2. Minutes of 2-8-11 Meeting - Laserfiche WebLink

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South Bend Redevelopment Commission Regular Meeting -February 8, 201 1 paid during the eight year term are estimated at $224,308. If the term remained at four years, total taxes to be abated would be approximately $ l 09,044. Total taxes to be paid over the four year term would be approximately $99,509. It is estimated that the project will create two new, permanent full-time positions with total wages estimated at $65,000. It will retain ten existing permanent full-time positions and one existing part time position, including two existing permanent full-time minority employees, with a total annual payroll of $419,958. Neither the petitioner, Oliver Plow Partners, nor the proposed tenant, ABC Supply Company, have been granted previous tax abatements. However, Holliday Properties, a major partner in Oliver Plow Partners has received previous tax abatements through various limited partnerships and limited liability corporations. The property is properly zoned for the proposed project. 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. The project may qualify for up to eight years of tax deduction under the tax abatement ordinance. Mr. Inks noted that the Common Council requires atwo-to-three week lead time on filing for tax abatements. In order to keep the project on track to meet that deadline, Mr. Inks signed the petition on behalf of the current owner, the Redevelopment Commission. 17