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r � <br /> Council Member Kirsits then made a motion, seconded by Council Member Kuspa that <br /> Substitute Bill No. 93-04 be recommended favorably to Council. The motion passed. <br /> Council Member Kelly then called for a presentation on Bill No. 05-01 which is a five (5) year <br /> personal property tax abatement request for the property located at 4050 Ralph Jones Drive for <br /> Fulton Industries,Inc. <br /> Economic Development Specialist Tedd Schaffer then reviewed his report dated December 20, <br /> 2004 (copy attached). He noted that the cover sheet is incorrect and that the area is located in <br /> the Airport Development Area. The report concluded that the request for a five(5)year personal <br /> property tax abatement meets the requirements addressed in Sec. 2-84.2 of the South Bend <br /> Municipal Code addressing"tangible personal property tax abatement". <br /> Richard J. Deahl, an attorney with offices located at 100 North Michigan in downtown South <br /> Bend then made the presentation on behalf of Fulton Industries, Inc. Mr. Deahl noted that the <br /> petitioner works in the high-tech automotive and non-automotive industries. They currently <br /> have operations in Rochester and in Illinois. Their precision machine shop manufactures <br /> components for engines and power-trains. The new equipment is estimated to cost between $5.2 <br /> and $8.2 million. The petitioner anticipates creating between 14-18 new, permanent jobs the <br /> first year with a payroll of$630,000 to$810,000. <br /> In response to a question from Council Member Kirsits,Mr. Deahl noted that the building is the <br /> site of the former Busk Brothers storage center. <br /> Council Member Kirsits then made a motion, seconded by Council Member Kuspa that <br /> Substitute Bill No. 05-01 be recommended favorably to Council. The motion passed. <br /> There being no further business to come before the Committee, Council Member Kelly <br /> adjourned the meeting at 3:49 p.m. <br /> Respectfully submitted, <br /> ?frel <br /> Member Roland Kel y Chairperson <br /> Community and Economic Development Committee <br /> KCF:kmf <br /> Attachments <br /> Community and Economic Development Committee of the 2005 South Bend Common Council -page 2- <br />