6A(1) Resolution No. 2674 - Laserfiche WebLink

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South Bend Redevelopment Commission RE: Tax Abatement for Value Production, Inc. May 3, 2010 Page 2 EMPLOYMENT IMPACT Per the petition, it is estimated that the total project will create four (4) new, permanent, full-time jobs in the first year of production representing a new annual payroll of $120,000. The project will also maintain twenty-three (23) existing, permanent, full-time jobs and one (1) existing part-time job representing an annual payroll of $1,000,000. ABATEMENT QUALIFICATION 1. A review of the tax abatements previously granted finds that the petitioner has been granted or been associated with the following previous tax abatements: Term/Type Resolution No. Date 5-year personal property (Increase) 3770-07 August 13, 2007 5-year personal property 3669-06 November 27, 2006 5-year personal property 3305-04 February 23, 2004 5-year personal property 2955-00 December 18, 2000 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 Airport Economic 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.