Confirming Tax Abatement - South Bend Gear, LLC 3849 Showerlux Dr. (5 Yr. Personal Property)

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South Bend Common Council RE: Tax Abatement for South Bend Gear, LLC January 31, 2011 Page 2 EMPLOYMENT IMPACT Per the petition, it is estimated that the total project will create at least twelve (12)new,permanent, full- time jobs in the first year of production representing a new annual payroll of at least $550,000. The petitioner has estimated that there will be a total of 26 full time jobs by the end of phase two. Because the project is new there are no existing jobs. ABATEMENT QUALIFICATION 1. A review of the tax abatements previously granted finds that the petitioner has not been granted or been associated with any previous tax abatements. 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 Development Area,which is a Tax Incremental Allocation Area; therefore, the petition for personal 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 a (5) five-year personal property tax abatement under section 2-84.2, Tangible Personal Property Tax Abatement.