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South Bend Redevelopment Commission <br />Rescheduled Regular Meeting -July 9, 2010 <br />5. OLD BUSINESS (CONT.) <br />A. Tax Abatement <br />(1) continued... <br />period are estimated at $713,262. Total <br />additional taxes to be paid as a result of the <br />project during the nine-year abatement period <br />are estimated at $867,476. <br />The project will create five new, permanent, <br />full-time jobs within the first year of the <br />project representing a new annual payroll of <br />approximately $177,247. The project will <br />retain one hundred twenty-three existing <br />permanent, full-time jobs (of which 30 are <br />minority employees) with an annual payroll <br />of $6,288,998 <br />McCormick and Company has had one <br />previous personal property tax abatement in <br />2006. The property is properly zoned for the <br />proposed project. The property is located in <br />the Airport Economic Development Area, <br />which is a Tax Incremental Allocation Area; <br />therefore, the petition for real property tax <br />abatement must first be approved by the <br />South Bend Redevelopment Commission. <br />The project does meet the qualifications for <br />up to a nine-year (9) real property tax <br />abatement under the tax abatement <br />ordinance. <br />Mr. Alford asked the breakdown of the thirty <br />minority employees. He wondered, <br />particularly, if some of those were African <br />Americans. He wondered if the company <br />classified women as minority. Mr. Treadway <br />responded that McCormick and Company <br />does not count Anglo-Saxon women as a <br />minority. He believed it is not standard <br />6 <br />