Laserfiche WebLink
South Bend Redevelopment Commission <br />Regular Meeting –February 6, 2009 <br /> <br />6. NEW BUSINESS (CONT.) <br /> <br />B. Tax Abatements <br /> <br />(1) continued… <br /> <br />estimated at $73,449. <br /> <br />If the project should qualify for a five year <br />abatement, total taxes to be abated during a <br />five-year abatement period are estimated at <br />$39,675. Total additional taxes to be paid as <br />a result of the project during the five-year <br />abatement period are estimated at $130,333. <br /> <br />For the personal property abatement, total <br />taxes to be abated during the (5) five-year <br />abatement period are estimated at $53,424. <br />Total additional taxes to be paid as a result of <br />the project during the five-year abatement <br />period are estimated at $177,784. <br /> <br />It is estimated that the project will create <br />twenty-eight (28) new, permanent full-time <br />positions with an annual payroll of <br />$1,390,806. The project will also maintain <br />one hundred sixteen existing permanent full- <br />time positions, including twenty-five existing <br />permanent full-time minority employees, <br />with a total annual payroll of $6,137,614. <br /> <br />Royal Holdings, Incorporated, has not been <br />granted or associated with any previous tax <br />abatements. However, a previous owner of <br />the company, Uniroyal Technology <br />Corporation, submitted a petition for a real <br />property tax abatement on November 12, <br />1999. That petition was turned down by the <br />Common Council at the Confirming <br />Resolution stage due to a remonstrance by <br />members of the public who were mostly <br />former employees and retirees of the old <br /> 7 <br /> <br />