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South Bend Redevelopment Commission <br />Regular Meeting — July 15, 2005 <br />6. NEW BUSINESS (CONT.) <br />A. Tax Abatements <br />(2) continued... <br />biological molecules for use in chemical, <br />biochemical, biological, medical and clinical <br />investigations. They have purchased the <br />building at 115 S. Hill Street and plan to <br />re -roof, install new windows, recondition the <br />exterior surface, seal exterior door openings <br />and replace with new doors, remodel <br />bathrooms, build new research laboratories <br />and remodel the front office. The cost of the <br />project will be $200,000. <br />This project will create one to two new jobs <br />with an annual payroll of $90,000 or $45,000 <br />per new job. They will also maintain five (5) <br />current full -time and five (5) current <br />part-time jobs representing an annual payroll <br />of $420,000. <br />A review of the tax abatements previously <br />granted, finds that the petitioner has not been <br />associated with or granted any previous tax <br />abatements. The building commissioner has <br />reviewed the petition and finds the property <br />to be properly zoned for the proposed <br />project. The property is located in the South <br />Bend Central Development Area, which is a <br />Tax Increment Allocation Area; therefore, <br />the petition for real property tax abatement <br />must first be approved by the South Bend <br />Redevelopment Commission. The project <br />does meet the qualifications for a seven year <br />real property tax abatement under the Tax <br />Abatement Ordinance. <br />C 1 6 <br />