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South Bend Redevelopment Commission <br />Regular Meeting —August 3, 2007 <br />Total taxes to be abated during the five-year <br />abatement are estimated t $213,238. Total <br />taxes to be paid during the five year <br />abatement are estimated to be $ 110,964. <br />Ima i .eering estimates that the project will <br />create six new pen anent, full-time jobs <br />within the first year with a new annual <br />Payroll of $190,000. The project will also <br />maintain sixty -nine existing full -tinge and <br />two existing part time jobs representing an <br />annual payroll of $2,687,738. <br />.Iragineering has been granted two previous <br />real property tax abatements ents and one <br />previous personal property abatement. The <br />two real property abatements were for <br />projects to be constructcd on Nip tz Parkway. <br />way. <br />The projects were never built and the tax <br />abatements were not instituted. Irnagineering <br />will move to 3722 Foundation Court instead <br />The property is properly zoned for the <br />proposed use. The property is within the <br />Airport Economic Development Area, a tax <br />increment allocation area; therefore the <br />petition for personal property tax abatement <br />must first be approved by the South Bend <br />Redevelopment Commission. The project <br />qualifies for five years of personal property <br />tax deduction under the tax abatement <br />ordinance. <br />Mr. Scott Singer, Imagineering, noted that <br />the parts to be processed with the new <br />equipment will be used on the new AMG <br />Humvee. <br />Mr. King made a motion to approve <br />Resolution No. 2371 approving an <br />application for personal property tax <br />deduction for property located at 3722 <br />0 <br />COMMISSION APPROVED RFsoLUTION No. 2371 <br />APPROVING AN APPLICATION FOR PERSONAL <br />NAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />LOCATED AT 3722 FoUNDATION C URT IN THE <br />AIRPORT ECONOM IC DEvF LOP I IE€ I 'I' A R A <br />