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South Bend Redevelopment Commission <br />Regular Meeting — November 18, 2005 <br />6. NEW BUSINESS (CONT.) <br />A. Tax Abatements <br />(1) continued... <br />Bend. They will also build an EcoPark next <br />to the building. The EcoPark will include <br />plantings and materials indigenous to Indiana <br />forests, wetlands and prairies, complete with <br />trails, recycling ponds and streams, benches, <br />gazebos and lookout points. This will be an <br />enhancement to the property. <br />It is estimated that this project will create six <br />(6) new, permanent, full -time jobs <br />representing a new annual payroll of <br />$190,000. The project will also maintain <br />sixty -eight (68) existing permanent full -time <br />jobs representing an annual payroll of <br />$2,103,286. <br />The petitioner has been granted two previous <br />tax abatements: a 5 -yr personal property <br />abatement in 1997 and a 10 -yr real property <br />abatement in 2003. They are in compliance <br />with all reporting requirements for those <br />abatements. The property is properly zoned <br />for the proposed project. The property is <br />located in the Airport Economic <br />Development Area, which is a Tax Increment <br />Allocation Area; therefore, the petition for <br />real property tax abatement must first be <br />approved by the South Bend Redevelopment <br />Commission. The project meets the <br />qualifications for a ten (10) year real property <br />tax abatement under the tax abatement <br />ordinance. <br />Based on a constant tax rate, the estimated <br />cost of the abatement is as follows: <br />L <br />