5A(2) Resolution No. 2677 - Laserfiche WebLink

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South Bend Redevelopment Commission RE: Tax Abatement for McCormick and Company, Inc. July 2, 2010 Page 2 For the personal property portion of the project, total taxes to be abated during the (5) five-year abatement period are estimated at $6,471. Total additional taxes to be paid as a result of the project during the five-year abatement period are estimated at $66,230. EMPLOYMENT IMPACT Per the petition, it is estimated that the total project will create five (5) new, permanent, full-time jobs within the first year of the project representing a new annual payroll of approximately $177,247. The project will retain one hundred twenty-three (123) existing permanent, full-time jobs (of which 30 are minority employees) with an annual payroll of $6,288,998. ABATEMENT QUALIFICATION 1. A review of the tax abatements previously granted finds that the Petitioner has been granted or been associated with one (1) previous tax abatement as shown below. In addition, at this time the firm is also petitioning for a real property tax abatement. Term/Type Resolution No. 5-year personal property 3598-06 Date 6/12/2006 2. The Building Commissioner has reviewed the petition and finds the property to be properly zoned for the proposed project. 3. 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 real property tax abatement 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.