Confirming Tax Abatement - SBG Realty 3849 Showerlux Dr. (8 Yr. Real Property)

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RE: Tax Abatement for SBG Realty, LLC December 28, 2010 Page 2 Assuming an eight-year abatement term is approved, the total taxes to be abated during that term are estimated at $233,063. Total taxes to be paid during the eight-year term are estimated at $267,464. EMPLOYMENT IMPACT Per the petition, it is estimated that the project will create 12 new, permanent full-time positions in year one growing to an expected 26 positions by year two. The new annual payroll in year one will be $605,000 growing to an expected payroll of $1,300,000 by year two. ABATEMENT QUALIFICATION 1. A review of the tax abatements previously granted finds that the petitioner has been granted or been associated with one (2) previous tax abatements. Term/Type Resolution No. Date 7-year real property 3840-08 3/10/2008 5- year real property 4036-10 7/12/2010 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 Area, which is a Tax Incremental Allocation Area; therefore, the petition for real property tax deduction 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 for up to an eight-year real property tax abatement under Section 2-79, Industrial Development in the City-wide District.