10-11-10 Council Agenda & Packet

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See 2 -78 PRIMARY IMPACT MEASuREs FOR BASE PHASE-IN FOR Real Property a. Investment: Buildings and Site Improvements (t) $250,000 to $52,000,000 3 years $52,000,001 to $ -310,000,000 4 years $ -310,000,001 to 506 to 99 $415,000,000 5 years $415,000,001 to 150 to 199 $820,000,000 6 years $208,040,001 to $ X25,000,000 7 years $245,000,001 to $30,000,000 8 years $3025,000,001 to $50,000,000 9 years over $50,000,000 10 years b. Net New Em I21 tjo4s. 5 to 105 1 year 106 to 29 2 years 30 to 4955 3 years 506 to 99 4 years 100 to 149 5 years 150 to 199 6 years over 200 7 years Real Property Base Tax Phase -Ire: c. Existing EmplojrnentJoM South Bend provides consideration for existing employers based upon their ex, Hn F4&medj the applicant's St. Joseph Count Indiana existing full -tine employment as of the date of the fijLng of this application Current employees paid in excess of St. .Joseph County Average Wage (2) 150 to 174% of average county wage (2) 10 to 50 1 year Over 50 2 years d. Wages 85% of total local pa l--fuli -time employees must meet this standard to qualify 110 to 149% of average county wage (2) 2 years 150 to 174% of average county wage (2) 3 years 175 to 199% of average county wage (2) 5 years over 200% of average county wage (2) 7 years a + b +c + d = years (3) Investment Net New Jobs Existing Jobs Wages Total (t) Defined as expenses directly related to the proposed new construction or rehabilitation excluding costs of land, financing, architect, engineering, and attorney fees. (2) Current Average County Wage is $18.07 /hr (March 1, 2010) Does not include benefits. (3) Maximum available under State law = 10 years 11