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South Bend Redevelopment Commission <br />Regular Meeting -January 19, 2007 <br />6. NEW BUSINESS (CONT.) <br />B. Tax Abatement <br />continue ... <br />additional years. Staff was willing to support <br />the request as a business incentive because of <br />the additional development requirements for <br />the project, but also wanted to protect the TIF <br />increment of the Northeast Neighborhood <br />Development Area. <br />The project is anticipated to create forty new <br />full time jobs and six new part time jobs <br />representing a new annual payroll within the <br />first year of $4.86 million. The project will <br />also maintain four hundred nine existing full- <br />time and sixty-two part time jobs with an <br />annual payroll of $34.SM. <br />South Bend Clinic has applied for another tax <br />abatement for its Cleveland Road branch that <br />is currently being processed. <br />The property at Eddy Street is properly zoned <br />for the proposed use. This project is in the <br />Northeast Neighborhood Development Area, <br />a tax increment allocation area; therefore, the <br />petition for real property tax abatement must <br />first be approved by the Redevelopment <br />Commission. The three-year abatement <br />would be a special exception under the tax <br />abatement ordinance. <br />The project is estimated to cost between <br />$30M and $33M. Total taxes to be abated <br />during the three year abatement period are <br />estimated to be between $2,047,465 and <br />$2,252,212. The total taxes to be paid during <br />that same period are estimated to be between <br />$1,039,166 and $1,143,083. <br />18 <br />