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South Bend Redevelopment Commission <br />Regular Meeting —April 26, 2011 <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 />Area; therefore, the petition for real property <br />tax deduction must first be approved by the <br />South Bend. The property meets the <br />qualifications for a seven -year real property <br />abatement and for a five -year personal <br />property abatement under the tax abatement <br />VA <br />