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South Bend Redevelopment Commission <br />Regular Meeting -January 19, 2007 <br />6. NEW BUSINESS (CONT.) <br />B. Tax Abatement <br />() continued... <br />needed to support a research and <br />development laboratory. This project is <br />eligible for an abatement under the East Bank <br />Development Area Rehab requirement of <br />5,000 square feet. The project will rehab a <br />total of 5,388 square feet. <br />The project will create five new permanent, <br />full-time jobs representing a new annual <br />payroll of $277,440. The project will also <br />maintain three existing full time jobs with an <br />annual payroll of $483,584. <br />Odyssian Technology has not received any <br />previous tax abatements. The property is <br />properly zoned for the proposed use. The <br />property is located in the South Bend Central <br />Development Area which is a tax increment <br />allocation area; therefore, the abatement must <br />first be approved by the Redevelopment <br />Commission. The project qualifies for four <br />years o f real property abatement and five <br />years of personal property abatement under <br />the tax abatement ordinance. <br />The real property taxes to be abated during <br />the four year abatement are estimated to be <br />$25,766. The taxes to be paid during that <br />same period are estimate to be $15,458. <br />Mr. Bennett noted that Odyssian Technology <br />has been in business for about four years. He <br />is excited about relocating to the <br />Colfax/Niles area because he thinks the City <br />of South Bend has a vision for increasing <br />technology and innovation in the East Bank. <br />15 <br />