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6A (1)
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06-28-11 Packet
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6/28/2011 10:19:32 AM
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RE: Tax Abatement for GVW Realty, LLC <br />June 22 , 2011 <br />Page 2 <br />The project is vital to the future growth of Premier Bandag #3 because it will enhance the <br />Company's image and level of services it provides to its largest customer (Best One Tire) which will <br />be located next door. <br />Assuming a seven year abatement term is approved at the Confirming Resolution, the total taxes to <br />be abated during that term are estimated at $ 185,279. Total taxes to be paid during the seven year <br />term are estimated at $130,537. <br />EMPLOYMENT IMPACT <br />Per the petition, it is estimated that the project will create fifteen (15) new, permanent full -time <br />positions and one (1) part-time position with total wages estimated at $450,000. <br />ABATEMENT QUALIFICATION <br />1. A review of the tax abatements previously granted finds that the petitioner has been granted or <br />been associated with one previous ten (10) year real property tax abatement which was approved <br />on October 23, 2000. <br />2. The Building Commissioner has reviewed the petition and finds the property to be properly <br />zoned for the proposed project. <br />3. A review of the South Bend Redevelopment designation areas finds that the property is located <br />in the Airport Economic Area, which is a Tax Incremental Allocation Area; therefore, the <br />petition for real property tax deduction must first be approved by the South Bend Redevelopment <br />Commission. <br />4. A review of the Tax Abatement Ordinance No. 9394 -03 finds that the petitioner meets the <br />qualifications for up to a six year real property tax abatement under Section 2 -83.1, Warehouse <br />Development in the Economic Development Target Areas, Urban Enterprise Zone and <br />Redevelopment Blighted Areas. <br />
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