05-24-10 Council Agenda & Packet

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South Bend Common Council RE: 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 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 /Tyne 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 for a (5) five -year personal property tax abatement under section 2 -84.2, Tangible Personal Property Tax Abatement.