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6A(1) Resolution No. 2674
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6A(1) Resolution No. 2674
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South Bend Redevelopment Commission <br />RE: Tax Abatement for Value Production, Inc. <br />May 3, 2010 <br />Page 2 <br />EMPLOYMENT IMPACT <br />Per the petition, it is estimated that the total project will create four (4) new, permanent, full-time jobs in <br />the first year of production representing a new annual payroll of $120,000. The project will also maintain <br />twenty-three (23) existing, permanent, full-time jobs and one (1) existing part-time job representing an <br />annual payroll of $1,000,000. <br />ABATEMENT QUALIFICATION <br />1. A review of the tax abatements previously granted finds that the petitioner has been granted or been <br />associated with the following previous tax abatements: <br />Term/Type Resolution No. Date <br />5-year personal property (Increase) 3770-07 August 13, 2007 <br />5-year personal property 3669-06 November 27, 2006 <br />5-year personal property 3305-04 February 23, 2004 <br />5-year personal property 2955-00 December 18, 2000 <br />2. The Building Commissioner has reviewed the petition and finds the property to be properly zoned <br />for the proposed project. <br />A review of the South Bend Redevelopment designation areas finds that the property is located in <br />the Airport Economic 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 fora (5) five-year personal property tax abatement under section 2-84.2, Tangible <br />Personal Property Tax Abatement. <br />
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