6.B1 Resolution No. 2643 - Laserfiche WebLink

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South Bend Redevelopment Commission RE: Tax Abatement for Endeavor Machined Products, Inc. January 11, 2010 Page 2 Total taxes to be abated during the (5) five-year abatement period are estimated at $17,618. Total additional taxes to be paid as a result of the project during the five-year abatement period are estimated at $12,493. EMPLOYMENT IMPACT Per the petition, it is estimated that the project will create five (5) new, permanent full-time positions with an annual payroll $205,021. Because the petitioner is a new start-up no existing jobs will be maintained. ABATEMENT QUALIFICATION 1. A review of the tax abatements previously granted finds that the Petitioner, Endeavor Machined Products, Incorporated, has not been granted or associated with any previous tax abatements. 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 South Bend Central Development Area, which is a Tax Incremental Allocation Area; therefore, the petition for personal property tax deduction 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 meets the qualifications fora (5) five-year personal property tax abatement under section 2-84.2, Tangible Personal Property Tax Abatement.