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South Bend Redevelopment Commission <br />Regular Meeting -February 16, 2007 <br />6. NEW BUSINESS (CONT.) <br />B. Tax Abatement <br />() continued... <br />abated during the five-year abatement period <br />are estimated at $60,300. Total taxes to be <br />paid during the five-year abatement period <br />are estimated at $40,200. <br />Mr. Mathia noted that the project is expected <br />to create four new permanent, full-time jobs <br />and twenty-eight part-time, permanent jobs <br />within the first year, representing a new <br />annual payroll of $489,232. <br />MHM Realty has not had any previous tax <br />abatements. The property is properly zoned <br />for the proposed use. The property is located <br />in the South Bend Central Development <br />Area, which is a tax increment allocation <br />area; therefore, the petition for real property <br />tax deduction must first be approved by the <br />South Bend Redevelopment Commission. <br />The project qualifies for six years of real <br />property tax abatement under the tax <br />abatement ordinance. <br />Mr. Wilson showed plans for the restaurant <br />and explained the layout. A hallway will run <br />the length of the building dividing the <br />restaurant from the jazz club, with the <br />banquet facilities at the rear. Low walls will <br />separate the restaurant from the jazz club so <br />each can be seen from the other. They hope <br />to have outdoor cafe seating along Michigan <br />Street, but need to work with the city to get <br />permission for that. <br />Mr. LaFollet noted that the capacity of the <br />restaurant is about 130 seats, 90 in the jazz <br />9 <br />