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01-25-10 Council Agenda & Packet
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01-25-10 Council Agenda & Packet
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South Bend Common Council <br />RE: Tax Abatement for Endeavor Machined Products, Inc. <br />January 11, 2010 <br />Page 2 <br />Total taxes to be abated during the (5) five -year abatement period are estimated at $ 17,618. Total <br />additional taxes to be paid as a result of the project during the five -year abatement period are estimated at <br />$12,493, <br />EMPLOYMENT IMPACT <br />Per the petition, it is estimated that the project will create five (5) new, permanent full -time positions with <br />an annual payroll $205,021. Because the petitioner is a new start -up no existing jobs will be maintained. <br />ABATEMENT QUALIFICATION <br />A review of the tax abatements previously granted finds that the Petitioner, Endeavor Machined <br />Products, Incorporated, has not been granted or associated with any previous tax abatements. <br />2. The Building Commissioner has reviewed the petition and finds the property to be properly zoned <br />for the proposed project. <br />3. A review of the South Bend Redevelopment designation areas finds that the property is located in <br />the South Bend Central Development Area, which is a Tax Incremental Allocation Area; therefore, <br />the petition for personal property tax deduction must first be approved by the South Bend <br />Redevelopment Commission. <br />4. A review of the Tax Abatement Ordinance No. 9394 -03 finds that the petitioner meets the <br />qualifications for a (5) five -year personal property tax abatement under section 2 -84.2, Tangible <br />Personal Property Tax Abatement. <br />
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