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South Bend Redevelopment Commission <br />RE: Tax Abatement for G.H.S. Corporation d/b/a GHS Strings <br />November 30, 2010 <br />Page 2 <br />At a cost amount of $600,000 total taxes to be abated during the (5) five-year abatement period are <br />estimated at $26,096. Total taxes to be paid during the (5) five-year abatement period are estimated at <br />$23,746. At a cost of $1,000,000 total taxes to be abated during the (5) five-year abatement period are <br />estimated at $43,494. Total taxes to be paid during the (5) five-year abatement period are estimated at <br />$39,577. <br />EMPLOYMENT IMPACT <br />Per the petition, it is estimated that the total project will create at least fifteen (15) new, permanent, full- <br />time jobs in the first year of production representing a new annual payroll of at least $350,000. Because <br />the project is new to South Bend there are no existing jobs. <br />ABATEMENT QUALIFICATION <br />1. A review of the tax abatements previously granted finds that the petitioner has not been granted or <br />been associated with any previous tax abatements. <br />2. The Building Commissioner has reviewed the petition and finds the property to be properly zoned <br />for the proposed project. <br />3. 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 />