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RE: Tax Abatement for GVW Realty, LLC June 22 , 2011 Page 2 The project is vital to the future growth of Premier Bandag #3 because it will enhance the Company's image and level of services it provides to its largest customer (Best One Tire) which will be located next door. Assuming a seven year abatement term is approved at the Confirming Resolution, the total taxes to be abated during that term are estimated at $ 185,279. Total taxes to be paid during the seven year term are estimated at $130,537. EMPLOYMENT IMPACT Per the petition, it is estimated that the project will create fifteen (15) new, permanent full -time positions and one (1) part-time position with total wages estimated at $450,000. ABATEMENT QUALIFICATION 1. A review of the tax abatements previously granted finds that the petitioner has been granted or been associated with one previous ten (10) year real property tax abatement which was approved on October 23, 2000. 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 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. 4. A review of the Tax Abatement Ordinance No. 9394 -03 finds that the petitioner meets the qualifications for up to a six year real property tax abatement under Section 2 -83.1, Warehouse Development in the Economic Development Target Areas, Urban Enterprise Zone and Redevelopment Blighted Areas.