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Redevelopment Commission Meeting <br />IL Rescheduled Regular Meeting— October 8, 2004 <br />6. NEW BUSINESS (CONT.) <br />A. Tax Abatements <br />(1) continued... <br />It is estimated that this project will maintain <br />548 permanent full -time jobs with an annual <br />payroll of $24,397.529. This is an average <br />salary of $44,521. <br />A review of the tax abatements previously <br />granted finds that the petitioner has received <br />nine personal and three real property <br />abatements since 1986. They are in <br />compliance with all reporting requirements <br />for these abatements. <br />The property is properly zoned for the <br />proposed use. The property is located in the <br />Airport Economic Development Area which <br />is a Tax Increment Allocation Area. <br />Therefore, the petition for personal property <br />tax deduction must first be approved by the <br />South Bend Redevelopment Commission. <br />The project qualifies for a five -year personal <br />property tax abatement under the Tax <br />Abatement Ordinance. <br />The cost of the abatement on the $7.482 <br />million project is as follows: <br />Upon a motion by Mr. Hunt, seconded by <br />Mr. King and unanimously carried, the <br />c, 6 <br />COMMISSION APPROVED RESOLUTION NO. 2102 <br />APPROVING AN APPLICATION FOR PERSONAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />Estimated Taxes <br />Over 5 Yrs <br />Without Abatement <br />$228,800 <br />With 5 Yr <br />Abatement <br />$125,200 <br />Estimated Cost of 5 <br />Yr Abatement <br />$103,600 <br />Upon a motion by Mr. Hunt, seconded by <br />Mr. King and unanimously carried, the <br />c, 6 <br />COMMISSION APPROVED RESOLUTION NO. 2102 <br />APPROVING AN APPLICATION FOR PERSONAL <br />PROPERTY TAX DEDUCTION FOR PROPERTY <br />