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01-10-11 Council Agenda & Packet
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01-10-11 Council Agenda & Packet
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RE: Tax Abatement for SBG Realty, LLC <br />December 28, 2010 <br />Page 2 <br />Assuming an eight -year abatement term is approved, the total taxes to be abated during that term are <br />estimated at $233,063. Total taxes to be amid during the eight -year term are estimated at $267,464. <br />Per the petition, it is estimated that the project will create 12 new, permanent full -time positions in <br />year one growing to an expected 26 positions by year two. The new annual payroll in year one will <br />be $605,000 growing to an expected payroll of $1,300,000 by year two. <br />1. A review of the tax abatements previously granted finds that the petitioner has been granted or <br />been associated with one (2) previous tax abatements. <br />Term /Type <br />Resolution No. <br />Date <br />7 -year real property <br />3540 -08 <br />3/10/2008 <br />5- year real property <br />4036 -10 <br />7/12/2010 <br />2. The Building Commissioner has reviewed the petition and finds the property to be properly <br />zoned for the proposed project. <br />3. A review of the South Bend Redevelopment designation areas finds that the property is located <br />in the Airport Economic Area, which is a Tax Incremental Allocation Area; therefore, the <br />petition for real property tax deduction must first be approved by the South Bend Redevelopment <br />Commission. <br />4. A review of the Tax Abatement Ordinance No. 9394 -03 finds that the petitioner meets the <br />qualifications for up to an eight -year real property tax abatement under Section 2 -79, Industrial <br />Development in the City -wide District. <br />
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