Laserfiche WebLink
South Bend Common Council <br />RE. Tax Abatement for South Bend Gear, LLC <br />January 31, 2011 <br />Page 2 <br />EMPLOYMENT IMPACT <br />Per the petition, it is estimated that the total project will create at least twelve (12) new, permanent, full - <br />time jobs in the first year of production representing a new annual payroll of at least $550,000. The <br />petitioner has estimated that there will be a total of 26 full time jobs by the end of phase two, Because the <br />project is new there are no existing jobs. <br />ABATEMENT QUALIFICATION <br />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 property 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 for a (5) five -year personal property tax abatement under section 2 -84.2, Tangible <br />Personal Property Tax Abatement. <br />