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REGULAR MEETING FEBRUARY 9, 2004 <br /> s/Karen L. White <br /> Member of the Common Council <br /> Councilmember Kelly reported that the Community and Economic Development committee met this <br /> afternoon on this bill and sends it to the full Council with a favorable recommendation. <br /> Mr. Nevin J. Siqueira,President,Value Production,Inc.,2129 Rockne Drive,South Bend,Indiana, <br /> made the presentation for this bill. <br /> Mr. Siqueira advised that this petition is for a personal property tax abatement for Value Production, <br /> Inc., which manufactures tooling for use in the aerospace, automotive, medical and commercial <br /> markets. Mr. Siqueira also noted that their products are used all over the world. This project calls <br /> for the purchase of new equipment that include two (2) mills, one (1) lathe and a wire EDM. The <br /> new equipment will allow the company to increase production. The estimated project cost is <br /> $250,000. This petition will allow for the creation of four(4)new permanent jobs within the first <br /> year,representing a new annual payroll of$150,000 Per the petition,it is estimated that this project <br /> will help retain twenty(20) current jobs, representing a payroll of$823,560. <br /> A Public Hearing was held on the Resolution at this time. <br /> There being no one present wishing to speak to the Council either in favor of or in opposition to this <br /> Resolution, Councilmember Coleman made a motion to adopt this Resolution. Councilmember <br /> Varner seconded the motion which carried and the Resolution was adopted by a roll call vote of nine <br /> (9) ayes. <br /> BILLS - FIRST READING <br /> BILL NO. 6-04 FIRST READING ON A BILL OF THE COMMON <br /> COUNCIL OF THE CITY OF SOUTH BEND, INDIANA <br /> APPROPRIATING$155,000 WITHIN THE ADAGE <br /> FUND (FUND 410) OF THE DEPARTMENT OF <br /> COMMUNITY AND ECONOMIC DEVELOPMENT FOR <br /> THE PURPOSE OF PROVIDING REDEVELOPMENT <br /> COSTS FOR POTENTIAL DEVELOPMENT PROJECTS <br /> WITHIN THE CITY OF SOUTH BEND <br /> This bill had first reading. Councilmember Coleman made a motion to refer this bill to the <br /> Community and Economic Development committee and set it for Public Hearing and Third <br /> Reading on February 23, 2004. Councilmember Kelly seconded the motion which carried by a <br /> voice vote of nine (9) ayes. <br /> BILL NO. 7-04 FIRST READING ON A BILL OF THE COMMON <br /> COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, <br /> AMENDING CHAPTER 20, ARTICLE 6, SECTION <br /> 20-67(h) OF THE SOUTH BEND MUNICIPAL CODE <br /> TO INCREASE PARKING FINES IN DESIGNATED <br /> PROHIBITED OR LIMITED PARKING AREAS <br /> This bill had first reading. Councilmember Coleman made a motion to refer this bill to the <br /> Personnel and Finance Committee and set it for Public Hearing and Third Reading on February <br /> 23, 2004. Councilmember Varner seconded the motion which carried by a voice vote of nine (9) <br /> ayes. <br /> -27- <br />