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02-08-10 Council Agenda & Packet
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02-08-10 Council Agenda & Packet
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RE: Tax Abatement for Patterson Logistics Services, Inc. <br />January 27, 2010 <br />Page 2 <br />made to an existing building the Petitioner intends to purchase. The project's total cost is estimated at up <br />to $19,500,000 which includes purchase of the existing building. That building has an existing seven - <br />year real property tax abatement which the Petitioner intends to assume. <br />Total taxes to be abated during the (5) five -year abatement period for the equipment are estimated at <br />$391,446. Total additional taxes to be paid as a result of the project during the five -year abatement <br />period are estimated at $356,189 for the equipment. <br />EMPLOYMENT IMPACT <br />Per the petition, it is estimated that the project will create fifty (50) new, permanent full -time positions <br />with an annual payroll $1,040,000. The project will also maintain sixty (60) existing permanent full -time <br />positions, including 20 existing permanent full -time minority employees, with a total annual payroll of <br />$1,620,000, <br />ABATEMENT QUALIFICATION <br />A review of the tax abatements previously granted finds that the Petitioner, Patterson Logistics <br />Services, Inc., has not been granted or associated with any previous tax abatements. However, at this <br />time they are also petitioning for a real property tax abatement. <br />2. The Building Commissioner has reviewed the petition and finds the property to be properly zoned for <br />the proposed project. <br />A review of the South Bend Redevelopment designation areas finds that the property is located in the <br />Airport Economic Area, which is a Tax Increimntal Allocation Area; therefore, the petition for <br />personal property tax deduction mast first be approved by the South Bend Redevelopment <br />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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