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South Bend Redevelopment Commission <br /> Regular Meeting—February 8, 2011 <br /> paid during the eight year term are estimated <br /> at $224,308. If the term remained at four <br /> years, total taxes to be abated would be <br /> approximately $109,044. Total taxes to be <br /> paid over the four year term would be <br /> approximately $99,509. <br /> It is estimated that the project will create two <br /> new, permanent full-time positions with total <br /> wages estimated at $65,000. It will retain ten <br /> existing permanent full-time positions and <br /> one existing part time position, including two <br /> existing permanent full-time minority <br /> employees, with a total annual payroll of <br /> $419,958. <br /> Neither the petitioner, Oliver Plow Partners, <br /> nor the proposed tenant, ABC Supply <br /> Company, have been granted previous tax <br /> abatements. However, Holliday Properties, a <br /> major partner in Oliver Plow Partners has <br /> received previous tax abatements through <br /> various limited partnerships and limited <br /> liability corporations. The property is <br /> properly zoned for the proposed project. The <br /> property is located in the Airport Economic <br /> Area, which is a Tax Incremental Allocation <br /> Area; therefore, the petition for real property <br /> tax deduction must first be approved by the <br /> South Bend Redevelopment Commission. <br /> The project may qualify for up to eight years <br /> of tax deduction under the tax abatement <br /> ordinance. <br /> Mr. Inks noted that the Common Council <br /> requires a two-to-three week lead time on <br /> filing for tax abatements. In order to keep <br /> the project on track to meet that deadline, <br /> Mr. Inks signed the petition on behalf of the <br /> current owner, the Redevelopment <br /> Commission. <br /> 17 <br />