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South Bend Common Council <br />RE: Tax Abatement for Green Tech Transfer & Recycling LLC <br />August 10, 2007 <br />Page 2 <br />Total taxes to be abated during the (10) ten-year abatement period are estimated at $272,982. Total <br />taxes to be paid during the (10) ten-year abatement period are estimated at $278,498. <br />EMPLOYMENT IMPACT <br />Per the petition, it is estimated that the total project will create (9) nine new, permanent, full-time <br />jobs and (0) zero part-time, permanent jobs within the first year representing a new annual payroll of <br />$217,256. The project is developing a completely new facility and, therefore, does not have any <br />existing employees. <br />ABATEMENT QUALIFICATION <br />1. A review of the tax abatements previously granted finds that the petitioner has not been granted <br />or associated with any previous tax abatements: <br />2. The Building Commissioner has reviewed the petition and finds the property to be properly <br />zoned for the proposed project. <br />3. A review of the Tax Abatement Ordinance No. 9394-03 finds that the petitioner does meet the <br />qualifications fora (10) ten-year real property tax abatement under Section 2-79, Industrial <br />Developments in the City-wide District. <br />