Confirming Tax Abatement - 3722 Foundation Court - Imagineering Enterprises, Inc.

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South Bend Common Council RE: Tax Abatement for Imagineering Enterprises, Inc. August 1, 2007 Page 2 Total taxes to be abated during the five year abatement are $213,238. Total taxes to be paid during the five year abatement are estimated to be $110,964. EMPLOYMENT IMPACT Per the petition, it is estimated that the total project will create six (6), new, permanent, full-time jobs over the next year with an estimated new annual payroll of $190,000. The project will also maintain sixty- nine (69) existing, permanent, full-time jobs and two (2) existing, permanent, part- timejob representing an annual payroll of $2,687,738. ABATEMENT QUALIFICATION 1. A review of the tax abatements previously granted finds that the petitioner has been granted or associated with (3) three previous tax abatements: Term/Type Resolution No. Date S-year personal property 2468-97 6/23/97 10-year real property 3240-03 9/8/03 10 year real property 3545-OS 12/12/05 2. The Building Commissioner has reviewed the petition and finds the property to be properly zoned for the proposed project. A review of the South Bend Redevelopment designation areas finds that the property is located in the Airport Economic Development Area, which is a Tax Incremental Allocation Area; therefore, the petition for real property tax abatement must first be approved by the South Bend Redevelopment Commission. 4. A review of the Tax Abatement Ordinance No. 9394-03 finds that the petitioner does meet the qualifications fora (5) five-year personal property tax abatement.