />Foundation Drive in the Airport Economic <br />Development Area. (Value Production) <br />Mr. Mathia gave the staff report on the <br />project. Value Production is a modern <br />production machining facility. They provide <br />one-stop shopping for design prototypes and <br />production. They have an existing tax <br />abatement for $500,000 for equipment. They <br />need additional machinery to meet demand. <br />The cost of the additional machinery will be <br />$750,000. This will increase their <br />employment and payroll. <br />Mr. Hartz, Value Production, noted that the <br />reason tax abatement is important to <br />businesses is global competition. Wage <br />markets around the world are different than <br />here. Also, Value Production is trying to <br />generate enough profit to build a training <br />facility because there is a shortage of skilled <br />labor in South Bend. If we don't step up and <br />meet the demand here, these jobs will all go <br />overseas. <br />Mr. Peczkowski: If not for property taxes, <br />would you be competitive? If there were no <br />property taxes, would you be more <br />competitive? <br />35 <br />