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South Bend Redevelopment Commission <br /> Regular Meeting—April 26, 2011 <br /> 6. NEW BUSINESS (CONT.) <br /> B. Tax Abatements <br /> (1) continued... <br /> dock to a better location that will eliminate a <br /> major traffic obstruction from trucks using <br /> the street for turning and backing up to the <br /> current dock. This is something the city has <br /> been working with Hoosier Tank to alleviate <br /> for approximately two years. <br /> Total taxes to be abated during the seven- <br /> year real property abatement period are <br /> estimated at $31,422. Total additional taxes <br /> to be paid as a result of the project during the <br /> seven-year abatement period are estimated at <br /> $127,079. <br /> Total taxes to be abated during the (5) five- <br /> year personal property abatement period are <br /> estimated at $15,607. Total additional taxes <br /> to be paid as a result of the project during the <br /> five-year abatement period are estimated at <br /> $82,001. <br /> Ms. Hahn noted that it is estimated the <br /> project will create fifteen new, permanent <br /> full-time positions with an annual payroll <br /> $600,000. The project will also maintain <br /> seventy-two existing permanent full-time <br /> positions, including twenty-two existing <br /> permanent full-time minority employees, <br /> with a total annual payroll of$3,000,000. <br /> Hoosier Tank has had one real property <br /> abatement and four personal property <br /> abatements since 1993. The property is <br /> properly zoned for the proposed use. The <br /> property is located in the Airport Economic <br /> Area, which is a Tax Incremental Allocation <br /> 7 <br />